Compare and find the best personal loan rates in UAE. We'll show you everything you need to know about getting the best rates on a personal loan.
Personal Loan up to 8 times your Salary
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Personal loans, refers to credit provided by financial institutions and banks to meet a variety of needs such as, education, travelling, weddings, etc. These loans are typicallyunsecured in nature, which means that the chances of approval for personal loans largely depends on one’s credit history. They are mostly seen as short term credit offers for residents in UAE as well as expatriates.
The non-salary transfer loans in UAE can be availed on mainly two types interest rates. Mode of calculation for these rates are as follows;
We have provided a detailed account of various banks for your reference which provide non-salary transferrable personal loans.
Citi bank is one of the leading financial institution that offers trouble-free loans without any need for salary transfer. This allows you to claim your funds for your plans without any stay.
However, certain requirements must be met before you avail of this policy. You must provide the current salary certificate (must be 3 months old job), last 3 months’ bank statements, details regarding minimum salary up to AED 8000, passport or any other Emirates ID copy and direct debit form.
Interest rates can fluctuate between 14% to 30% per annum if balance is reduced for Personal Installment loans and 8% to 15% if balance is reduced for Salary transfer loans.
Want to seek out a personal loan but don’t have Salary transfer account with Emirates NBD? This Islamic financial instutions has a provision of providing personal loan to its customers without fulfilling the criteria of salary transfer.
Personal loan facilities are available for UAE as well as foreign expats. For UAE nationals the loan amount is AED 4 million, the interest rate is 2.55% per annum, processing/insurance fee is zero and the number of days for the first installment is 90 days. Whereas for expats the loan limit is AED 2 million, the interest rate is 2.87% per annum, 20 % off on insurance fee and the number of days for the first installment is 45 days. The bank also provides the ability to all its customers to return the loan without any charges once the loan is laid out.
This bank holds the title for the world’s first developed Islamic bank. Here are some of the mandatory documents and features to get your personal loan approved from this bank without any salary transfer.
The applicant must possess a minimum salary of AED 6000 to 8000. The maximum term limit for this scheme is 48 months. The gain percent is 8.82%. The method of calculating the rate is on the reducing basis.
There is no early settlement fee. Further, the customer also gets an upfront cash payment.
Documents required are as follows- passport copy (expatriates must have residence visa), end of service benefit and salary transfer document from the employer and if at any point of time the salary is transferred to another ban statement of account for a period of 3 months (6 months for businessmen and self-employed workers. Moreover, they must also their copy of trade license).
Another name you can consider to access your personal loan. Certain eligibility conditions must be fulfilled which are subjected for modification at any point of time.
The overall features which are offered- both the insurance and processing fee is 0.45% of the total loan, early settlement fee is 1% of left out balance, time for loan repayment is 12 months, a sum of AED 20,000 as a salary is required per month and the rate (which is calculated on reducing basis) is 3.99%.
The customers can benefit from a lot of offers such as- loans up to 12 times of customer’s salary, no minimum length of service is necessary to apply and fit for property rent or school fees with only one bank cheque.
Abu Dhabi Islamic Bank or ADIB takes immense pride in naming itself as an Islamic banking institution which is fully Shariah-compliant.
The adib personal loan comes offers its citizens the benefit to not transfer their salary for applying. Moreover, it offers a maximum loan amount which can be availed for 48 months. No need for paying any processing charges. Also, UAE nationals, as well as expats, get a grace period of 3 months for the first loan charges to submit.
Al Hilal Bank is another banking service provider who does provide the benefit of personal loans for its customers without any transfer of salary.
The main aspects of the scheme of a personal loan without salary transfer are mentioned as follows - a minimum salary of AED 20,000 per month, time for repaying a loan is 12 months, the processing and insurance fee is 0.45% of total loan volume, early settlement fee is 1% of the residual balance, rate (which is calculated on reducing basis is 3.99% and the equivalent flat rate is 2.19%. The method used for calculation is a division of the reducing rate by 1.814 which is only indicative.
Likewise, the United Arab Bank, the personal loan policy under Al Hilal Bank can be used for paying property rent or school charges with the only a cheque. Further, no minimum service length is required.
One of the major necessities for attaining a personal loan is to transfer your salary. But with the increase in customer base, many banking institutions have initiated the policy of providing personal loans without ant transfer of your salary. The Abu Dhabi Islamic Bank is one of the forerunners in providing the best personal loans to localites as well as expats in the UAE. Make sure you get the benefit of this proposal to fulfill any needs or aspirations and pay your installments on time. The ADIB personal loan offers some of the best benefits for its customers which is why it is one of the best loan providers in the business.