Best Banks for Personal Loan in the UAE for Emergency Funds

Best Banks for Personal Loan in the UAE for Emergency Funds
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No one knows when you might require emergency funds. After all, not everyone has the means to save funds for emergencies. That is when the personal loan comes in.

A personal loan is very helpful for those in need. However, the processes can take a long time and the funds might not be enough.

Therefore, we have listed the best personal loan in UAE at a low-interest rate and is processed fast.

Emirates NBD Personal Loan for UAE Nationals

For an Emirati in need of emergency funds, Emirates NBD offers one of the best personal loan in UAE. On approval, the customers can avail of a high personal loan at lowest interest rate.

The features and benefits of the Emirates NBD personal loan for UAE nationals are as follows:

  • Interest Rate: Emirates NBD offers two types of interest rate- Flat rate and Reducing rate. The reducing rate starts from 5.49% and the flat rate is 2.90%.
  • Finance Amount: Emirates NBD offers a high finance amount to the UAE nationals. The customers can get up to AED 4,000,000 of finance.
  • Collateral: No requirements for a collateral or a guarantor.
  • Bank Account: Bank account is free. The bank account has no requirements for a minimum balance.
  • Loan Return: The customers have the option of a 7-days loan return if they are unsatisfied with the loan.
  • Double Insurance Cover: It is a cover where the insurance company repays the loan amount when an unforeseen circumstance arises. Also, the closest relative of the customer is given an equal amount.

Emirates NBD Personal Cash Loan

Emirates cash loan is perfect for the customers who are not willing to transfer their salary account to other Banks.

The features and benefits of the Emirates NBD personal cash loans are:

  • Loan amount: Customers can avail up to AED 800,000 of the loan amount.
  • Salary Transfer: A salary transfer is not a necessity.
  • Approved List: Customers who are not from the approved list of the Emirates NBD can also apply.
  • Loan Return: The customers have the option of a 7-days loan return if they are unsatisfied with the loan.
  • Double Insurance Cover: It is a cover where the insurance company repays the loan amount when an unforeseen circumstance arises. Also, the closest relative of the customer is given an equal amount.

Following are the eligibility requirements to avail the Emirates NBD Personal Cash Loan:

  • A minimum monthly salary of AED 6000 is required (for the account holders with a credit card or auto loans)
  • Employed at the current company for at least 6 months
  • A year or more of a relationship with the Emirates bank
  • A minimum monthly salary of AED 12000 is required (for the account holders who don’t have a credit card or auto loan with the Emirates NBD bank)

Emirates Islamic Personal Finance

Both UAE nationals and Expats can avail the Emirates Islamic Personal Finance. It offers the personal loan at lowest interest rate in the UAE.

The features and benefits of the Emirates Islamic Personal finance in the UAE are as follows:

  • High Finance: Emirates Islamic Bank offers up to AED 4,000,000 for UAE nationals and Up to AED 2,000,000 for expats.
  • Repayment Tenure: Up to 48 months of repayment tenure. However, some special cases have up to 60 months of repayment tenure.
  • Approval: The approval of personal finance is quick and simple.
  • Consolidation: Consolidation of the debt is available.
  • Murabaha Structure: Emirates Islamic Bank follows the structure of Murabaha
  • Shariah Products: The products of the Emirates Islamic banks are based on the rules of Shariah.

The Eligibility criteria involved to avail an Emirates Islamic Personal finance in the UAE are:

  • AED 5000 as the minimum salary per month
  • Minimum 1 month of the salary should be credited to the Emirates Islamic Bank account
  • The customer should be of 21 years or above
  • The maximum age for UAE nationals is 65
  • The maximum age for expats is 60

ADCB Bank Personal Loan for UAE Nationals

Personal loan with the ADCB Bank is one of the best option for the UAE nationals. ADCB offers not only the best personal loan in UAE but there are no eligibility criteria for the UAE nationals.

The features and benefits of the ADCB Bank personal loan for UAE nationals are:

  • Interest Rate: The interest rate starts from 5.25% p.a.
  • Salary Overdraft: The customer can avail the Salary overdraft up to 3 times.
  • Rewards: For every 1000 AED of the Finance amount, 200 TouchPoints are awarded.
  • Life Insurance: The life insurance cover has a one-time fee.
  • Cover for Job Loss: The customers can avail the ILOE (involuntary loss of employment) for a monthly fee which is additional.
  • Consolidation: Consolidation of the debt is available.
  • Documentation: The documentation is very simple with the ADCB personal loan.
  • Credit Card: An ADCB credit card is free with a personal loan.

ADCB Personal Loan for Expats

The features and benefits of the personal loan for expats with the ADCB Bank are:

  • Interest Rate: The interest rate starts from 6.25% p.a.
  • Salary Overdraft: The customer can avail the Salary overdraft up to 2 times.
  • Rewards: For every 1000 AED of the Finance amount, 200 TouchPoints are awarded.
  • Life Insurance: The life insurance cover has a one-time fee.
  • Cover for Job Loss: The customers can avail the ILOE (involuntary loss of employment) for a monthly fee which is additional.
  • Consolidation: Consolidation of the loan is available.
  • Documentation: The documentation is very simple with the ADCB personal loan.
  • Credit Card: An ADCB credit card is free with a personal loan.

The Eligibility criteria to avail an ADCB personal loan for expats are as follows:

  • Minimum salary of AED 5000 is required
  • Salary transfer to ADCB Bank
  • Should be a confirmed employee
  • Must be employed at one of the Listed company with the ADCB bank

Final Verdict

The applicant should note the fact that their income and eligibility criteria can affect the finance amount and the repayment tenure.

Other Banks in the UAE offer personal loan at lowest interest rate. However, the process can take a long time and the finance amount is less.

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