Looking for a Personal Loan with Low Processing Fee? Here are Your Options!

Looking for a Personal Loan with Low Processing Fee? Here are Your Options!
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Are you looking for some additional funds?

You can consider a personal finance.

Now, if you are looking for this loan, you should make sure that you are capable enough to repay the amount of funds you borrow.

You can also save your hard-earned money by clearing off your loan as soon as possible, only if you can afford to. Hence, you must accordingly plan things.

Now,

Getting the best deals with the lowest interest rate on personal loan is not as easy as it sounds. You need to shop around to settle for the most suitable deal. Moreover, the interest rate is not the only thing that has to be considered.

The banks also charge processing fee amongst other fees and charges, which can add up to your loan expenses.

But, first of all, a huge choice that you have to make is from where to obtain your personal finance.

We have rounded up a list of reputable and trusted loan providers so that you can avail the best rates and deals possible.

Best Personal Loans in the UAE with low Processing Fee

Personal Loan Processing Fee
RAK Bank 1 percent of the loan amount (min 500, max 2,500 dirhams)
Citibank Nil
Emirates NBD 1 percent of the loan amount (min 500, max 2,500 dirhams)
Emirates Islamic 0.75 percent (for certificates Murabaha) and 1 percent (for shares/goods/services ijarah) of the finance amount (min 500, max 2,500 dirhams)
United Arab Bank 1 percent of the finance amount (min 500, max 2,500 dirhams)
CBD 1 percent of the loan amount (min 500, max 2,500 dirhams)
Standard Chartered Bank 1.05 percent of the loan amount (min 525, max 2,625 dirhams)

(Updated as on August 2, 2019)

Let us now discuss these loans in detail.

RAK Bank Personal Loan

This personal loan in UAE is a suitable choice for the ones who are looking for a large loan as they offer high loan amount. The effective rate of interest starting from 5.99 percent helps you in saving money on your loan repayment.

Following is the summary of the features.

  • Flexible loan repayment option
  • Maximum repayment tenure of 48 months and 60 months in case of Armed Forces Staff
  • Quick Approvals
  • Loan Takeover facility
  • Easy documentation
  • On making regular repayments for 6 months, you have the option to apply for deferred payment
  • Free credit card and debit card with a personalized cheque book
  • On making regular repayments for one year, you have the option to apply for a top-up loan

Citibank Personal Loan

This loan is amongst the best options in the market for the ones who need high finance in the UAE. The effective reducing rate of interest starts from 6.99 percent per annum.

The high loan amount allows you to meet your financial needs. The Citibank charges no processing fee on their personal finance.

Following is the summary of the features of this loan.

  • Flexible loan repayment option
  • Quick Approvals
  • Easy documentation
  • High loan amount up to eight times of your salary (175,000 dirhams’ maximum limit)
  • Bonus cashback up to 1,500 dirhams, credited on the approval of the loan

Emirates NBD Personal Loan

The expats in the UAE can apply for the loan through the Emirates NBD, which provides loans with minimum income as low as 6000 dirhams.

It charges a low rate of interest starting from 4.99 percent (reducing), and can be availed through an easy process of application, which can be completed online too. The low rates on this personal loan in UAE make it attractive for the applicants belonging to various economic segments.

Following is the summary of the features of Emirates NBD Personal Loan.

  • Maximum repayment tenure of 48 months and 60 months in case of Armed Forces Staff
  • Easy documentation
  • High loan amount up to 800,000 dirhams
  • Option of loan deferment wherein you can push-back or defer your EMI up to 2 times a year
  • Loan can be canceled within seven days from being disbursed with the applicable charges being waived off
  • Offers double insurance policy that provides coverage during tragic situations such as borrower’s demise

Emirates Islamic Personal Loan

Emirates Islamic Bank follows the Islamic laws of banking. It offers personal finance to the people in the UAE at low-profit rates starting from 5 percent (reducing).

This bank offers high finance amount for both UAE Nationals and expats. With low rates, easy documentation, and high finance limits, this personal finance attracts a lot of applicants in the Emirates.

Following is the summary of the features of Emirates Islamic Personal Loan.

  • Follows Sharia principles of the Islamic laws
  • Salary transfer mandatory only for one month
  • Flexible finance repayment option
  • Maximum repayment tenure of 4 years
  • High finance limit up to 4 million dirhams for Emiratis and 2 million dirhams for expats
  • Quick Approvals
  • Free pre-approved credit card

United Arab Bank Personal Loan

In case you do not fall under the salary bracket of 8,000 dirhams and above, the UAB Personal Loan can be a good option for you. This loan can be availed at a low rate of interest starting from 5.25 percent (reducing).

UAB offers high loan amounts and convenient and flexible tenure for repayment. You need to have a minimum salary of 7,500 dirhams to apply for the loan.

Following is the summary of the features of United Arab Bank Personal Finance.

  • Maximum repayment tenure of 48 months
  • Facility of revolving credit
  • Easy application and documentation
  • Option of loan deferment wherein you can delay your EMI payment up to a certain number of times in a year
  • Facility of loan top-up
  • High loan amount up to twenty times the salary for Emiratis and 2 million dirhams for expats
  • Option of debt consolidation for accumulating all the existing loans into one loan with UAB
  • Free credit card facility

CBD Personal Loan

CBD lets you borrow funds at a competitive rate of interest starting from 5.50 percent (reducing). The bank offers a loan in consideration of the financial requirements of the residents in the Emirates.

From travel expenses to home renovations to educational fees, and much more, this loan lets you avail instant funding during your financial crunch.

Following is the summary of the features of Commercial Bank of Dubai Personal Finance.

  • Maximum repayment tenure of 48 months (depending upon the amount borrowed)
  • Facility of loan top-up
  • Option of debt consolidation for accumulating all the existing loans into one loan with CBD
  • High loan amount up to 3 million dirhams for Emiratis and 750,000 dirhams for expats
  • Option of loan deferment wherein you can delay your EMI payment up to a certain number of times in a year
  • Free debit card facility

Standard Chartered Bank Personal Loan

When you are in dire need of a fast source of money, Standard Chartered personal loan can be a suitable option for you. The bank offers fast approval on your personal loan application.

You must have a minimum monthly income of 30,000 dirhams to avail this loan. You can obtain this loan through a convenient and easy process of application.

Following is the summary of the features of Standard Chartered Personal Loan.

  • Flexible loan repayment option
  • Maximum repayment tenure of 4 years
  • Facility of loan takeover
  • Facility of loan top-up
  • Option of loan deferment wherein you can push-back or defer your EMI up to 2 times a year
  • High loan amount up to 500,000 dirhams (twenty times the salary)
  • 2500 dirhams’ cashback after disbursal on the approved loan amount while applying online

The Bottom Line!

The above-mentioned list of loans contains some of the top loans available in the market of UAE that charge low processing fees. With the lowest interest rate on personal loan, they are easy to avail and coming with a host of features and benefits.

However, you must keep in mind that this list of personal finance is not ranked in any particular order. The one which is best for you may not be a very good option for someone else.

Go through the details of the loan thoroughly before selecting one. Choose carefully!

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