Top 7 Best Banks For Personal Loan in UAE with 8000 Salary

Personal Loan in UAE

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Personal loans come in handy when you want to finance an urgent personal requirements given their flexible nature. Whether it is for covering higher education fees, wedding ceremony bills, starting a small business or medical expenses, personal loans can be your saviour in most situations. Several financial institutions in the UAE offer personal loans to both UAE nationals and ex-pats. Most lenders have divided their personal loan products as per salary slabs. This article specifically focuses on personal loans for AED 8000 salary in the UAE. As you read the article, you will acquire noteworthy information about the banks offering personal loans to applicants with a salary of AED 8000 in the UAE, the available plans and the eligibility criteria you need to meet to get them.   

List of Banks Offering Personal Loan for AED 8000 Salary in UAE

Below-mentioned is the list of banks that provide personal loans for AED 8000 salary in UAE- 

Personal Loan Provider

Flat Rates

Reducing Rates

Minimum Salary Required

Salary Transfer Requirement

RAKBANK Personal Loan

2.75% pa onwards

4.99% pa onwards

AED 5,000

Required

Emirates NBD Personal Loan

2.77% pa onwards

5.49% pa onwards

AED 5,000

Not Required

FAB Personal Loan

3.02% pa onwards

5.70% pa onwards

AED 7,000

Required 

Mashreq Personal Loan for Ex-pats

3.43% pa onwards

6.49% pa onwards

AED 7,000

Required

ADCB Personal Loan

3.45% pa onwards

6.25% pa onwards

AED 7,500

Not Required

Ajman Bank Personal Loan for Ex-Pats

3.30%

5.99% pa onwards

AED 6,500

Not Required

Arab Bank Personal Loan

3.30% pa onwards

5.99% pa onwards

AED 7,500

Required

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Features of Personal Loans with AED 8,000 Salary in UAE

Listed below are top personal loans with 8,000 salary from the most-preferred banks in the UAE and their detailed features:

1. RAKBANK Personal Loan

RAKBANK personal loans are the perfect choice for you if you wish to avail a few additional offers and deals in addition to getting your personal loan amount. RAKBANK personal loans offer borrowers free credit cards at low interest rates, bank accounts, cheque book and more. Let’s look at some features of RAKBANK personal loans:

  • The loan documentation is relatively easy, and the loan process is quick. 
  • The repayment period offered by the RAKBANK is 48 months for all UAE residents which is flexible. 
  • It offers competitive interest rates from 4.99% reducing and 2.75% flat per annum.
  • Applicants get a free personalized cheque book, bank account and debit card. 
  • The bank also provides free credit cards with low interest rates and zero annual fees. 

2. Emirates NBD Personal Loan 

Emirates NBD offers personal loans for both UAE ex-pats and nationals at attractive interest rates. These personal loans for 8,000 salary are non-salary transfer loans. Let’s check out some major features of this personal loan for 8,000 salary from Emirates NBD:

  • The Emirates NBD bank offers personal financing amounts of up to AED 2, 000, 000 million for UAE ex-pats and AED 4, 000, 000 FOR UAE nationals. 
  • Customers can get competitive interest rates starting at 2.77% flat and 5.49% reducing per annum. 
  • A salary transfer is not required to get this personal loan.
  • Borrowers can enjoy up to 48 months of the repayment period.  

3. FAB Personal Loan

Personal loan for 8,000 salary offered by First Abu Dhabi Bank or FAB yields different sets of benefits for borrowers from different categories. Let’s take a look at what this personal loan for AED 8,000 salary in the UAE has in store for ex-pats and nationals:

  • UAE nationals can avail of up to AED 5, 000, 000 via FAB personal loan, whereas ex-pats can get up to AED 2, 000, 000. 
  • Salary transfer is not required for UAE nationals. Ex-pats will be required to transfer their salary.
  • The bank provides a period of 48 months to repay the entire loan amount. 
  • Borrowers can get this loan at a 0% processing fee.
  • A 90-day grace period is allotted for repayment of the first loan instalment.

4. Mashreq Personal Loan for Ex-pats

Instant approvals, quick processing and fast disbursal are just some of the many benefits that Mashreq bank personal loan with 8,000 salary offers. Following is the complete list of benefits and features that this loan option comes with:

  • With Mashreq bank’s personal loan, customers can avail a loan amount of up to 20 times their salary.
  • The maximum loan amount available is AED 3,000,000. 
  • The bank instantly approves your personal loan application. 
  • The application process and loan disbursal process is convenient and hassle-free. 
  • There are two different personal loan products for new and existing customers. 
  • Flexible tenure of 48 months is allowed for loan repayment. Borrowers working in the Ministry of Defence can get a loan tenure of up to 60 months. 

5. ADCB Personal Loan

If you wish to find a personal loan for 8,000 salary which not only doesn’t require but offers high loan amounts, then ADCB personal loans can be a one-stop solution to all your requirements. Let’s see what this loan plan offers in a bit more detail:

  • Available for both UAE nationals and UAE residents aged 21 years or more. 
  • Borrowers can avail of up to AED 750,000 as loan amount with ADCB personal loans with 8,000 salary. 
  • Credit life insurance is not required to be taken with this loan. 
  • Borrowers can top up their loan after 6 months. 
  • The maximum loan tenure available for the loan is 48 months. 
  • ADCB offers free debit card and credit card with the loan amount. 

6. Ajman Bank Personal Loan for Ex-Pats

This personal loan is perfect for borrowers who wish to get an Islamic personal loan instead of a conventional loan. Ajman Bank offers high loan amounts along with a flexible loan repayment tenure. Let’s cover some major features of this personal loan with 8,000 salary for ex-pats:

  • The maximum available loan amount for ex-pats is AED 1 million.
  • Pre-approved credit card with lifestyle benefits is provided to the borrowers. 
  • The bank offers a repayment tenure of 4 years. 
  • Completely sharia-compliant product with a minimum salary requirement of AED 6,500. 
  • Quick processing of loan applications and swift disbursal. 

7. Arab Bank Personal Loan 

Arab Bank offers quite a few unique benefits with its personal loan for AED 8,000 salary in the UAE. Below given is a detailed description of all the different features of Arab Bank personal loan:

  • The bank offers personal loan amounts up to 20 times the salary of the borrower. The maximum available loan amount is AED 2 million. 
  • The maximum loan repayment period is 48 months.
  • The bank offer instalment deferment and loan top-up facilities as well. 
  • You can also use the buy-out facility of Arab Bank to consolidate loans you have active with other banks. 
  • Quick and easy documentation and a free-for-first-year credit card. 

Personal Loan Eligibility Criteria for 8000 Salary in UAE

When it comes to approving personal loans for 8000 salary applications, banks evaluate a number of different factors. The approvals for the loans are given when all the required factors are satisfied. These factors, also known as the eligibility criteria, may also determine the loan terms to some extent. The following is the list of all different eligibility criteria required to be satisfied to get personal loans in the UAE: 

  • Age: Age is one of the most important aspects of determining your personal loan eligibility. Although every bank has different age criteria, usually, the minimum age for a personal loan is 21 years, and the maximum age is 60 years. Some banks may have a higher upper age limit.
  • Employment Status: All UAE residents, including nationals and ex-pats, are eligible to get personal loans, whether they are self-employed or salaried individuals. 
  • Income: Your income is another major factor in deciding the loan approval chances and loan terms. If your monthly income is lower than the set eligibility criteria, the bank will not approve the loan. With a high enough income, you can easily score a high loan amount. 
  • Credibility: Credit history and credit score play a vital role in deciding the fate of your loan application and terms of the loan. If you possess a good credit score, the bank tends to approve your applications easily and charge a lower rate of interest. A good credit history showcases that you are a creditworthy borrower and pay your debts on time. 

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Personal Loan Eligibility Criteria – An Overview 

Parameters 

Eligibility

Nationality 

UAE nationals and ex-pats

Minimum Age

21 years

Minimum Income 

As per the loan product

Maximum Age

60-65 years

Employment Type 

Salaried and self-individual both

Documents Required for Personal Loan with an AED 8000 Salary

Financial institutions require applicants to submit some documents for personal loan applications. Refer to the following points to know the documents required for salaried and self-employed individuals: 

For Salaried Individuals

  • Valid Emirates ID
  • Bank account statement of previous 3-6 months
  • Salary transfer certificate (if required by the bank)
  • Salary certificate issued to the bank
  • Loan application form
  • Valid passport with UAE resident visa (only for ex-pats)

For Self-Employed Individuals

  • Valid Emirates ID
  • Bank account statement of previous 3-6 months
  • Trade license
  • Loan application form
  • Valid passport with UAE resident visa (only for ex-pats)
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FAQs

How to apply for a personal loan for 8000 salary?

You can send a loan application to the bank via Policybazaar.ae or use the concerned bank’s website as an alternative. Once it gets approved, submit all the relevant documents and proceed with the prompted instructions.

Which documents are required for a salaried individual to apply for a personal loan for 8000 salary in the UAE?

For a salaried employee, most banks require the following documents:

  • Valid Emirates ID
  • Bank account statement of previous 3-6 months
  • Salary transfer certificate (if applicable)
  • Salary certificate issued to the bank
  • Loan application form

For UAE ex-pats, banks also require the applicant’s valid passport with a valid UAE resident visa. 

 

What is the minimum salary to get personal loans in the UAE?

Most banks require applicants to have at AED 5,000 monthly salary in order to get personal loans. Some banks may have a higher eligibility criterion for their loan products.

Do I need to transfer my salary to get personal loans for 8,000 salary?

Salary transfer depends on the individual requirements of the bank and the loan products. Some will require you to transfer your salary while others can be taken without a salary transfer.

What is the maximum loan repayment tenure available for personal loans?

The maximum loan repayment tenure available for personal loans with most banks is 48 months.

Is better to take a personal loan or a credit card with a high limit?

Choosing one of either options depends on your current requirements. Credit cards with high limits are a long-term responsibility. You can take one if you feel you will be able to use it properly afterwards as well. Personal loans are better if you need to satisfy a one-time requirement only.

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