Early finance settlement

Apply for an early finance settlement via Online/Mobile Banking and ensure your Account is sufficiently funded

If you need to, you can settle your existing Personal Finance or Auto Finance with your own money or through another bank before the completion of the full finance tenure agreed with Emirates Islamic.

Apply for an Early Settlement of Personal Finance or Auto Finance

Choose one of the channels below:

Apply for an Early Settlement of your Home Finance

Visit our Home Finance Customer Service Center or send an e-mail to HomeFinance@emiratesislamic.ae with your Passport and Emirates ID for identification and one of our representatives will be happy to help you.

Your request will be processed in 5 days.

Fees and Charges

Personal Finance Early settlement charge: 1.05% of Principal Outstanding amount or AED 10,500 (whichever is lower).
Auto Finance Early Settlement charges: 1.05% of Principal Outstanding amount.
Home Finance Early Settlement charges: 1.05% of Finance Outstanding amount or AED 10,500 (whichever is lower).

All above charges are inclusive of Value Added Tax (VAT).

Refer to our Schedule of Charges to learn more about the Finance Fees and Charges.

Relevant topics

Deferring your Finance Payments

FAQs

What are the requirements if I’m applying for a foreclosure or an early settlement of my Finance through another bank?

In this case, you will need to present an offer letter as well as a buyout cheque addressed to Emirates Islamic from the other financial entity. You can do this by visiting your nearest Emirates Islamic branch with your Emirates ID or Passport for identification.

For Home Finance, please visit our Home Finance Customer Service Center or send an e-mail to HomeFinance@Emiratesislamic.ae to receive the enquiry form for the outstanding balance, then apply for Early Settlement Request Form. Our team will provide you with the required documents whether it is a buyout from another bank or settling by self-funds.

What is a post-dated cheque (PDC)?

A post-dated cheque is a cheque you issue to the Bank with a future date that can be used to collect a payment you owe the Bank.

What if I place a request for foreclosure or early finance settlement after the minimum recommended days?

Your next installment might get debited before the request is processed leading to additional costs for you.

What happens if my Account is not sufficiently funded before placing a request for foreclosure or early finance settlement?

If your Account is not sufficiently funded before you apply for an early finance settlement, your request will be declined.

Early finance settlement