Personal Loan in UAE without a Salary Transfer

Personal loan in UAE without salary transfer feature allows the loan seeker to apply for personal loan without having to transfer their salary into a particular bank account.

personal loan in uae without salary transfer

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.

Personal Loan in UAE Interest Rate for without Salary Transfer

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:

  • Flat Interest Rate: This type of interest rate remains fixed & is levied on the principal amount of Personal Loan. Flat interest rate is calculated on the full loan amount, without considering the reduced amount on the total debt. Generally, it ranges between 4.83% to 7.90%.
  • Reducing Interest Rate: Reducing interest rate is calculated on the outstanding loan amount. Each time the borrower makes a payment, the rate of interest will decrease. Usually, the interest on the next loan payment is calculated based on the latest unpaid amount. Generally, it ranges between 8.99% to 20%.

Top Banks offering Personal Loan in UAE without Salary Transfer

Consider the below list of providers offering personal loan in UAE without salary transfer:

Provider Minimum Salary Required Loan Amount Reducing Interest Rate Flat Interest Rate

Emirates NBD

AED 10,000

AED 500,000

14.99%

7.90%

Dubai Islamic Bank

AED 3,000

AED 4 million for Emiratis

AED 2 million for Expats

8.99%

4.90%

Mawarid Finance

N/A

AED 100,000

Profit rate based on credit score

Profit rate based on credit score

Deem Finance

AED 5,000

 

15.99%

8.81%

Finance House

 AED 5,000

AED 10,000 – AED 250,000

20%

N/A

Citibank

AED 8,000

AED 175,000

14%

7.71%

Samba

AED 10,000

AED 125,000

9.00%

4.83%

* Disclaimer -Interest Rates are subject to change at any time

Emirates NBD Personal Loan

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:

  • Direct Debit System Repayment
  • 7-day Loan Return
  • Double Insurance Coverage

Dubai Islamic Bank Personal Loan

The DIB personal financing option offers quick processing, low salary requirement, all at 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:

  • Payment deferment/holiday option
  • 1st installment up to 90 days (with min salary AED 15,000)
  • Quick Processing

Mawarid Personal Finance

Without the need to have a savings account or high salary, Mawarid offers the borrowers with “Floosi” – a short term financing product.

Minimum Salary: N/A

Loan Tenure: N/A

Reducing Rate: Based on Credit Score

Flat Rate: Based on Credit Score

Early Settlement Charges: Nil

Grace Period: 30 days

Features:

  • Quick financing in 3 working days
  • A grace period of up to 30 days
  • No fee for early settlement

Deem Finance Personal Loan

Deem provides personal financing solutions that provide the borrower with a peace of mind with the 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:

  • Less paperwork
  • Quick qualification
  • Flexible repayment tenures

Finance House Personal Loan

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:

  • Free for life credit card
  • 30 days grace period for the first installment
  • Simple documentation
  • Flexible repayment structure

Citibank Personal Installment Loan

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:

  • Loans of up to 8x salary
  • Approvals and funding in 1 day each
  • No processing fee

Samba Non Salary Transfer Loan

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:

  • Life insurance of up to the loan amount
  • No collateral needed
  • Flexible tenures

Personal Loan without Salary Transfer Eligibility Criteria

Here are the eligibility criteria for a personal loan in UAE without salary transfer:

  • Age: Most of the banks and financial institutions have a common age criterion. In order to be eligible for a personal loan in UAE without salary transfer, the minimum age of the applicant is 21 years. However, the maximum age is 60 years for expats & it is 65 years for UAE Nationals.
  • Income: To apply for consumer loan without salary transfer, the applicant must have a steady source of income. Moreover, the minimum income requirement varies from lender to lender.
  • Company Listing: Generally, providers offering personal loan in Dubai without salary transfer have a list of approved employers in the UAE. It might get difficult to avail a personal loan in UAE without company listing.
  • Employment Status: To be eligible for a personal loan in Dubai without salary transfer, the applicant must be salaried or self- employed.
  • Work Experience: Applicants whose employer is not listed with any bank can enhance their chances of approving their loan application if they’ve got a long employment history. Few of the banks & financial institutions require the minimum work experience of 6 months at the present company to be eligible for a non-salary transfer loan.

Documents Required for Personal Loan 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:

  • Application Form: Application form for personal loan in UAE without salary transfer can either be submitted online or offline based on the norms of the respective bank or financial institution.
  • ID & Address Proof: The applicants will have to submit their UAE residence visa (for expats), passport, and Emirates ID.
  • Employment Proof: Some banks or financial institutions also ask for a job confirmation letter with the current employer, salary slip, etc.
  • Bank Statement: Lenders usually ask for the bank statement of last 3 to 6 months to sanction a personal loan in UAE without salary transfer.

Note: The applicant may need to submit additional documents as per the sole discretion of the respective bank.

Frequently Asked Questions

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.

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