Top 10 Best Banks For Personal Loan in UAE with 20000 Salary

Personal Loan in UAE

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In the UAE, you can avail of a personal loan for AED 20,000 salary from most banks and lending institutions. Moreover, the banks offer loans that may or may not require salary transfer and are available for both UAE nationals and ex-pats. You can use this type of loan to fulfil personal financial requirements, whether related to higher education, furnishing the house, planning a marriage, expansion of business, and so forth.

With the UAE being home to numerous eminent financial institutions, one can find several options with respect to personal loans. However, with a large number of personal loan options available in the UAE, selecting a plan that suits your requirements the best can prove difficult. 

To help you with your personal loan selection, we have listed below the top banks that offer a personal loan in the UAE for AED 20,000 salary. You can go through this article to find out the standard eligibility criteria and the documents required for quick loan approval. 

Top 10 Banks Providing Personal Loan for AED 20,000 Salary in UAE

Without further ado, let’s have a look at the top banks offering personal loans for individuals with the mentioned salary and their salient features:

Bank and Loan Name

Flat Rate

Reducing Rate

Minimum Salary

Salary Transfer

Citibank Personal Loan

3.8 – 4.9%

6.99 – 8.99%

AED 8,000

Required

FAB Personal Loan for UAE Nationals

3.02%

5.70%

AED 7,000

Required

HSBC Personal Loan

NA

Starting from 6.99%

AED 10,000

Required

EIB Personal Finance for UAE Nationals

2.25%

4.20%

AED 10,000

Required

Mashreq Personal Loan for UAE Nationals 

3.43%

5.99%

AED 10,000

Required

Emirates NBD Loan for UAE Nationals

4.86%

5.49%

AED 5,000

Required

Sharjah Islamic Bank Personal Loan

3.79%

6.87%

AED 8,000

Required

RAKBANK Personal Loan

2.75%

4.99%

AED 5,000

Required

Finance House Personal Loan

NA

20%

AED 5,000

Required

ADCB Personal Loan

3.45%

6.25%

NA 

Not Required

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1. Citibank Personal Loan

When you secure a personal loan for AED 20,000 salary from Citibank, you can get a maximum finance amount of AED 500,0000 at competitive interest rates. Additionally, no processing fees are charged up to this loan amount. 

Features and Benefits

  • Arrangement Fees – Calculated as 1% of the total loan amount
  • Maximum Loan Amount – up to AED 500,000 or up to 20 times the salary
  • Early Settlement Fee – 1% on the remaining principal
  • Minimum Salary – AED 8,000
  • Interest Rate – Reducing interest rate between 6.99% and 8.99% and flat rate between 3.8 and 4.9%
  • 0% processing fee
  • Option to top-up the loan whenever needed
  • Quick loan approval
  • Flexible loan tenure between 6 and 48 months
  • Online loan application process available
  • In-principle approval within 10 minutes
  • Salary transfer included
Click here to Apply for this Personal Loan

2. FAB Personal Loan for UAE Nationals

FAB offers personal loans in the UAE for AED 20,000 salary to both UAE Nationals and ex-pats. If you are a UAE national, you can apply for a loan of up to AED 5 million with additional benefits.

Features and Benefits –

  • Grace period of up to 150 days before repayment of the first instalment
  • Interest Rate – Reducing Interest of 5.70% and flat rate interest of 3.02%
  • Quick and easy loan approval
  • Inclusion of comprehensive personal life insurance coverage
  • Maximum loan amount – up to AED 5 million
  • 0% processing fee for a loan of amount up to AED 500,000
  • Minimum Salary – AED 7,000
  • The qualifying criteria for a 3.79% interest rate includes –
    • Employed in a company approved by FAB and has a salary transfer account in FAB 
    • Minimum salary required - AED 15,000
    • The variable interest rate loan can be subjected to an introductory discount over the variable rate (only applicable for the first 9 months) 
Click here to Apply for this Personal Loan

3. HSBC Personal Loan

You can avail of HSBC personal loan for AED 20,000 salary for at least 12 months and up to 48 months. The maximum loan amount offered is AED 500,000. Moreover, the interest is of reducing nature and decreases every time you pay your instalment.  

Features and Benefits –

  • Interest Rate – Reducing rate beginning from 6.99%
  • Loan amount – up to AED 500,000
  • Maximum loan repayment tenure – up to 4 years
  • Minimum Salary Requirement – AED 10,000
  • No need to pay for Credit Life Insurance
  • Customised interest rate – Interest is based on your profile and creditworthiness
  • In-principle approval within 10 minutes
  • You need to have an HSBC current account and transfer your salary to that account.
  • Alternative to top-up as per your evolving financial requirements

Other benefits –

  • Insurance
  • Minimum documentation
  • Salary transfer
  • Flexible repayment tenure
Click here to Apply for this Personal Loan

4. Emirates Islamic Bank Personal Finance for UAE Nationals

Emirates Islamic Bank provides a personal loan in UAE for AED 20,000 salary, with the financing structure following the laws of Shariah. This is an interest-free personal loan with a loan amount of up to AED 4 million. 

Features and Benefits –

  • Shariah-compliant Islamic financing product
  • No over limit fees or extra charges applying
  • Lower profit rates
  • Profit Rate – Flat rate of 2.25% per annum; reducing rate of 4.20% per annum
  • Flexible Repayment Tenure – up to 4 years
  • Swift loan approval process
  • Maximum Loan Amount – up to AED 4 million
  • Option to utilise the loan to combine debts using an easy payment plan
  • Provision to use it to repay the bill for credit cards from other banks using a lower monthly payment
  • Salary transfer included
  • Minimum salary – AED 10,000
Click here to Apply for this Personal Loan

5. Noor Bank Personal Finance

Noor Bank personal loan for AED 20,000 salary in the UAE offers a maximum loan amount of up to 20 times the salary. The loan repayment tenure is flexible (up to 48 months), while the competitive interest rates make them one of the best personal loans in the UAE.

Features and Benefits –

  • Loan amount 
    • For UAE nationals – up to AED 3 million
    • For ex-pats – up to AED 1 million
  • Minimum Salary Requirement
    • For UAE nationals – AED 8,000
    • For ex-pats – AED 6,500
  • Loan repayment tenure – up to 48 months
  • Interest Rates – flat rate of 3.49% and reducing rate of 6.33%
  • Easy documentation
  • Quick loan approval 
  • Access to pre-approved credit card with additional lifestyle benefits
  • Personal finance – cash out

Other benefits –

  • Insurance
  • Flexible loan payment
  • Minimal documentation
Click here to Apply for this Personal Loan

6. Mashreq Bank Personal Loan for UAE Nationals

Mashreq Bank is another bank known for offering personal loans at competitive interest rates in the UAE. The banks provide personal loans to both UAE nationals and ex-pats with a maximum loan amount of AED 150,000. It must be kept in mind that these loans require salary transfer.

Features and Benefits –

  • Minimum Salary – AED 10,000
  • Interest Rates – Flat rate of 3.43% and reducing rate of 5.99%
  • Flexible loan repayment tenure – up to 48 months
  • Maximum Loan Amount – up to AED 150,000
  • Numerous attractive offers and additional benefits
  • Quick loan processing
  • Islamic finance option available
  • Easy documentation

Other benefits –

  • Free Bank Account 
  • Free Debit Card
  • Free Chequebook
  • Salary Transfer
  • Phone Banking 
  • Insurance 
Click here to Apply for this Personal Loan

7. Emirates NBD Loan for UAE Nationals

Emirates NBD personal loan for UAE nationals is available at competitive interest rates, and is available for salaried and self-employed individuals who are at least 21 years old.  

Features and Benefits –

  • Minimum Salary – AED 5,000
  • Interest Rates – Flat rate of 2.90% and reducing rate of 5.49%
  • Quick loan approval 
  • Minimal documentation process
  • Finance amount – up to AED 800,000
  • Loan Repayment Tenure – 4 years
  • Early Settlement Fee – 1% of the overall financed amount
  • Arrangement fee – 1% of the total loan amount
  • Access to about 560 ATMs of the bank across the UAE

Other benefits –

  • Bank account - Free
  • Insurance 
  • Complimentary debit card
  • Phone banking
Click here to Apply for this Personal Loan

8. Sharjah Islamic Bank Personal Loan

Sharjah Islamic Bank follows the Murabaha structure for its personal loan in the UAE for AED 20,000 salary. This finance product does not have any interest or Riba. With the help of this loan, you can easily pay off the education fees, make personal investments, or furnish your house.

Features and Benefits –

  • Finance amount – up to AED 2.5 million
  • Loan repayment tenure – 4 years
  • Minimum salary – AED 8,000
  • Profit Rates – flat rate of 3.79% and reducing rate of 6.87%
  • Early settlement fees – 1.05%
  • Documentation fees – 1.05%
  • Cashback of AED 2,500 after disbursal when you apply for the loan online

Other benefits –

  • Credit card
  • Free debit card
  • Free bank account
  • Salary transfer
  • Insurance 
  • Phone banking
Click here to Apply for this Personal Loan

9. RAKBANK Personal Loan

RAKBANK personal loan for AED 20,000 salary offers a finance amount that is 20 times your salary at competitive interest rates. This loan is preferred for its flexible loan repayment tenure. 

Features and Benefits - 

  • Flexible loan repayment tenure – up to 4 years
  • Minimum salary requirement – AED 5,000
  • Interest rates – flat rate of 2.75% and reducing rate of 4.99%
  • Loan Amount – up to 20x the salary

Other benefits –

  • Credit card
  • Complimentary cheque book
  • Insurance
  • Phone banking
  • Complimentary bank account
  • Complimentary debit card
  • Salary transfer 
Click here to Apply for this Personal Loan

10. Finance House Personal Loan

Finance House offers personal loan in the UAE for AED 20,000 salary at competitive interest rates. The personal loan is available at a reducing rate beginning from 20%. Besides a flexible repayment tenure, this personal loan also has a grace period on the first instalment. 

Features and Benefits –

  • Minimum Salary Requirement – AED 5,000
  • Maximum loan repayment tenure – 48 months
  • Top-up loan available after 1 year
  • Effortless loan takeover from other banks
  • Interest rates – reducing rate starting from 20%

Other benefits –

  • Complimentary RAKBANK debit card and customised chequebook
  • Complimentary RAKBANK credit card with no annual fees
  • 24/7 phone banking service
  • Insurance 
  • Salary transfer
Click here to Apply for this Personal Loan

11. Abu Dhabi Commercial Bank Personal Loan

ADCB personal loan for AED 20,000 salary in the UAE, is one of the most rewarding loans in the country. This personal loan can be availed of at competitive interest rates by both UAE nationals and ex-pats. What makes the loan stand apart is that the maximum permissible finance amount is 20 times the salary. 

Features and Benefits –

  • Loan Amount – 
    • For UAE nationals – up to AED 750,000
    • For ex-pats – up to AED 600,000
  • Loan repayment tenure – up to 4 years
  • Minimum salary required – AED 7,500
  • Interest rates – flat rate of 3.45% and reducing rate of 6.25%
  • Top-up option post 6 months
  • No need for credit life insurance
  • Online loan approval in 10 minutes

Other benefits –

  • Credit Card
  • Complimentary Debit Card
  • Salary Transfer is not Required
  • Phone Banking Service

Apply personal loan with maximum benefits

Eligibility Criteria for Personal Loan in the UAE for AED 20,000 Salary

The following are the general criteria that determine if you will get the personal loan for AED 20,000 salary easily –

  • The minimum age limit is 21 years and the maximum age limit range is 60 to 65 years for the applicant
  • The monthly salary of the applicant must be between AED 2,500 and AED 4,000
  • A good credit score is required on the applicant’s part
  • You must be either a salaried or a self-employed person – Students cannot apply for a personal loan

Note – Other major requirements to get a personal loan in the UAE for AED 20,000 salary are your employment history which might differ as per the bank’s requirements and UAE residency, which depends on the different personal loan types. 

Necessary Documents for Personal Loan in the UAE for AED 20,000 Salary

Here are some standard documents that you would need to provide when applying for the personal loan for AED 20,000 salary –

  • A copy of Emirates ID (for residents and nationals)
  • Resident Visa or Passport Copy (for ex-pats)
  • Salary Transfer Certificate (should be dated at most 30 days from the date when applying for the loan)
  • 3 to 6 months Bank Account Statement
  • Trade licence (for individuals with business)

It must be kept in mind that the list of required documents will differ as per the lender. Some banks may also request the applicant to submit additional documents. 

To Conclude

There are several banks in the UAE that offer personal loan for AED 20,000 salary. However, to get the loan approval and to cater to your financial requirements, you would need to meet the eligibility criteria that can vary as per the loan provider. When applying for the loan, make sure you carry the required documents including proof of income and identification proof for seamless approvals. 

Have a look at the frequent queries related to personal loans for AED 20,000 salary in UAE:

Personal Loans Based on Salary in UAE
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Frequently Asked Questions

What is the loan repayment tenure for personal loan for AED 20,000 salary?

The maximum loan repayment tenure for personal loans is usually 48 months.

Can you use personal loan in the UAE for AED 20,000 salary for organising wedding ceremony?

You can use a personal loan to organise a wedding event. The only thing to note here is that you would be required to meet the eligibility criteria to obtain the loan.

Can you prepay the personal loan for AED 20,000 salary without any additional fee?

You would need to pay a fee if you settle your personal loan in advance. This charge is usually 1% of the loan amount.

Can you take personal loan in the UAE for AED 20,000 salary from two different banks?

You can take a personal loan from two different banks at the same time. However, this would require you to meet the following requirements –

  • Having a high credit score
  • Meeting the eligibility criteria of the bank
  • Earning above the minimum salary limit
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