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 without salary transfer feature allows the loan seeker to apply for a personal loan without having to transfer their salary into a particular bank account.
There are many personal loan providers in the UAE such as Emirates NBD, Standard Chartered, Deem Finance, etc. that offer the borrowers high loan amounts starting from AED 100,000 and up to as high as AED 4 million with flexible repayment tenures, all at nominal interest charges.
When it comes to loan eligibility criteria in the UAE, the most common eligibility is to transfer monthly salary, in order to reduce the risk factor. However, considering the growing demands of customers, several banks and financial institutions have started offering personal loan in UAE without a salary transfer for both expats and UAE Nationals. However, there could be a slight difference in the rate of interest or amount to be borrowed based on the norms of the individual bank.
The non-salary transfer Personal loan in Dubai can be availed at an attractive rate of interest. However, the rate of interest on Personal Loan is calculated in 2 ways:
Consider the below list of providers offering personal loan in UAE without salary transfer:
Provider |
Reducing Interest Rate |
Flat Interest Rate |
Minimum Salary Required |
Loan Amount |
---|---|---|---|---|
Emirates NBD |
14.99% |
7.90% |
AED 10,000 |
AED 500,000 |
Dubai Islamic Bank |
8.99% |
4.90% |
AED 3,000 |
AED 4 million for Emiratis AED 2 million for Expats |
Deem Finance |
15.99% |
8.81% |
AED 5,000 |
N/A |
Finance House |
20% |
N/A |
AED 5,000 |
AED 10,000 – AED 250,000 |
Citibank |
14% |
7.71% |
AED 8,000 |
AED 175,000 |
Samba |
9.00% |
4.83% |
AED 10,000 |
AED 125,000 |
* Disclaimer -Interest Rates are subject to change at any time
Emirates NBD offers the borrowers personal loan options even if they do not hold a salary transfer account.
Minimum Salary: AED 10,000 |
Loan Tenure: Up to 4 years |
Reducing Rate: 14.99% |
Flat Rate: 7.90% |
Early Settlement Charges: 1% |
Processing Fee: 1% |
Features:
The DIB personal financing option offers quick processing, low salary requirement, with simple documentation.
Minimum Salary: AED 3,000 |
Loan Tenure: Up to 4 years |
Reducing Rate: 8.99% |
Flat Rate: 4.90% |
Early Settlement Charges: AED 1,050 – AED 2,620 |
Processing Fee: 1% (max AED 10,000) |
Features:
Deem provides personal financing solutions that provide the borrower with peace of mind with affordable installments.
Minimum Salary: AED 5,000 |
Loan Tenure: Up to 4 years |
Reducing Rate: 15.99% |
Flat Rate: 8.81% |
Early Settlement Charges: 1.05% of remaining balance |
Processing Fee: 1% (min AED 500, max AED 2,500) |
Features:
The Finance House personal loan is offered to the borrower at nominal interest charges and high loan amounts of AED 10,000 – AED 250,000.
Minimum Salary: AED 5,000 |
Loan Tenure: Up to 3 years |
Reducing Rate: 20% |
Flat Rate: N/A |
Early Settlement Charges: 1% of outstanding |
Processing Fee: 1% (min AED 500, max AED 2,500) |
Features:
Citibank offers the borrowers with personal loans that are fast and easy, without any hassle.
Minimum Salary: AED 8,000 |
Loan Tenure: Up to 4 years |
Reducing Rate: 14% |
Flat Rate: 7.71% |
Early Settlement Charges: 1% of the remaining balance or AED 10,000 (whichever is lower) |
Processing Fee: 0% |
Features:
The borrower is offered with financial freedom at nominal interest charges with Samba.
Minimum Salary: AED 10,000 |
Loan Tenure: Up to 4 years |
Reducing Rate: 9% |
Flat Rate: 4.83% |
Early Settlement Charges: 1% of outstanding balance (max AED 10,000) |
Processing Fee: 1% (min AED 500, max AED 2,500) |
Features:
Here are the eligibility criteria for a personal loan in UAE without salary transfer:
In addition to meeting the minimum eligibility criteria requirements, the applicant needs to submit the following documents to avail non-salary transfer personal loan in UAE:
Note: The applicant may need to submit additional documents as per the sole discretion of the respective bank.
Q.1. Do banks offer a personal loan in UAE for expats without salary transfer?
Ans: Yes, there are several banks & financial institutions that offer Personal Loan without salary transfer for expats in the UAE.
Q.2. Is there a minimum income requirement for availing Personal Loan in UAE without salary transfer?
Ans: Yes. There is a minimum income requirement on non-salary transfer personal finances as the lender checks your repayment capacity based on your income. However, the minimum salary requirement differs from one bank to another.
Q.3. Can I avail a non-transfer personal loan without a salary certificate?
Ans: A Salary certificate is a mandatory document for availing a personal loan in the UAE without a salary transfer.
Q.4. Do lenders check credit rating before offering consumer finance in UAE without salary transfer?
Ans: Yes, banks or other lenders consider your credit score before offering a loan to know how financially responsible you are, and to assess your repayment capacity.
Q.5. Is there any minimum work experience required to be eligible for a personal loan in UAE without salary transfer?
Ans: A minimum of 6 months of work experience is required to be eligible for a non-salary transfer consumer loan.