Personal Loan upto 8 times your salary

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Personal Loan in UAE

Personal Loan up to 8 times your Salary

  • Installment as low as AED 294/month.
  • Flexible Repayment Periods
  • No Salary Transfer Required

About Personal Loans

Personal loan is an unsecured loan, which means there is no collateral or guarantor required to avail it. Personal loan in UAE is procured by an individual to meet their various personal financial needs such as weddings, higher education, international trip, starting a new business, and even for debt consolidation.Personal Loan in UAE

The maximum personal loan amount can be equal to 20 times the monthly salary, which can be availed with a repayment period of 48 months. The personal loan interest rate in UAE and the personal loan amount is decided based on factors such as the source of income, credit history, age, employment status of the applicant, etc.

Personal Loan Interest Rate in UAE

Personal loan interest rate in UAE is an additional charge that is levied upon the principal loan amount. They are of two types:

Flat Interest

Flat interest is charged on the total loan amount, which remains constant throughout the loan tenor. The personal loan flat interest rates may range from 2.63% - 22.22%.

Reducing Interest

As opposed to the flat interest rate, this rate of interest reduces every time the loan borrower pays the installment. Personal loan reducing interest rate is charged only on the outstanding principal amount of the loan, which can be ranged between 5.24% - 39.99%. You always need to compare personal loans online to get lowest personal loan interest rate in UAE.

Best Personal Loans in UAE

Here is the list of top 10 Best Personal Loans in UAE in 2020 with Interest rate comparison and other requirements.

Personal Loan Interest Rates Comparison:

Personal Loan Provider Flat Interest Rate Reducing Interest rate Minimum Salary Required Salary Transfer
ADCB Personal Loan 3.45% 6.25% AED 5,000 Mandatory
RAKBANK Personal Loan  2.75% 4.99%  AED 5,000  Mandatory
Dubai Islamic Bank Personal Loan  4.90% 8.99%   AED 3,000 Mandatory 
Emirates NBD Personal Loan Without Salary Transfer   7.90%  14.99% AED 10,000  Not Required
FAB Personal Loan  4.99%  9.05% AED 7,000   Mandatory
ADIB Personal Loan  Expats: 4.82% UAE Nationals: 4.72%  Expats: 8.74% UAE Nationals: 7.75%  AED 8,000 Mandatory  
Mashreq Bank Personal Loan for Expatriates  3.58% 6.49%   AED 7,000  Mandatory
Noor Bank Personal Loan  3.49% 6.33%   AED 8,000  Mandatory
Deem Finance Personal Loan  8.81%  15.99%  AED 5,000 Not Mandatory  
Finance House Personal Loan  N/A 20%   AED 5,000 Not Mandatory  

Disclaimer: Interest Rates are subject to change at any time. 

Check and compare personal loan providers in UAE including their requirements and benefits offered to make the right decision based on your personal loan requirements and apply for the best personal loans online at lowest interest rate in just a few steps.

Top Banks for Personal Loan in UAE with Low-interest rate and other personal loan Offers

ADCB Personal Loan

There are two variants of personal loans offered by ADCB: Personal Loan for UAE Nationals and Personal Loan for Expats. 

Minimum Salary: AED 5,000 Loan Tenure: Up to 4 years
Reducing Rate: 6.25% Flat Rate: 3.45%
Early Settlement Fee: 1.05% (maximum AED 10,500) Processing Fee: 1.05% (minimum AED 525)


  • Free ADCB Credit Card
  • 2x Salary Overdraft
  • Loan Consolidation
  • Quick Documentation
  • Credit Life Insurance
  • Cover for Involuntary Employment Loss
  • TouchPoints Rewards 

RAKBANK Personal Loan

RAKBANK offers the borrowers a personal loan with high amounts, and flexible repayment tenures of up to 48 months, all at attractive interest rates. 

Minimum Salary: AED 5,000 Loan Tenure: Up to 4 years
Reducing Rate: 4.99% Flat Rate: 2.75%
Early Settlement Fee: 1% or AED 10,000 (whichever is lower) Arrangement Fee: 1% (minimum AED 500, maximum AED 2,500


  • Free RAKBANK Debit Card
  • Free Personalized Cheque Book
  • Free RAKBANK Credit Card – No Annual Fee
  • Top up loan
  • 24/7 Phone Banking
  • Quick Approvals with Easy Documentation 

Dubai Islamic Bank Personal Loan

Dubai Islamic Bank offers personal finance solutions to the borrowers at attractive interest rates with high financing amounts of up to AED 4,000,000 for UAE Nationals and AED 2,000,000 for Expatriates. 

Minimum Salary: AED 3,000 Loan Tenure: Up to 4 years
Reducing Rate: 8.99% Flat Rate: 4.90%
Early Settlement Fee: 1% (maximum AED 10,000) Processing Fee: AED 1,050 – AED 2,620


  • Available to non salary transfer borrowers
  • High Financing Approvals
  • Simple Documentation
  • Quick Processing 

Emirates NBD Personal Loan without Salary Transfer

This loan variant offered by Emirates NBD does not require a salary transfer and offers the borrowers high loan amounts of up to AED 500,000 with flexible tenures of up to 48 months.

Minimum Salary: AED 10,000 Loan Tenure: Up to 4 years
Reducing Rate: 14.99% Flat Rate: 7.90%
Early Settlement Fee: 1% (maximum AED 10,000) Processing Fee: 1% (minimum AED 500 and maximum AED 2,500)


  • 7 day loan return option
  • Double insurance coverage
  • Mode of repayment via Direct Debit System 

FAB Personal Loan

The personal loan by the First Abu Dhabi Bank is offered to the borrowers in high loan amounts of up to  AED 5 million for UAE nationals and AED 2 million for Expats with a repayment tenure of up to 48 months. 

Minimum Salary: AED 7,000 Loan Tenure: Up to 4 years
Reducing Rate: 9.05% Flat Rate: 4.99%
Early Settlement Fee: 1.05% (maximum AED 10,500) Processing Fee: 1.05% (minimum AED 525, maximum AED 2,625)


  • Comprehensive cover for personal life insurance
  • Fast track approvals
  • Minimum documentation

ADIB Personal Loan

With limits of up to AED 1 million for expats and AED 3 million for UAE nationals, ADIB provides personal finance solutions at attractive interest rates for flexible tenures of up to 4 years. 

Minimum Salary: AED 8,000 Loan Tenure: Up to 4 years
Reducing Rate: 8.74% (expats) 7.75% (UAE nationals) Flat Rate: 4.82% (expats) 4.72% (UAE nationals)
Early Settlement Fee: Minimum of 1% or AED 10,000 Processing Fee: No Processing Fee


  • Free pre-approved ADIB Signature Card for the 1st year
  • Grace period for first installment for up to 90 days
  • 2 free installments postponements annually
  • Takaful protection at nominal rates
  • No processing fee

Mashreq Bank Personal Loan for Expatriates

The personal loan offered by Mashreq gives the borrowers a loan within 24 hours and with a host of perks. 

Minimum Salary: AED 7,000 Loan Tenure: Up to 4 years
Reducing Rate: 6.49% Flat Rate: 3.58%
Late Payment Fee: 2% of delayed amount Processing Fee: 1.05%


  • Loan amount of up to 20x the salary
  • A zero balance current account for loans equal to or more than AED 25,000 with Debit Card and Cheque Book
  • Installment Deferment
  • Access to various branches and ATMs

Noor Bank Personal Loan

With the option to consolidate existing finances, Noor Bank Personal Loan offers the borrowers high loan amounts of up to 20 salary multiples with flexible tenures ranging up to 48 months. 

Minimum Salary: AED 8,000 Loan Tenure: Up to 4 years
Reducing Rate: 6.33% Flat Rate: 3.49%
Late Payment Fee: 2% (minimum AED 50, maximum AED 200) Processing Fee: 1% (minimum AED 500, maximum AED 2,500)


  • Free for life credit card, with perks of up to AED 50,000
  • 20 salary multiples’ finance amounts
  • Takaful coverage

Deem Finance Personal Loan

Deem Personal Finance comes with no salary transfer, affordable installments, and flexible tenures of up to 4 years, 

Minimum Salary: AED 5,000 Loan Tenure: Up to 4 years
Reducing Rate: 15.99% Flat Rate: 8.81%
Early Settlement Fee: 1.05% (maximum AED 10,000) Processing Fee: 1% (minimum AED 500, maximum AED 2,500)


  • No salary transfer
  • Deem Credit Life Plus
  • Qualification in seconds 

Finance House Personal Loan

The Personal Finance option offered by Finance House is offered to the seekers in high amounts ranging between AED 10,000 and AED 250,000 with no mandatory salary transfer. 

Minimum Salary: AED 5,000 Loan Tenure: Up to 3 years
Reducing Rate: 20% Flat Rate: N/A
Early Settlement Fee: 1% Processing Fee: 1% (minimum AED 500, maximum AED 2,500)


  • No salary transfer
  • Free for life credit card
  • Easy documentation 

What is the Personal Loan Tenor?

Personal Loan can be classified as short to medium-term finance, offered to an individual. It generally comes with a shorter tenor for repayment; minimum repayment period 6 months and a maximum of 48 months in most cases. Based on the profile of the individual loan applicant as well as the lender(personal loan provider),  the Annual Percentage  Rate or APR of personal finance can vary from 8% to 34% in the UAE.

Personal Loan Processing Fee: 0.95% of the loan amount.

Documentation Charges for personal loan approval: Nil

Types of Personal Loan in the UAE

This multi-purpose loan is offered for both expats and the UAE Nationals. Listed below are the different types of personal loans available in the UAE.

1)   Personal Loan in UAE for Expats

The people who are not the residents of the UAE but live in the country due to job or business are called expatriates. Expats have the option to request for a personal loan in order to meet their financial obligations.

2)   Personal Loan for UAE Nationals

For the UAE Nationals, obtaining a personal loan is quite simple. The terms & conditions are also more favorable in comparison to those offered on the personal loan in UAE for expats.

Further, the personal loan can be classified on the basis of salary transfer.

3)   Personal Loan in UAE with Salary Transfer

Most of the loan providers in the UAE have predetermined criteria for availing personal finance, where banks expect the applicants to have a salary account with the bank.

4)   Personal Loan in UAE without  Salary Transfer

While most of the banks need the applicant to transfer their salary with them in order to obtain this loan, there are some providers who do not make this a hard & fast rule.

5)   Personal Loan in UAE for Self-employed Professionals

Self-employed professionals are those who have their own business and sometimes may find it difficult to get loans as they do not earn a fixed income. However, they may also apply for a personal loan with certain financial institutions in the UAE.

Personal Loan in UAE Eligibility Criteria

Personal loan eligibility in UAE is not the same for every bank that offers loan in Dubai. But it is safe to say that most of the best personal loan in UAE commonly asks for the following requirements:

Age Limit

Personal loan eligibility in UAE usually includes a minimum age of 21 years and maximum age of up to 60-65 years.

Minimum Salary for Personal Loan in UAE

Applicants will also have to meet a certain requirement of the minimum salary for personal loan in UAE to avail this loan. This minimum income requirement varies from lender to lender and based on the applied loan amount. You can apply for Personal loan in UAE at 3000 salary..

Employment History

One cannot avail of a personal loan without being employed. While some banks require the applicants to have employment under UAE employers, some others set a particular length of service at least up to a  couple of months. In this case, availing to get a personal loan in UAE without company listing is impossible.

UAE Residency

It goes without saying that only UAE residents may apply for a  personal loan in Dubai or any other emirate of the UAE.

Salary Transfer

While banks in UAE offer both personal loans in UAE without a salary transfer or with salary transfer, some banks allow applicants to make transfers to a bank of their choice instead. However, there are more benefits when you apply for salary transfer.

Documents Required for a Personal Loan in UAE

Applicants will also be required to submit the following documents to avail of a personal loan in Dubai or other Emirates:

  • Application Form: The very first document that applicant will be required to submit is the application form
  • ID Proof: A valid Passport, Visa and Emirates ID
  • Residency Proof: Expat applicant will be required to submit a valid UAE visa that proves  their residency
  • Bank Statement: In order to prove their earning potential, applicant may be asked to submit a bank account statement for anywhere between 3 months to 6 months
  • Salary Transfer Letter (Optional): Personal loans in the UAE that mandate salary transfer will also require the applicant to submit a salary transfer certificate (or letter).

How to Apply for a Personal Loan in the UAE

How to Apply for Personal Loan in UAEApplying for the best personal loan in UAE has never been simpler than it is today. Below is a step by step guide on how to apply for a personal loan in UAE:

Through Bank Branches

Those who want to apply directly through the bank: 

  • Simply visit the branch of the preferred bank
  • Fill the loan application form
  • Take help from the customer care representative or a bank representative to know about personal loan interest rate in UAE and more

Through the Online Portal

Applying personal loan online is convenient and quick. Online platforms are host to generous personal loan rates in UAE and can be used to quickly make personal loan comparison  UAE which helps in finding the lowest interest rate for personal loan in UAE. 
While comparing,   the use of personal loan EMI calculator is recommended to calculate the EMI amount. Well, personal loan online comparison is the best way to find  the  lowest  interest rate for personal loan in UAE.

Processing of Personal Loan in the UAE

A personal loan is amongst the best solutions when in need of quick cash for any financial emergency. Here’s how this loan gets processed in the UAE.

1) Eligibility

To process the loan application, the foremost thing is to check the eligibility criteria of the bank. Once the applicant meets the eligibility, they can move for the next step..

2)  Loan Calculator 

The next step is to know the loan EMI. Using the loan calculator, the applicant can calculate their EMI, which is to be paid towards the principal with interest payment during the loan tenure.

3)  Online Application 

After calculating an estimate of the monthly installments, the applicant can apply for the loan online. They just have to fill in their basic details in the online application form.

4)  Submitting the Documents 

To take their application ahead, the applicant has to submit the required documents along with the form.

5)  Verification 

The loan provider will then verify the loan application as well as the documents submitted.

6)  Approval 

If the application gets successfully verified, the loan request is approved after which the loan gets sanctioned.

7)  Disbursal 

Once the applicant receives the approval, the amount is transferred to their bank account, which can be used for any purpose they like unless it’s illegal.

Features & Benefits of Personal Loan in UAE

Benefits of Personal Loan in UAEOver the last decade, UAE has been witnessing an enormous surge in financial lending. The emergence of various banks and lenders has led to the introduction of competitive personal loan interest rate in UAE. The features and benefits of these loans are mentioned below:


Features and Benefits Details
Unsecured Loans
  • No collateral is required to obtain these loans
  • This clause may vary in case of larger loan amounts.
Salary Transfer vs. Non-Salary Transfer
  • By making salary transfers, borrowers can obtain high amounts of low interests along with other benefits
  • It is mandatory by some lenders, while others are flexible with the criterion.
Rate of Interest
  • There are two types of interest rates: reducing and flat
  • Flat is charged on the entire loan amount and is constant throughout. Whereas, reducing gets reduced with every installment payment.
Top-up Loans
  • With regular payments of the pre-existing loans, the borrowers can enjoy low-interest rates, high loan amounts, and high tenures with the top-up loans.
Loan Cancellation
  • Some providers offering the best personal loan in Dubai allow cancellation of the availed loan in the given grace period. There is no fee or interest charged as long as the complete loan amount is returned by the borrower.
Installment Deferment
  • The borrower can postpone their monthly installments for a personal loan in Dubai or other Emirates for a fixed period, in case of an emergency.
Debit and Credit Cards
  • Some of the personal loans in the market offer complimentary debit and credit cards
  • Most of these cards offer the first year free, after which there is an annual fee to be paid.
Insurance or Takaful
  • Insurance or Takaful benefit is one feature that covers the outstanding loan dues in an unforeseen event leading to loss of income
  • Some policies even provide compensation to the family with an amount equal to the outstanding loan in case of an untimely demise of the borrower.
Cashback and Statement Credit
  • Some consumer loan offers in the UAE reward the borrowers with incentives like cash back or a statement credit.

Personal Loan Repayment Tenure

Personal finance comes with a repayment tenor, which is decided by the lenders depending on the borrowed amount. The maximum repayment tenure can be 48 months within which the borrowed amount has to be paid back. Let’s consider some of the related terms of loan tenor:


The EMI (Equated Monthly Installment) is a monthly fixed payment, which is used for clearing off the outstanding loan amount. The personal loan EMI is based on the interest rate, loan tenure, and the loan amount.

Full Prepayment

If the borrower makes the prepayment of the loan in full relatively early into the loan tenure, they can save a  lot on interest. After the end of lock-in period, the borrower can make the prepayment of the complete outstanding amount.

Part Payment

Part-payment of the loan can be done when the borrower has a lump sum amount of money, but not equal to the entire outstanding amount. This is a good option as it helps to reduce the unpaid personal loan in UAE, which further helps in bringing down the total interest to be paid as well as the EMI.

Personal Loan Rules to be followed in the UAE

The Central Bank in the UAE has stipulated a few rules and regulations for personal loan in Abu Dhabi and other Emirates. Mentioned below are some of these rules.

1) Repayment Tenure 

The tenure for repayment of these unsecured loans should not exceed 48 months. 

2) Limit 

Usually, the maximum loan amount offered in the UAE is 20 times the monthly income or total salary of the borrower.

3) Debt Burden Ratio (DBR) 

The deductions from the regular salary or income of any borrower for each kind of loan issued by the provider should not be more than 50 percent of the regular and gross income from a defined source at one time.

4) Loans for Self-employed Individuals 

The loans provided to the sole proprietorship and companies that are secured by the incomes of partners or owners are considered in the same manner as the personal loan.

5) Security Check 

Banks or financial institutions may only take a certain number of post-dated cheques from the customer that cover the installment & value below 120 percent of the debit balance or loan value.

6) Application Forms 

The borrower has the option to avail this loan on getting approval on their application from the bank or financial institution along with a standard agreement.

7) Loan for Armed Forces 

There is a fixed DBR of 50%. If the banks do not stick to these rules, the Armed Forces can transfer their income to some other bank with no obligation to refer to the bank that has provided the loan.

8) Processing Charges 

The processing charges levied by the banks in the Emirates must not exceed AED 2,500.

Personal Loan Dos and Don’ts

By considering the following dos and don’ts one can avoid rejection of personal loan application:

Things to Consider Things to Avoid
Maintain a stable employment history Don’t furnish an unstable employment history
Make the payments on time without fail Don’t degrade credit score as it marks a negative impact
Maintain a good credit score as personal loan without credit check in UAE is impossible Don’t fill the application form in a rush. A small mistake can lead to loan rejection
Check for a steady source of income Don’t miss an installment
Clear the existing outstanding loans before applying for a new one Don’t apply for a new loan without clearing the outstanding loan amount
Try maintaining a lower debt-to-income ratio Don’t ignore eligibility criteria such as age, minimum salary transfer etc.

Quick Tips to Avail the Right Personal Loan in the UAE

Getting a personal loan in Abu Dhabi or any other Emirate for that matter could be a tedious task. Here are some tips to obtain this loan in the Emirates.

1)  Shop Around 

The first step to avail a suitable loan with the lowest interest rate for personal loan in Dubai is shopping around at different lenders.

2)  Checking and Reviewing the Terms & Conditions 

The terms & conditions of the loan are as essential as the personal loan interest rate in UAE may vary from one provider to another.

3)  Types of Rate of Interest 

There are two types of rate of interests applied by various loan lenders, reducing and flat rate of interest. Considering this, the maximum ROI cap up to which a loan can be availed is:

Reducing rate: 24% - 39.99%

Flat Rate: 63% - 22.22% 

4)  Stay Aware of Added Products 

Some of the lenders automatically register the borrower for added products such as payment protection or credit insurance right after the loan disbursal. Checking the insurance terms carefully may assist the borrower in identifying whether they should continue with it or not.

How to Apply for a Personal Loan at Policybazaar?

Loan seeker in UAE can easily apply for personal loan through  by  following the  below  steps:

  • Just visit the official website of Go to the personal loan section
  • Fill in the required application form by providing certain information such as name, email ID, contact number and click on the proceed button
  • After submitting the information, this will lead to the loan detail page, with the banks offering personal loans with their interest rate, loan features, and more
  • The applicant can select the one as per their requirement
  • Once the request is sent, the personal loan expert from will get in touch with them for further assistance.

This way makes personal loan buying process an easy victory


Is there any advantage of opting for the life insurance scheme that comes with the personal loan?

Nearly all personal loans offer a life insurance scheme to applicants. This insurance policy indemnifies the borrower from making payments in stipulated conditions such as fatal illness, permanent disability or death. Some personal loan in Dubai even offer life insurance policies that pay back the full borrowed amount to the policyholder’s family members, on death.

Do Shariah-Compliant banking organizations offer personal loan in UAE as well?

Yes, the residents can avail of the best personal loan in UAE for Emiratis as well as expats through Shariah-compliant banking organizations too.  These best Islamic personal loan in UAE are known as personal finance and charge profit rate instead of interest rate.

What is payment deferment?

Some lenders allow the borrower to ‘defer’ or postpone a month’s payment once every few months, as per the issuer’s policy. The borrower must maintain regular payments to avail of these advantages. Note that deferred payments do not decrease the principal amount and hence, will not decrease the reducing personal loan interest rate in UAE either.

What are top-up loans?

Top-up or add-on personal loans are types of renewable loans that can be availed on top of the existing loan, once the borrower has successfully made a fixed number of payments. Top-up personal loan in UAE are used as a way to reward loyal, non-delinquent borrowers by offering larger tenors or lower interest rates, as per the bank’s policy.

How is the Personal Loan EMI amount calculated?

The EMI for the personal loan is calculated using the Personal Loan EMI calculator. You will need the principal amount, the rate of interest and the repayment tenure to calculate your EMI. The calculation is done using a simple formula-          P * R * [(1+R) ^ N] / [(1+R) ^ N-1] Here, 'P' is the principal amount. 'R' is the rate of interest and 'N' is the repayment tenure.  Through personal loan comparison UAE, you can compare the loan EMIs as well.

Which is better, personal loan or a credit card loan in UAE?

This would depend on the situation and the finance amount. A credit card is suitable when you need a small amount of loan instantly. With one swipe of the card, you have the amount. However, credit card loan includes high-interest rates. Personal loan is the best option when  you  need  a larger sum of money within a  few days. For example, to renovate your home or to pay the school or medical fees, this loan is what you should opt for.

How can I bargain for a better rate of interest for a personal loan in UAE?

To bargain for the offered interest rate for this loan in the Emirates, you should make sure that you have a high credit score. As it is, banks offer a low interest rate to the applicants with a good credit score as they are considered as those with low-risk appetite. However, if you are not satisfied with it, you will need to have excellent negotiation skills and a high credit score.

How to deal with credit card debt using personal loan in Dubai?

You can pay credit card debt through a personal loan. In the case of credit cards, if debts are left unpaid, over time the interest rates and the debt increase. The loan can help to pay the credit card bill by consolidating the debt. It has lower interest rates as compared to credit cards. You can repay the loan amount in easy monthly installments over the next few years.

Are personal loans taken as tax exemptions in Dubai?

The system of Income-tax does not exist in the UAE. However, the VATs are charged in some cases. The VAT on these loans would depend on the concerned banks and their charges.

Can a student apply for a personal loan in UAE?

No, a student cannot apply for this loan unless specifically implied by the bank or he/she has a guarantor. The eligibility requirements of the loan include the minimum monthly salary and the age limit between 21-65 years. Some also require salary transfer and proof of employment with a company listed with the lender. However, there are some lenders who provide personal loan in uae without company listing as well. You can always apply for student/ education loan as a guarantor.

Should I take a personal loan to fund my startup in UAE?

That would depend on your personal preference. You should be aware that you are required to pay  the EMI for the loan from the month followed by the disbursal. You can take a loan, when you are sure you’ve sufficient amount to pay the monthly EMIs at least.

Can we use a personal loan for marriage purposes in Dubai?

Yes, you can use a loan to fund wedding ceremonies. These loans are given to anyone who needs it as long as they meet the eligibility criteria.

Can I take a personal loan from two different banks at the same time?

Yes, you can take loan from two different banks at the same time. However, there are some requirements to be met.

  • You should have a very high credit score
  • Your debt to burden ratio should be more than 50%
  • You should also meet the eligibility requirements of the concerned banks
  • You must earn a minimum salary for personal loan in UAE
What if I don’t pay the EMI of a personal loan in Dubai?

If you are unable to pay the loan EMI, get in touch with your bank and try to find a solution. If you try to avoid the situation, it will become worse for you. The banks will start with warnings. If you don't respond, they will send debt collectors. If there is still no response from your end, they will mark you as a defaulter or even drag you to the court. With a defaulter tag, you’ll not be able to take any loan in the future. Therefore, it would be better for you to contact the bank and explain your situation. Sometimes, they may reduce your EMIs.

Is there any way to calculate my obligations before applying for a personal loan?

It is extremely wise to calculate your obligations before applying for a personal loan in Dubai or other emirates. This can be done through a personal loan calculator, which is usually available  on the loan issuer’s site itself. If this is not available, the applicant can instead enter their details into any generic loan calculator in the UAE for a reliable figure.

Is it good to pay off credit card debt with this loan?

Yes, it is a good idea to pay off your credit card debt through this loan. Not only will this help you get rid of the high credit card interest rates, but you can also consolidate the debts and pay it off in one go. You won't have to worry about the increasing interest rates as personal loan interest rates are usually fixed. You will also have a few months or years to pay off your entire loan.

Can I prepay my personal loan without any extra charges?

You can make pre-payment of your loan, but by paying a fee. Most of the banks in the UAE charge a fee for an early settlement of the loan. There are not many banks in the UAE who offer an early settlement with no fee.

Is there a prepayment penalty on personal loan in UAE?

It's not a penalty, rather a fee for the early settlement of the loan. It can be any   one of the two- approximately AED 10,000 or 1-3% of the outstanding amount. The banks charge    the lesser amount between the two options.