Personal Loans for UAE Nationals

Personal loan in UAE is available for both the types of applicants i.e. for UAE  nationals (Emiratis) and expats. Offered exclusively keeping the needs of Emirati applicants in mind, personal loans for UAE nationals can be availed with high loan amounts up to AED 5 million for numerous purposes such as investment opportunities, travel expenses, medical emergency and many more.

The UAE is also home to various Islamic Banking organizations that offer interest-free, Shariah-compliant personal loan in Dubai and the other emirates. Personal loans for UAE nationals help emirates to fulfill wide range of benefits, whether it’s the lowest interest rates i.e. starts from 3.99% to 20% or smaller requirements of the minimum salary for personal loans in UAE i.e. AED 5000, Emirati’s get the best personal loans in Dubai.

Personal Loan Interest Rates for UAE Nationals

There are two varieties of personal loan interest rates in the UAE. 

Flat Interest: This form of personal loan interest rate remains constant through the tenor of the loan. The Flat interest rate of personal loan for UAE nationals starts from 3.99% to 8%. 

Reducing Interest: Reducing personal loan interest rates decrease as the outstanding principal decreases, they are generally the lowest interest rates for a personal loan in the UAE.

The Reducing interest rate of personal loan for UAE nationals starts from 4.99% to 20%.

TOP 9 Best Banks Offering Personal Loan for UAE Nationals

Here’s an analytical comparison of best personal loan provider for UAE nationals with maximum loan amount and low-interest rate

FAB Personal Loan for UAE Nationals

Minimum Salary: AED 7000	Maximum repayment Tenor: 48 months
Flat Interest Rate: 2.49%	Reducing Interest Rate: 4.74%
Early Settlement fee:	Processing Fee: 1% of the loan amount

Features of FAB Personal Loan for UAE Nationals

• Maximum loan amounts up to AED 5 million
• Quick approval and disbursement
• Flexible repayment Tenor

 

Citibank Personal Loan for UAE Nationals

Minimum Salary: AED 8000	Maximum repayment Tenor: 48 months
Flat Interest Rate: 8%	Reducing Interest Rate: 14%
Early Settlement fee:	Processing Fee: 0%

Features of Citibank Personal Loan for UAE Nationals-

• Maximum loan amounts up to AED 175,000
• Quick approval and disbursement
• Flexible repayment Tenor

 

Deem Finance Personal Loan for UAE Nationals

Minimum Salary: AED 8000	Maximum repayment Tenor: 48 months
Flat Interest Rate: 15.99%	Reducing Interest Rate: 34.99%
Early Settlement fee: 1.05% of remaining amount	Processing Fee: 1% of the loan amount

Features of Deem Finance Personal Loan for UAE Nationals-

• Quick approval and disbursement
• Flexible repayment Tenor

 

ADIB Personal Loan for UAE Nationals

Minimum Salary: AED 10,000	Maximum Finance Tenure: 48 months
Flat Interest Rate:	Reducing Interest Rate: 6.75-20%
Early Settlement fee: 1.05%	Processing Fee: 1%

Features of ADIB Personal Loan for UAE Nationals-

• Maximum loan amounts up to AED 2 million
• Quick approval and disbursement
• Flexible repayment Tenor

 

Emirates Islamic Personal Finance for UAE Nationals

Minimum Salary: AED 10000	Maximum repayment Tenor: 48 months
Flat Profit Rate: 2.59%	Reducing Profit Rate: 4.74%
Early Settlement fee: 1.05% including VAT (Capped at AED 10,500)	Processing Fee: 0.7875% (Min AED 525, max AED 2,625)

Features of Emirates Islamic Personal Finance for UAE Nationals-

• Free Takaful Coverage
• Maximum loan amounts up to AED 4 million
• Quick approval and disbursement

 

HSBC Personal Loan for UAE Nationals

Minimum Salary: AED 10,000	Maximum repayment Tenor: 48 months
Flat Interest Rate:7.49%	Reducing Interest Rate:
Early Settlement fee: 1.05%	Processing Fee: 1%

Features of HSBC Personal Loan for UAE Nationals-

• Maximum loan amounts up to AED 1 million
• Quick approval and disbursement
• Flexible repayment Tenor

 

CBD Personal Loan for UAE Nationals

Minimum Salary: AED 8000	Maximum repayment Tenor: 48 months
Flat Interest Rate:5.50%	Reducing Interest Rate:
Early Settlement fee: 1%	Processing Fee: 1%

Features of CBD Personal Loan for UAE Nationals-

• Maximum loan amounts up to AED 3 million
• Quick approval and disbursement
• Flexible repayment Tenor

 

Mashreq Bank Personal Loan for UAE Nationals

Minimum Salary: AED 10,000	Maximum repayment Tenor: 48 months
Flat Interest Rate:3.43%	Reducing Interest Rate: 6.49%
Early Settlement fee: 1%	Processing Fee:

Features of Mashreq Bank Personal Loan for UAE Nationals-

• Maximum loan amounts up to AED 3 million
• Quick approval and disbursement
• Flexible repayment Tenor

 

Noor Bank Personal Loan for UAE Nationals

Minimum Salary: AED 10,000	Maximum repayment Tenor: 48 months
Flat Interest Rate:5.99%	Reducing Interest Rate: 12.99%
Early Settlement fee:	Processing Fee:

Features of Noor Bank Personal Loan for UAE Nationals-

• Maximum loan amounts up to 20 times salary of the applicant
• Quick approval and disbursement
• Flexible repayment Tenor

 

Features & Benefits of Personal Loan in UAE

Have a look at the premium features and benefits that Emirati-only personal loans offer in the UAE:

Loan Amounts

Most personal loans in the UAE offers loan amount as a multiple of the applicant’s salary, up to a fixed limit. For example, certain personal loans in Dubai offer maximum amounts that are 20 times the Emirati applicant’s salary, for up to AED 2 million.
Note- The maximum amount that personal loans offer in the UAE to Emiratis are usually higher than those offered to expats.

Tenor

The borrowers are expected to pay back the borrowed personal loan as monthly installments. These installments are calculated on the basis of the total repayment period, i.e. the tenor. Most personal loans in the UAE give the UAE national borrower up to 48 months to repay the borrowed amount.

Note- One can calculate EMI amount using a personal loan calculator.

Interest Rate

Personal loan interest rates in the UAE are charged on the borrowed or principal amount. These interest charges are calculated on a monthly basis. While Islamic Banking organizations do not charge personal loan interest rates, they charge a profit rate on the borrowed amount. Emiratis enjoy the lowest interest rates for personal loans in the UAE from 3.99% to 34.99%.

Benefits

Money is just one of the many things a personal loan offers in the UAE. Personal loans for UAE nationals also offer additional benefits listed below.

• Quick Processing: Not only are Emiratis fast-tracked through the application process for personal loans in the UAE, but they are also asked for very little documentation. Emiratis can complete the application process for most of the best personal loans in the UAE within as little as a day.
• Complimentary Services: Certain personal loan issuers provider offer additional benefits, they are as follows:-
  • Free personal life insurance,
  • No-fee credit cards and debit cards
  • Free Chequebook

   Note- Emirates can conduct online personal loan comparisons to identify benefits that suit their lifestyle.

Requirements of Personal Loan for UAE Nationals

The personal loan Requirements of in UAE for Emiratis is very simple. Here are the eligibility criteria:

Monthly Salary

Depending on the requested loan amount, the applicant will have to submit relevant documents that show they earn a specified minimum salary for the personal loan for UAE nationals i.e. AED 5000. Since the UAE nationals can apply for a higher loan amount, the monthly salary requirement is usually higher for personal loans in the UAE for expats.

Age Criterion

Personal loan eligibility in the UAE is also determined by the applicant’s age. Most personal loans in the UAE applicants need to be at least 21 years of age. Furthermore, while personal loans in UAE for expats restrict the maximum age of applicants to 60 years, some banks allow Emiratis to avail of loans for the age of up to 65 years - 70 years.

Employment History

The employed applicant is required to show an independent source of income, provided by a listed UAE employer. Certain banks waive the minimum required length of service for Emirati applicants. Additionally, they may even let UAE nationals apply for personal loans for non-listed companies in the UAE, provided they work with a well-respected organization.

Documents Required to apply Personal Loan for UAE Nationals

After fulfilling the above-mentioned criteria of personal loan eligibility in the UAE, the applicant will be required to submit the following documents:

1. Application Form - The applicant will have to submit a duly filled application form for the personal loan in the UAE. Most personal loan issuers allow the applicants to apply for personal loans online.
2. Employment & Income- The applicant will need to share the details of their employment and income, which can usually be done in the form of a bank statement and salary slip. Some personal loans in the UAE may require a year’s bank statement.
3. Salary Transfer- Generally, banks don’t offer personal loans in the UAE without a salary transfer, even for Emiratis. However, salary transfers can actually be very useful, unlocking various personal loan offers in the UAE such as lower salary requirements and smaller personal loan interest rates.
4. Emirates ID- The applicant will be asked for a valid Emirates ID and passport.

Frequently Asked Questions

Personal Loan for UAE Nationals with Other Features
Personal Loan for UAE Nationals with Salary Transfer	Personal Loan for UAE Nationals with No Salary Transfer Required
Personal Loan for UAE Nationals with Comprehensive Life Insurance Coverage	Personal Loan for UAE Nationals with Free Bank Account
Personal Loan for UAE Nationals with Insurance	Personal Loan for UAE Nationals with Free Cheque Book
Personal Loan for UAE Nationals with Repayment	Personal Loan for UAE Nationals with Fast Track Approvals