Aafaq Finance Personal Loan

Aafaq Islamic Finance provides Shariah-compliant personal finance in the UAE. You can use it for personal needs such as debt consolidation, travel, medical expenses, or education fees. Aafaq Finance personal loan is a popular option due to its low profit rates, flexible repayment plans, and simplified documentation process.

Features and Benefits of Aafaq Finance Personal Loan

With Aafaq Finance personal finance, you get Sharia-compliant financing. This option comes with a range of benefits that make borrowing quite easy. Here is an overview of the key aspects of this personal loan in UAE -

Features and Benefits	Description
Shariah-compliant	Fully adheres to Islamic finance principles, ensuring ethical lending without interest-based charges
High finance amounts	Financing starts from AED 15,000 Up to AED 150,000 Available for both regular and major personal needs
Flexible repayment	EMI tenure of up to 48 months
Quick processing	Minimal paperwork
Competitive profit rate	Keeps monthly repayments manageable
Transparent charges	No hidden fees and charges
Accessibility	Open to both UAE nationals and expatriates
Loan calculator	Online tools help you calculate EMIs and total repayment before applying

Aafaq Personal Loan Fees and Charges

The personal finance of Aafaq Islamic Finance is quite transparent. You don’t have to pay any hidden charges. However, a few fees may be applied as per certain conditions. Let’s understand them in more detail -

Fee	Charges
Processing Fee	Between AED 500 and AED 2,500
Late Payment Fee	Charged at 4% per annum on the overdue installment amount
Early Settlement Fee	1% of the outstanding amount (capped at AED 10,000)
Liability Letter	AED 60

Note: Note: All charges are subject to 5% VAT.

Aafaq Personal Loan Interest Rate

Aafaq personal loans interest rates are quite competitive, which means you can easily secure financing without breaking your budget. Let’s take a look at the profit rates of Aafaq personal finance -

Fixed Profit Rate	5% to 15% {p.a.}
Late Payment Fee	Charged at 4% per annum on the overdue installment amount

Note that the applicable profit rates vary as per your credit Score, finance amount, and various other factors.

Aafaq Personal Finance Eligibility Criteria

It’s essential to understand the eligibility criteria before applying for personal finance. Meeting the criteria ensures seamless approvals, while rejections can hurt your credit score and leave you without funds for any urgent requirements. 

Here are the major requirements of the personal finance of Aafaq Islamic Finance -

Eligibility Criteria	Requirements
Age	Minimum 21 years Maximum 65 years
Monthly Salary	AED 5,000
Residence	Must be a UAE national or resident

Aafaq Personal Loan Documentation Requirements

When you apply for Aafaq personal finance or any other loan, you need to provide a few documents. This is a key requirement of banks and lenders, which check your profile and assess your eligibility. 
Here is the list of documents generally required for this type of Aafaq Islamic Finance -

• Filled out application form
• Salary certificate addressed to Aafaq
• Copy of UAE residence visa + passport (for expats)
• Last six months’ bank statements (if required)

Note: You may have to provide additional documents and details at the time of applying, if required.

Aafaq Islamic Finance Personal Loan Calculator

The personal loan calculator of Aafaq Islamic Finance allows you to estimate your monthly instalment, total profit, and the overall repayment schedule. It uses a few details like the finance amount, repayment tenure, and profit rate. 

By adjusting different scenarios, you can compare options and plan your budgets more effectively. This transparency helps you choose a repayment plan that suits your needs, avoid over-borrowing, and manage personal finances responsibly. 

You can also find a personal loan calculator below. Simply use the sliders or enter details manually to find all the key details. You can also find the top loans from the leading providers in one place here!

Aafaq Islamic Finance Personal Loan — Scheduled Fees and Charges

Tabled below is the schedule of fees and charges for Aafaq personal loan in UAE —

Type of Fee	Charges
Processing Fee	1% of the loan amount Minimum — AED 500 Maximum — AED 2,500
Delayed Payment	Up to AED 200
Finance Cancellation Fee	AED 100
Early Settlement Fee	The lower of  1% of the outstanding amount AED 10,000
Deferment of Instalment	AED 100
Takaful Insurance Fee	1% of the finance amount
Advance EMI Payment	1% of the outstanding amount (maximum fee AED 10,000)
Others — Audit Confirmation, Finance Copy, Issuing Redemption Statement	AED 25

Aafaq Finance Personal Loan — Terms and Conditions

Find below the major terms and conditions of the Aafaq personal loan —

• The total repayment amount does not include event-based fees, such as a late payment donation, which only apply in specific circumstances (e.g., failure to pay on time).
• If the customer does not comply with the agreed terms and conditions, Aafaq Finance reserves the right to take corrective measures. These may include terminating the financing relationship, restricting account access, imposing applicable charges as outlined in the signed agreement, applying penalties, or reporting adverse information to relevant credit agencies. The Customer may also be subject to additional risks and consequences as detailed in the Key Facts Statement (KFS).
• Aafaq collects personal data, strictly for lawful and specific purposes directly related to the provision of personal finance services. It is mandatory for customers to provide accurate and complete personal information as part of the financing process.
• Aafaq may decline to proceed with any service requests or instructions if the customer fails to follow required procedures, provides incorrect information, or acts in a manner that contravenes applicable laws in the UAE.
• Furthermore, Aafaq reserves the right to amend its fees, charges, terms and conditions, including its profit calculation methodology. Customers will be informed of such changes with at least 60 days’ prior written notice sent to their registered contact details.
• Aafaq commits to completing the financing process within 10 full business days from the date the contract is signed, subject to the submission of all required documentation and fulfillment of applicable terms. Should this timeframe not be met, the Customer will be notified by email or SMS regarding the delay and the revised completion date. If the delay exceeds 10 business days, the customer may cancel the contract at no additional cost or penalty.

You may refer to the bank’s official website for detailed T&C.

Frequently Asked Questions