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How to Find Personal Loan in the UAE with Zero Processing Fees

How to Find Personal Loan in the UAE with Zero Processing Fees
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There are not many financial institutions in the UAE that provide a personal loan with zero processing fees. Most of the financial institutions charge minimum processing fees on best personal loan in UAE. Only one or two financial institutions provide personal loans with no processing fee. These financial institutions are Abu Dhabi Islamic bank and CitiBank.

Below are the lists of personal loans with zero processing fee.

Abu Dhabi Islamic Bank Personal Loan for the UAE Nationals and Expats

Abu Dhabi Islamic bank offers personal finance up to AED 3,000,000 for UAE nationals without any processing fee. Expats can avail up to AED 1,000,000 with zero processing fee.

Benefits of Abu Dhabi Islamic Bank Personal Finance Include

  • Signature card of Abu Dhabi Islamic Bank booking.com is free for the first year
  • Zero processing fee
  • Grace period for the payment of the first installment is up to 3 months
  • Postponement of 2 installments are free every year
  • Competitive interest rates for the protection of the takaful cover

ADIB Personal Loan Eligibility Requirements for the are

  • Minimum salary required is AED 8000
  • Age limit for the UAE national is between 21- 65
  • Age limit for the expats is between 21- 60
  • Minimum 3 months or confirmed service length
  • Minimum 6 months or confirmed service length

Documents Required for the Personal Loan are

  • Copy and original passport
  • Residence visa proof for the expats
  • Copy and original Emirates ID
  • Bank statements of the previous 3 months

Charges and Fees are

  • The profit rate of the Abu Dhabi Islamic bank is on the basis of reducing Balance rate
  • The debt settlement fee is charged with the rate of interest 6.25% - 12%

CitiBank Personal installment Loan

One of the best benefits of the Citibank personal loan is the cashback rewards with personal finance. Citibank personal installment loan accepts zero processing fee. On the approval of finance amount AED 50,001 to AED 100,000, AED 500 is rewarded as cashback.  On the approval of the finance amount of 100,001 to 150,000, AED 1000 is rewarded as cashback. On the approval of more than AED 150,000 as the finance amount, AED 1500 is rewarded a cashback.

Benefits of the Citibank personal installment loan includes

  • Finance up to AED 175,000
  • 8 times the salary is provided as finance
  • Competitive rate of interest
  • The repayment tenure is up to 48 months
  • Personal finance can be approved in 1 day
  • Funding can be provided in 1 day

Documents Required are

  • Latest salary certificate
  • Direct debit form
  • Bank statement of the previous 3 months
  • Salary transfer required
  • Copy of passport
  • Copy of Emirates ID
  • Minimum salary required is AED 8000 per month

Charges and Fee are

  • The interest rate of 0.44 to 2.01 on life insurance for the credit
  • Late fee is charged as 2% of the late amount (minimum AED 50 and maximum AED 200)
  • AED 250 is charged as loan re-scheduling fee
  • AED 100 is charged as cancellation of the loan fee
  • AED 10,000 or 1% of the outstanding balance is charged as the early settlement fee
  • AED 10,000 or 1% of the outstanding amount is charged as partial settlement fee

Citibank Salary Transfer loan

Another loan from Citibank that offers a loan for zero processing fee. This is the salary transfer loan.

Benefits of the Citibank Salary Transfer Loan Include

  • Personal finance provided up to AED 2,50,000
  • 20 times the salary is provided in finance amount
  • Competitive rate of interest
  • Repayment tenure from 6 to 48 months
  • Instant funding upon approval of the personal finance
  • Approvals within 1 day

Documents Required are

  • Salary transfer required
  • Salary transfer letter
  • Bank statement of the previous 3 months
  • Minimum salary of AED 8000 per month
  • Copy of passport
  • Copy of Emirates ID
  • Working in the current company for 6 months

Charges and Fees are

  • The interest rate of 0.44 to 2.01 on life insurance for the credit
  • Late fee is charged as 2% of the late amount (minimum AED 50 and maximum AED 200)
  • AED 250 is charged as loan re-scheduling fee
  • AED 100 is charged as cancellation of the loan fee
  • AED 10,000 or 1% of the outstanding balance is charged as the early settlement fee
  • AED 10,000 or 1% of the outstanding amount is charged as partial settlement fee

Over to you

It is extremely difficult to find personal loans with zero processing fee. Most of the banks charge at least a minimum of 1% of the finance amount as the processing fee. Only Citibank and Abu Dhabi Islamic Bank offer personal loans with zero processing fees. It would be better if the applicant paid more attention to the lower interest rate for personal loan in UAE rather than the processing fees. Interest rates are the ones that end up costing the customer more than the processing fee.

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