How Many Personal Loans Can Someone Apply for in the UAE?

Personal Loan up to 8 times your Salary

Personal Loan in UAE
  • Minimum Salary 5000 AED
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

Get personal loan at Lowest Interest Rate

  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

A personal loan is a convenient source of emergency funds since the banks don’t ask for collateral against it. When compared to other types of loans in the UAE, personal loans are easy to acquire and don’t require a heap of documentation. Additionally, it can be taken for any reason such as funding your vacations, starting a business, emergency expenses and more. For this reason, people prefer applying for a personal loan to deal with their financial shortfalls. 

In some cases, individuals may require more than one personal loan due to unforeseen situations and it creates a dilemma of whether they can apply for multiple loans or not. Although no bank in the UAE specifies the number of loans you can take, there are some complexities that you need to understand while applying for multiple loans. The article below enlightens you about the various aspects of multiple loans and how many personal loans you can apply for. 

Upsides of Acquiring a Personal Loan in the UAE

Most financial institutions in the UAE offer a personal loan amount of up to 20 times your salary. In general, it is adequate to deal with sudden financial requirements. In addition, you get a repayment period of up to 48 months to pay off your outstanding balances. Here are a few upsides of acquiring a personal loan in the UAE. 

  • The first and the foremost advantage of acquiring a personal loan in the UAE is it helps you deal with financial instabilities. In case of emergencies, you can reach out to your bank and apply for a personal loan
  • To acquire a personal loan, you don’t need collateral. Meaning, you don’t need to provide security against your credit. 
  • Whatever the reason, a personal loan is always available to you. It can be a loan to fund your business, plan a vacation, child’s education or marriage expenses. 
  • If you are applying for a personal loan with your existing bank, you need minimal documentation.
  • The timely EMI payments increase your creditworthiness and make you eligible for larger future loan applications. Your creditworthiness depends on your credit history and score. With regular instalment payments, you can ensure a healthy credit record. 

How Many Personal Loans Can You Apply for at Once?

Despite being a convenient source of quick liquid funds, a personal loan can bring repayment burdens and acquiring multiple loans add to the problem. In some cases, you cannot avoid applying for more than one personal loan and while doing so, you need to determine your financial requirements and select the best personal loan companies. 

With easy online and offline applications, you can avail yourself of a personal loan from any bank or a financial institution in the UAE. As mentioned above, the maximum loan amount that you can obtain is close to 20 times your monthly salary. However, the banks do not mention the maximum number of loans you can apply for simultaneously. 

While offering personal loans, the bank calculates the repayment risks that you possess. Considering your payment capabilities and credit scores, the bank may approve multiple personal loans. In case you have defaulted on a previous loan, the bank may disapprove your application based on your credit Score or offer you a loan at a higher interest rate. However, acquiring numerous loans would burden you financially and also degrade your credit score. So before applying for more than one loan at a time, you need to define your needs and choose accordingly.  

Also Read How to Manage Personal Loan EMIs for Salaried Employees?

Things to Ensure before Applying for Multiple Personal Loans in the UAE

While applying for a personal loan, you need to keep a few things in mind to avoid any hassles during the process. If you are applying for the first time, you need to ensure your eligibility, salary requirements, age and residency. A financial institution may offer loans only to individuals with a stable salary or working with the government or a reputed corporation. However, you won’t have difficulties if your income falls within their acceptable range and you have low expenses. Additionally, you need to fulfil their age criteria that usually range between 21 years to 65 years. If you are a self-employed individual, you need to ensure that you have operated your own business for at least 2-5 years before applying for the loan. 

If you have an active prior loan, you need to ensure that you have a good credit track record and enough financial stability to acquire another personal loan. A poor credit history generally results in the rejection of your application. 

Once you have ensured that you can repay multiple loan amounts within the tenure, reach out to a reputable lender. It is always better to research and find the best loan company in the UAE to have a good credit loan experience. Non-reputed companies may offer you multiple loans conveniently, but there is always a chance of getting scammed.  

Important Things to Consider When Applying for More than One Personal Loan

Applying for multiple personal loans can make an impression on the lender that you are drowned in debt or lack efficient financial management. In such cases, the bank either increases your loan interest rate or may ask for collateral. Therefore, you need to consider a few things before applying for more than one personal loan. 

  • Although the bank does not have an upper limit on acquiring loans, you should keep your loan applications to a minimum. 
  • You need to ensure your capability of paying multiple EMIs, while still balancing your earnings and day-to-day expenses. 
  • A personal loan can put you under a huge financial restrain; try finding alternative solutions to fulfil your financial needs. 
  • If possible, try avoiding multiple loan applications to keep yourself from getting into huge debts. 
  • If the loans are unavoidable, you should look for lenders with minimal processing fees and interest rates. It will help you reduce your total loan amount and eventually bring down your monthly EMIs. 

Should You Go for Multiple Personal Loans?

After acquiring a personal loan, you require good financial management to cope with daily expenses along with the EMI payments. Applying for multiple personal loans may provide you immediate financial help but may prove problematic in the long run. So before proceeding with more than one loan application, you need to consider your financial situation, requirements and repayment capabilities. If you fail to repay your loan amounts, you may have to deal with considerable financial hardship. It would not only ruin your credit score but would also revoke you from getting any personal loan in future. 

You Should Know About How to Choose the Best Bank for Personal Loan in the UAE


A personal loan is easy to acquire in the UAE. You can conveniently apply through various channels, and the banks also require minimal documentation. Despite their convenience, you need to ensure that you can pay off your loan amounts without getting burdened. Whether you apply for a loan once or multiple times, you need to consider your financial situation and loan repayment capabilities. Apart from that, when filling up the loan application form, read between the fine lines and get yourself acquainted with the terms and conditions of your personal loan.

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