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Reviewed ByRavindra DhakarProduct Manager
Ravindra Dhakar
Product Manager
With 4+ years of experience in banking and financial services, Ravindra Dhakar serves as a Product Manager at Paisabazaar.ae, specialising in banking and finance products. He is adept at developing customer-centric financial solutions, optimising product strategies, and driving innovation across lending, payments, and consumer banking to enhance financial accessibility and user experience.
Emirates Islamic Bank is one of the most renowned Islamic banks in the UAE and across the Middle East. The bank offers plenty of useful features with its loans, with one such feature that can be helpful in adverse situations being loan deferment.
In case you are unable to repay your Emirates Islamic Bank personal loan, auto loan, or home loan, you can easily get a temporary break from making regular payments towards your loans.
As a customer, you can apply for Emirates Islamic Bank loan deferment if you are unable to make repayments for your loans due to unstable financial conditions. In this article, we will understand the Emirates Islamic Bank loan deferment process in detail and the associated aspects.
How to Initiate the Emirates Islamic Bank Loan Deferment Process?
You can visit any of the branches of the bank to apply for a deferment of your loan. You can also contact the bank by dialling 600 599 995, or 800 111 22 if you are a Priority Banking customer. Another option to access the same is to visit the Home Finance Customer Service Centre of the bank.
You can also drop an email at financial.Remediation-helpdesk@emiratesislamic.ae to find out more about the remedial measures.
How Does the EIB EMI Personal Loan Deferment Work?
When you apply for Emirates Islamic Bank loan deferment, you can have the instalment for your loan deferred for the specified duration. It’s essential to remember that deferment of a loan does not absolve you of the obligation to pay the instalment – you would have to pay the instalments at a later date, which can extend the overall tenure of your loan.
Before you apply for Emirates Islamic Bank loan deferment, you must confirm with the bank whether you are eligible for the loan deferment and for how long can you seek the deferment.
Features and Benefits of EMI Personal Loan Deferment in UAE
Discussed below are the primary features and benefits of Emirates Islamic Bank loan deferment –
The loan deferment facility helps you get additional time to improve your financial condition without facing the constant pressure of making regular payments even in such conditions
Deferment periods are generally longer compared to grace periods
You can protect your credit score with Emirates NBD loan deferment
Fees & Charges for EIB Loan Deferment in UAE
Emirates Islamic Bank charges AED 300 for each deferment request. Keep in mind that the mentioned amount is applicable for Emirates Islamic Bank personal loan and auto loan deferment – the fee for home finance instalment deferment is AED 350.
How Does Emirates Islamic Bank Loan Deferment Affect Your Credit Score?
Emirates Islamic Bank loan deferment does not affect your credit score negatively if the bank approves your request. The bank would not report the approved deferred payments as missed or skipped to the Al Etihad Credit Bureau (AECB), meaning that your credit score would remain unaffected.
This part is crucial to understand – loan deferment without the bank’s approval essentially means missed instalments, which bring fines and impact your credit score. Thus, you should ensure that you postpone payments towards the repayment of your personal loan in UAE or any other loan only when you have received a letter of approval from the bank. Furthermore, the start and end dates of the deferral period are crucial since you would be required to make payments before and beyond those dates.
To Conclude
The Emirates Islamic Bank loan deferment facility can be highly beneficial in times of financial crises. If you are unable to make payments towards your loan, you can apply for the deferment by contacting the bank using any of the modes discussed above. Once your request is approved, you can work on resolving your financial issues without worrying about the loan (for the specified tenure) or the impact on your credit score.
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