6 Instant Approval Best Personal Loans in UAE in April 2020
Personal loans also known as signature loans or unsecured loans in the UAE are the most popular and preferred form of short-term credit in the UAE. Unlike conventional forms of loans in the UAE, personal loans are offered without collateral. Personal loans are relatively easy to apply in comparison to other conventional forms of loans.
The primary reason behind the popularity of personal loans in UAE is its diverse utility. Conventional loans like home loans, car loans, and education loans can be used for specific purposes only. Contrary to this personal loans in UAE can be used for a variety of reasons that are legally acceptable.
In order to qualify for an instant personal loan, one needs to maintain a healthy credit score. If you are looking forward to opting for a personal loan we’ve got the list of top 6 instant approval best personal loans in UAE.
Abu Dhabi Commercial Bank (ADCB) Personal Loan
The Abu Dhabi Commercial Bank commonly known as ADCB offers customizable personal loans for expatriates residing in the UAE as well as UAE nationals. The instant personal loan comes with low rates of interest 5.25% for uae nationals and 6.25 for expats, flexible eligibility criteria, and high salary multiples.
Loan applicants get free credit life cover along with the personal loan from ADCB that enhances the overall utility of the loan. Another benefit of applying for a personal loan from ADCB is that borrowers get the longest repayment period 48 months available in the market. The total loan amount that a loan seeker can apply for is three times of the salary overdraft for UAE national and up to two times for expatriates residing in the UAE.
The documentation and disbursement of personal loans from ADCB are extremely simple and user-friendly. Furthermore, borrowers do not require any type of collateral for approval and disbursement of loans in the UAE. A personal loan from ADCB comes with additional benefits like complimentary credit card and life coverage.
Abu Dhabi Islamic Bank (ADIB) Personal loan
The Abu Dhabi Islamic Bank commonly known as ADIB is one of the leading insurance providers in the UAE that offers instant personal loans. ADIB offers loan amounts up to AED 1 million with highly competitive rates of profit in the UAE.
The loan is highly suitable for individuals looking forward to settling their outstanding debts using personal loans in the UAE. The repayment period for ADIB instant personal loan is up to 48 months i.e. four years. The processing fee charged by ADIB is 1% that varies from a minimum of AED 500 to a maximum of AED 2500. Borrowers have the freedom for the first three months of the loans to make no repayments.
A unique feature that differentiates ADIB from other providers is the freedom of trading sharing at the will of debtor provided those are purchased from ADIB only. ADIB does not charge customers with any sort of postponing fee in case the debtor decides to postpone the repayment of the loan in the UAE.
Dubai Islamic Bank (DIB) Personal loan
The Dubai Islamic Bank offers personal loans for both UAE nationals and expats at a lucrative profit rate of 8.82%. DIB is considered one of the best financial institutions in the UAE. Dubai Islamic Bank personal loan comes with quick disbursement of capital and simple documentation. The maximum repayment period for Dubai Islamic Bank is 48 months i.e. four years.
The arrangement fee in the case of Dubai Islamic Bank varies from AED 600 to AED 800. The maximum amount of capital offered as a personal loan from DIB is AED 2 million for UAE nationals and 1 million for expatriates.
Emirates Islamic Bank Personal Loan
Emirates Islamic Bank commonly referred to as EIB offers personal loans on the concept of Murabaha arrangement. This form of personal finance is based on trading via Shariah-compliant tools like Wakala or shares. Emirates Islamic Bank personal loan is offered at highly competitive profit rates and is available for both salaried individuals and self-employed.
The approval time is one of the quickest amongst the entire list i.e. 24 hours. Borrowers can avail loans up to AED 3 million for citizens of the UAE and up to AED 1 million for expatriates. EIB offers a free credit card with a 100% discount on the annual fee of the card. The processing fee is nominal and does not add a burden to the debtor. Furthermore, the borrower receives a certificate of Shariah-compliant insurance known as Takaful that provides life coverage.
RAKBANK Personal loan
Ras-Al-Khaimah PJSC that goes with the trading name of RAKBANK is one of the leading financial institutions in the UAE that offers personal finance services. The bank offers high amounts of personal loans for both UAE nationals and expats residing in the UAE. The loan is offered at low rates of interest with highly flexible repayment of 48 months from the date of disbursement. The repayment period of the loan for the staff of the UAE armed forces is 60 months.
The loan is quickly approved and disbursement due to the simplified documentation process. Debtors get top-up loan service after a period of 1 year. Furthermore, borrowers get free access to a debit card and a personalized checkbook from RAKBANK. The debit card comes with no annual fee that helps to save money and manage expenses easily.
Citi Bank Personal Loan
Loan seekers can get a personal loan from Citi Bank. Borrowers can get a personal loan without any sort of salary transfer requirement. The process of loan application is simple, convenient, user-friendly, online and hassle-free. Borrowers can simply visit the website of the provider and submit their details along with the required documents for initiating the application process.
Borrowers can apply for loan amounts up to AED 250,000 or up to twenty times of their salary amount at a highly competitive interest rate of 6.99%.
Personal loans are an effective way to counter sudden or immediate financial needs. Borrowers can get their loan approved and disbursed within 48 hours which makes it a quick form of credit in the UAE. The list of providers mentioned in the article will help you to select the provider that fulfills all your financial needs at low rates of interest.