Get personal loan at lowest interest rate
Get personal loan at lowest interest rate
Personal Loan up to 8 times your Salary
Personal loan in UAE for expats can be a lucrative offer for those who face financial hurdles in managing their expenses in a new country. Expatriates are those people who live in UAE but aren’t the residents of UAE. The financial institutions and banks offer personal loan in UAE in two variants: personal loan with salary transfer and personal loan without salary transfer.
The maximum amount one can borrow under personal loan in UAE for expats up to a maximum of 20 times the monthly drawn salary. The amount can be borrowed with a repayment tenor of up to 48 months.
In exchange for offering personal loan in UAE for expats, banks charge an interest amount on the disbursed amount. Personal loan interest rates in UAE for expats are charged in two ways-
Types of Personal Loan in UAE for Expats | Loan Amount | Flat Interest Rate | Reducing Interest Rate |
---|---|---|---|
FAB Personal Loan for Expats |
Upto AED 2 million |
4.99% |
9.29% |
Citi Bank Personal Installment Loan |
AED 175,000 | 7.71% | 14% |
Deem Finance |
20 times monthly salary |
11.01 % |
19.99 % |
ADIB Personal Loan for Expats |
AED 1 million |
4.82% |
8.74% |
Emirates Islamic Personal Loan |
AED 2 million |
3.90% |
6.47% |
Dubai Islamic Bank Personal Loan |
Up to AED 2 million |
4.90% |
8.99% |
ADCB Personal Loan for Expatriates |
Up to 2 times of applicant’s salary |
3.45% |
6.25% |
HSBC Personal Loan for Expats |
AED 750,000 |
3.58% |
6.49% |
CBD Personal Loan |
AED 750,000 |
3.03% |
5.50% |
Mashreq Bank Personal Loan for Expatriates |
AED 1 million |
3.58% |
6.49% |
Noor Bank Personal Loan |
20 times of applicant’s salary |
3.49% |
6.33% |
First Abu Dhabi bank provides quick approval personal loan solutions for expats at attractive rates of interest.
Minimum Salary: AED 7,000 |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 4.99% |
Reducing Interest Rate: 9.29% |
Early Settlement Fee: 1.05% (max AED 10,500) |
Processing Fee: 1.05% (minimum AED 525, max AED 2,625) |
FAB Personal Loan Features
90 day grace period until first repayment
Most competitive rate in the market
Loans of up to AED 2 million
Flexible repayment terms
Minimum documentation
Fast-track approvals
Comprehensive personal life insurance coverage
Eligibility
ADIB offers personal loan for expats in UAE with high loan amounts of up to AED 1 million and flexible repayment tenures.
Minimum Salary: AED 8,000 |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 4.82% |
Reducing Interest Rate: 8.74% |
Early Settlement Fee: 1% (maximum AED 10,000) |
Processing Fee: Nil |
ADIB Personal Loan Features
This loan is offered to expat borrowers at attractive interest rates with many perks such as no processing fee and e-vouchers for Noon.
Minimum Salary: AED 8,000 |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 7.71% |
Reducing Interest Rate:14% |
Early Settlement Fee: 1% (max AED 10,000) |
Processing Fee: 0% |
Citi Bank Personal Loan Features
Personal financing is offered by Emirates Islamic to the expats at high loan amounts of up to AED 2 million that can be repaid over flexible tenures.
Minimum Salary: AED 5,000 |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 3.90% |
Reducing Interest Rate: 6.47% |
Early Settlement Fee: 1% (capped at AED 10,000) |
Processing Fee: 1% (min AED 500, max AED 2,500) |
Emirates Islamic Personal Finance Features
Dubai Islamic Bank offers personal loan for expats in UAE that are easy, hassle-free with high loan amounts.
Minimum Salary: AED 3,000 |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 4.90% |
Reducing Interest Rate: 8.99% |
Early Settlement Fee: 1% (max AED 10,000) |
Processing Fee: AED 1,050 – AED 2,620 |
Dubai Islamic Bank Personal Loan Features
The personal loan of up to 2x salary overdraft is offered to Expats by the Abu Dhabi Commercial Bank with flexible repayment tenures at attractive interest rates.
Minimum Salary: AED 5,000 |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 3.45% |
Reducing Interest Rate: 6.25% |
Early Settlement Fee: 1.05% (max AED 10,500) |
Processing Fee: 1.05% (minimum AED 525) |
ADCB Personal Loan Features
With flexible terms and quick approvals, HSCB offers personal loans to the expats starting at low-interest rates.
Minimum Salary: AED 7,500 |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 3.58% |
Reducing Interest Rate: 6.49% |
Early Settlement Fee: 1.05% (max AED 10,500) |
Arrangement Fee: 1.05% (minimum AED 525) |
HSBC Personal Loan Features
The Commercial Bank of Dubai offers personal loan to the expat borrowers at nominal interest charges and flexible tenures.
Minimum Salary: AED 8,000 |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 3.03% |
Reducing Interest Rate: 5.50% |
Early Settlement Fee: 1% (max AED 10,500) |
Processing Fee: 1% (minimum AED 525, max AED 2,625) |
CBD Personal Loan Features
This personal loan for Expats in UAE offered by Mashreq is designed to meet the borrowing and unexpected requirements of the salaried expats working in the UAE.
Minimum Salary: AED 7,000 (approved companies), AED 10,000 (unapproved companies) |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 3.58% |
Reducing Interest Rate: 6.49% |
Early Settlement Fee: 1.05% (max AED 10,500) |
Processing Fee: 1.05% |
Mashreq Bank Personal Loan Features
Noor Bank offers personal finance to meet expat borrower’s diverse financial needs.
Minimum Salary: AED 8,000 |
Maximum Loan Tenure: 4 years |
Flat Interest Rate: 3.49% |
Reducing Interest Rate: 6.33% |
Late Payment Fee: 2% of delayed amount (minimum AED 50, max AED 200) |
Processing Fee: 1% (minimum AED 500, max AED 2,500) |
Noor Bank Personal Loan Features
The best personal loan in UAE is the one with low personal loan interest rates, high loan amounts, and long tenors. However, in order to enjoy the lowest interest rates for a personal loan in UAE, the applicant ought to qualify for it. Mentioned below is the eligibility & required documents for personal loans in UAE for expats.
Most banks follow a standard age criterion for personal loan eligibility in UAE that may vary from one bank to another but usually it is a minimum of 21 years and a maximum of 60-65 years to apply for a personal loan for Expats in Dubai.
Providing proof of one’s minimum income is mandatory for availing a personal loan for Expats in UAE. The minimum salary requirement may vary from provider to provider; generally, it is between AED 3000 and AED 8000 for most of the banks.
The applicant’s credit history is a major criterion for personal loan eligibility in UAE. A credit report (usually obtained from the Etihad Credit Bureau) shows the applicant’s past payment history and all of their currently active loans (if any). A good credit score means the applicant can repay the loan.
While nearly every bank offers personal loan in UAE for expats, it is impossible to find one that offers personal loans to non-residents. Personal loan for expats in UAE only can be availed if the applicants furnish their residency proof by submitting their passport with a valid UAE visa.
Once the applicant has fulfilled all the requirements for personal loan eligibility in UAE, the next step would be is to gather the required documents. The documents commonly required to complete an application for a personal loan in UAE for expats are as follows:
Some banks even allow new expats to apply for a personal loan in UAE without a salary transfer and bank statement for smaller loan amounts.
Q.1. Can I still apply for a personal loan for Expats in Dubai if my company isn’t listed on the bank’s approved company list?
Ans: Most banks do not offer personal loan in UAE for expats without an approved employer. However, some banks may make an exception and offer personal loans for non-listed companies in the UAE on the basis of the applicant’s income and reputation of the employer.
Q.2. What is a top-up loan?
Ans: Top-up personal loans are a type of loan offered to the borrower after they have paid a certain number of payments of the total tenor. Top-up personal loans in UAE extend the tenor of an existing loan, increase the borrowed amount and may even offer lower personal loan interest rates. They are only offered to borrowers that make payments on-time.
Q.3. What is a credit score?
Ans: A credit score is a value that is calculated on the basis of the applicant’s past payments, currently active loans (if any) and any form of credit they may have availed of within the last decade or more. A credit score helps personal loan issuers determine the risk profile of an applicant. A higher credit score gives an applicant a better chance of qualifying for personal loan in UAE for expats.
Q.4. Does personal loan for expats in Dubai offer any other benefits?
Ans: Certain personal loans in UAE for expats offer added incentives such as free credit cards, debit cards, life insurance and more. These personal loan offers in UAE vary depending on the respective loan issuer.
Q.5. How can I find the best personal loan for expats in UAE?
Ans: The best personal loan in UAE is a matter of perspective. Some applicants may consider the lowest interest rates for personal loan in UAE for expats to be an indicator of the best loan, while others may look for personal loan offers in UAE. The best way to identify such a loan is to conduct your own personal loan comparisons and use a personal loan calculator to accurately determine the monthly EMI.