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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