Private Lenders in UAE - Get complete information about Private Money Lenders in UAE & Dubai with Interest rates, eligibility criteria, processing time, features & benefits, and more. And also know popular private finance companies in the UAE.
Personal loans in UAE can be used for a variety of purposes including home improvements, debt consolidation and financing a holiday. They are typically easy to apply for and offer competitive rates of interest.
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Citibank Personal Loan
FAB Personal Loan For Expats
ADCB Personal Loan
Mashreq Bank Personal Loans For Expatriate
Emirates NBD Loans For Expatriates
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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.
The maximum personal finance 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 is an additional charge that is levied upon the principal loan amount. They are of two types of interest rates applicable to personal loan offers in UAE:
Flat interest is charged on the total loan amount, which remains constant throughout the loan tenor. Lowest interest rate for a personal loan in Dubai as well as the rest of UAE can be 2.63 % and can go up to 22.22 % may range from 2.63% - 22.22%.
As opposed to the flat interest rate, this rate of interest reduces every time the loan borrower pays the instalment. Personal loan reducing interest rate in UAE is charged only on the outstanding principal amount of the loan, which can fall in the range of range between 5.24% - 39.99%. You always need to compare personal loans online to get the lowest interest rate for personal loan interest rate in UAE.
(From AED 10,000 to AED 10,000,000)
Reducing Rate (1% - 50%)
(Minimum 1 and Maximum 240 months)
Total Payable (Principal+Interest)
Borrowers can use an interest calculator to compute the interest amount they will be paying. Lets look at the steps to calculate interest rate enabling personal loan comparison:
Use the formula- (interest rate/ number of payments) * principal amount = interest
Here is the list of the top Personal Loans in the UAE for 2023
Provider Name |
Flat Rate |
Reducing Rate |
Minimum Salary (in AED) |
Salary Transfer |
---|---|---|---|---|
NA |
15.99% to 34.99% |
5,000 |
NA |
|
NA |
From 6.99% |
10,000 |
Required |
|
3.45% |
6.25% |
NA |
NA |
|
3.03% |
5.69% |
5,000 |
NA |
|
2.64 % |
3.99% |
7,000 |
Required |
|
NA |
5.99% to 19.99% |
5,000 |
Required |
|
2.89% |
5.28% |
10,000 |
Required |
|
2.95% |
5.39% |
10,000 |
Required |
|
3.43% |
6.49% |
10,000 |
Required |
|
3.43% |
5.99% |
7,000 |
Required |
|
3.43% |
5.99% |
10,000 |
NA |
|
7.25% to 20% (Fixed Profit Rate) |
NA |
8,000 |
Required |
|
NA |
15.99% to 18.99% |
10,000 |
NA |
|
NA |
5.99% to 21.99% |
3,000 |
Required |
*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 the lowest interest rate in just a few steps.
The personal loan offered by Deem Finance has attractive interest rates and can be availed for a flexible tenure of up to 48 months. You can avail of this loan if your monthly salary is at least AED 5,000 and you fulfil the other eligibility criteria.
The following are some features and benefits of Deem Finance Personal Finance -
Minimum Salary - AED 5,000 |
Flat Rate - NA Reducing Rate - 15.99% to 34.99% per annum |
Loan Repayment Tenure - 48 months |
Deem Credit Life Plus - An included program that provides the customer benefits in event of death or personal total disability |
No Salary Transfer Required |
Simple and hassle-free process and documentation |
Reasonable equated monthly instalments |
Minimum paperwork |
The HSBC personal loan has a flexible repayment tenure and requires the applicant to have a minimum salary of AED 10,000 per month. Keep in mind that if you wish to apply for this loan, you must have a current account with the bank where you can credit your salary.
Discussed below are some of the key features and benefits of HSBC personal loan -
Maximum Loan Amount - Up to AED 500,000 |
Flexible loan repayment term - from 6 to 48 months |
Reducing Rate - starting from 6.99% per annum |
Minimum Salary Required - AED 10,000 |
Salary Transfer – Required |
Quick loan approval upon online application (within 10 minutes) |
Top-up personal loan option for changing financial requirements |
Insurance – Included |
Get an interest rate as per your profile |
Minimum documentation required |
There are two variants of personal loan in UAE 5000 salary offered by ADCB: Personal Loan for UAE Nationals and Personal Loan for Expats.
Minimum Salary for a personal loan: AED 5,000 |
Loan Tenure: Up to 4 years |
Reducing Rate: 8. 86 % |
Flat Rate: 4. 75 % |
Early Settlement Fee: 1.05% (maximum AED 10,500) |
Processing Fee: 1.05% (minimum AED 525) |
Free ADCB Credit Card |
3x salary overdraft |
Up to 300 TouchPoints rewards |
Credit life insurance |
Emirates NBD offers loans for both UAE nationals and expatriates, with the conditions and the loan amounts differing as per your nationality and other factors. Listed below are the major features and benefits of these personal loans -
Loan Amount - up to AED 2 Million |
Minimum Salary Required - AED 5,000 |
Flat Rate - 3.03% per annum Reducing Rate - 5.69% per annum |
Option for loan deferment |
Credit Life Insurance |
7-day loan return option |
No collateral or guarantor required |
Complimentary zero-balance account |
Phone banking option available |
No salary transfer required |
Flexible repayment tenure |
Loan Amount - up to AED 4 Million |
Minimum Salary Required - AED 5,000 |
Flat Rate - 2.55% per annum Reducing Rate - 4.79% per annum |
Option for loan deferment |
Credit Life Insurance |
7-day loan return option |
No collateral or guarantor needed |
Complimentary zero-balance account |
Phone banking option available |
No salary transfer required |
Flexible repayment tenure |
Facility to transfer other bank loans - amount from AED 25,000 to AED 2 million |
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 up to AED 2 million for NRI personal loans with a repayment tenure of up to 48 months.
Minimum Salary: AED 7,000 |
Loan Tenure: Up to 4 years |
Reducing Rate: 3.99 % |
Flat Rate: 2.64 % |
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 |
Variable interest loan rates in UAE as low as 3. 99 % |
|
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: 5.99% |
Flat Rate: 3.99% |
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 no annual fee credit card |
Free personalized checkbook |
Top up loan |
Personal loan 20x of salary |
|
Emirates Islamic Bank offers a personal loan that follows the Shariah principle of Murabaha. The bank offers loans to both UAE nationals and expatriates. With respect to the income, the minimum salary required to apply for this personal loan is AED 10,000.
Check out the following table to know more about the salient features of loans for expatriates and UAE nationals –
Finance amount of up to AED 4 million |
Flat Profit Rate - 2.89% Reducing Profit Rate - 5.28% |
Minimum Salary Required - AED 10,000 |
Holiday Period - up to 120 days |
Flexible Repayment Tenure - up to 4 years for standard debt settlement or 5 years for special debt settlement |
Quick loan approval |
No over limit fee or additional charge |
Nominal processing fee |
Affordable than credit cards |
Profit rate can vary as per the applicant’s salary |
Suitable for debt consolidation |
Free Takaful Coverage |
Maximum Finance Amount - up to AED 2 million |
Flat Profit Rate - 2.95% Reducing Profit Rate - 5.39% |
Minimum Salary Required - AED 10,000 |
Salary Transfer Required |
Flexible Repayment Tenure - up to 4 years |
Holiday period - up to 90 days |
Free Takaful coverage |
Quick loan approval |
More affordable than credit cards |
Suitable for debt consolidation |
No over limit fee or additional charge |
Profit rate can differ based on the applicant’s salary |
Option to repay credit card debt using this loan available |
Nominal processing fee |
Mashreq Bank offers an array of personal loan options that can fulfil the financial requirements of different kinds. What’s notable about this loan is that you can opt to secure a Mashreq Bank personal loan that is about 20 times your salary. The bank offers loans to UAE nationals as well as expatriates.
Here are the major features and benefits of Mashreq Bank personal loans -
Maximum Loan Amount - up to AED 1 million |
Flat Rate - 3.43% Reducing Rate - 6.49% |
Early Settlement Fee - 1% of the finance amount |
Arrangement Free - 1% of the finance amount |
Loan Repayment Tenure - 4 years |
Permit to miss up to 2 non-consecutive instalments per year |
Free bank account and debit card |
New employees can also apply for this loan |
Minimum salary required - AED 10,000 |
Maximum Finance Amount - up to AED 3 million or 20 times the salary |
Flat Rate - 3.43% Reducing Rate - 5.99% |
Minimum Salary Required -AED 7,000 |
Flexible Repayment Tenure - up to 4 years (for employees of the Ministry of Defence, the maximum loan repayment tenure is 5 years) |
Exclusive offers along with extra benefits |
Compliment bank account Free chequebook Free debit card |
Islamic finance option also available |
Salary transfer required |
Insurance - included |
Phone banking option also available |
Top-up facility for existing loan customers |
Quick loan application process |
Maximum Finance Amount - up to AED 150,000 |
Flat Rate - 3.43% Reducing Rate - 5.99% |
Minimum Salary Required -AED 10,000 |
Flexible Repayment Tenure - up to 4 years |
Exclusive offers along with extra benefits |
Compliment bank account Free chequebook Free debit card |
Islamic finance option also available |
Salary transfer required |
Insurance - included |
Phone banking option also available |
With limits of personal loan Dubai and other parts of the UAE going 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) 4.27% (UAE nationals) |
Early Settlement Fee: Minimum of 1% or AED 10,000 |
Processing Fee: No Processing Fee |
Grace period for first installment for up to 90 days |
2 free installment postponements annually |
Takaful protection at nominal rates of 1.25 % of personal finance amount |
No processing fee for a personal loan in Abu Dhabi and other UAE Emirates |
Commercial Bank of Dubai (CBD) offers a completely digital loan that is easy to apply for. As an applicant, you can easily apply for this loan using the CBD mobile banking application, with the process for the same being quick and straightforward.
Maximum Loan Amount - up to AED 150,000 |
Minimum Salary Required - AED 10,000 |
Flat Rate - NA Reducing Rate - 15.99% to 18.99% |
Loan amount gets credited easily |
Paperless loan application processing – only the Emirates ID is required for the same |
No salary transfer required |
100% digital application process |
Maximum loan tenure of up to 4 years |
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: 11. 00% |
Flat Rate: 6. 00% |
Early Settlement Fee: 1% (maximum AED 10,000) |
Processing Fee: AED 1,050 – AED 2,620 |
Long repayment period |
Sharia-compliant financing |
Low salary personal loan |
Fixed arrangement fees charges |
Abu Dhabi is one of UAE’s largest financial hubs providing both individuals as well as businesses with the most relevant financial solutions. The ADCB (Abu Dhabi Commercial Bank) and the FAB Bank (First Abu Dhabi Bank) are champions in the arena of personal finance, offering personal loan in Abu Dhabi starting at 3. 99 % for a loan amount extending up to 5 million for the UAE Nationals and a maximum of 2 million for Expats in the country, offering low interest personal loan UAE.
Personal loan 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)of the best personal loan in Dubai and other parts of the UAE, 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
This multi-purpose loan is offered for both expats and UAE Nationals. Listed below are the different types of personal loans in the UAE.
The people who are not residents of the UAE but live in the country due to jobs or business are called expatriates who can enjoy the lowest interest rate personal loan available in the country.
Top 5 Plans for Personal Loans for Expats in UAE
Personal Loan in UAE for Expats | Loan Amount | Flat Interest Rate | Reducing Interest Rate |
---|---|---|---|
FAB Personal Loan for Expats | Up to AED 2 million | 2.64% | 3.99% |
ADIB Personal Loan for Expats | AED 1 million | 2.89% | 5.40% |
ADCB Personal Loan for Expatriates | Up to 2 times of applicant's salary | 3.45% | 6.25% |
HSBC Personal Loan for Expats | AED 750,000 | 3.58% | 6.49% |
Mashreq Bank Personal Loan for Expatriates | AED 1 million | 3.43% | 6.49% |
See More Quotes >>> |
Personal loans can now be obtained for professionals working in non-listed companies or start-ups with a lineup of products specially designed for non-listed companies that have recently entered the market.
Further, the personal loan can be classified on the basis of salary transfer.
Top 5 Plans for Personal Loans in UAE without Company Listing -
Personal Loan in UAE for non-listed Companies | Loan Amount (AED) | Rate of Interest | Tenure |
---|---|---|---|
ADCB Personal Loan for UAE Nationals | 20 times the salary | Starting from 5% | 48 months |
Emirates NBD Personal Cash Loan | AED 500,000 | 8.99% (reducing) | 48 months |
Emirates NBD Self-Employed Personal Loan for Professionals | AED 300,000 | 18.99% | 48 months |
FAB Islamic Personal Finance | AED 5,000,000 | 4.99% (reducing) | - |
Mashreq Bank Employer/New to UAE Loan | AED 150,000 | 5.99% (reducing) | 48 months |
Mashreq Bank Personal Loan for Expats | AED 1,000,000 | 6.49% (reducing) | 48 months |
See More Quotes >>> |
There are some providers who do not make the applicant transfer their salary with them to obtain a loan, making the personal loan requirements flexible.
Top 5 Banks that are offering Personal Loans in UAE without Salary Transfer
Provider | Reducing Interest Rate | Flat Interest Rate | Minimum Salary Required |
---|---|---|---|
Citibank | 14-27% | 7.70-15.2% | AED 8,000 |
Dubai Islamic Bank | 8.99% | 4.90% | AED 3,000 |
Deem Finance | 15.99-34.99% | NA | AED 5,000 |
Finance House | 20% | N/A | AED 5,000 |
Samba | 9.00% | 4.83% | AED 10,000 |
Emirates NBD | 14.99% | 7.90% | AED 10,000 |
See More Quotes >>> |
Most of the loan providers in the UAE expect the applicants to have a salary account with the bank to get an instant personal loan.
Top 5 Banks that are offering Personal Loans in UAE with Salary Transfer
Personal Loan Providers | Flat Interest Rate | Reducing Interest Rate | Minimum Salary Required |
---|---|---|---|
Citibank Personal Loan | 3.73% | 6.99% | AED 8000 |
Emirates NBD Personal Loan | 2.90% | 5.49% | AED 5000 |
RAKBANK Personal Loan | 2.75% | 4.99% | AED 5000 |
ADCB Simply Life Personal Loan | NA | 6.99% | AED 5000 |
ADCB Personal Loan | 3.45% | 6.25% | AED 5000 |
ADIB Personal Loan for Expats | 2.99% | NA | AED 8000 |
See More Quotes >>> |
For UAE Nationals, personal loan requirements are more favorable in comparison to those offered on the personal loan in UAE for expats.
Top 5 Personal Loans Plans for UAE Nationals -
Personal Loan for UAE Nationals | Loan Amount | Flat Interest Rate | Reducing Interest Rate |
---|---|---|---|
FAB Personal Loan for UAE Nationals | AED 5 million | 0.0264 | 3.99% |
Citibank Personal Loan for UAE Nationals | AED 175,000 | 0.08 | 14.00% |
HSBC Personal Loan for UAE Nationals | AED 1million | 0.0749 | - |
ADIB Personal Loan for UAE Nationals | AED 2 million | - | 6.75-20% |
Emirates Islamic Personal Loan for UAE Nationals | AED 4 million | 0.0225 | 4.20% |
See More Quotes >>> |
Self-employed professionals are those who have their own business and they may also apply for a personal loan with certain financial institutions in the UAE and enjoy the best personal loan rates.
While each bank in the UAE listed above has its distinct eligibility criteria for a personal loan, the following are the standard criteria that you must fulfil to apply for a personal loan in the UAE -
Eligibility Criteria |
UAE Nationals |
Expatriates |
---|---|---|
Minimum Salary |
AED 5,000 |
AED 5,000 |
Age Group |
21 years to 65 years |
21 years to 60 years |
Employment Status |
Salaried or Self-Employed |
|
Salary Transfer |
Depends on the bank’s policy |
Just like the eligibility criteria, the documents required to apply for a personal loan in the UAE would depend on the bank’s requirements. Some of the generally required documents for personal loans in UAE are –
UAE Nationals |
Expatriates |
---|---|
Emirates ID |
An Emirates ID |
Salary certificate (for salaried individuals) |
A Copy of Valid Passport and Residence Visa |
Salary Transfer Letter (for salaried individuals) |
Salary Certificate (for salaried individuals) |
Bank Statements of last 3 to 6 months |
Salary Transfer Letter (for salaried individuals) |
Trade licence (for self-employed individuals) |
Bank Statements of last 3 to 6 months |
Power of Attorney (for self-employed individuals) |
Trade Licence (for self-employed individuals) |
Power of Attorney (for self-employed individuals) |
Applying 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 get personal loan in UAE:
Those who want to apply directly through the bank:
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, making online personal loan apply procedure even easier.
A personal loan is among the best solutions when in need of quick cash for any financial emergency. Here’s how this loan gets processed in the UAE to offer the best personal loan interest rates in UAE.
To process the loan application for personal loan in UAE, one has to check the personal loan eligibility criteria of the bank.
The next step is to know the loan EMI. Using the loan calculator, the applicant can calculate their EMI and understand how to calculate personal loan interest.
After calculating an estimate of the monthly installments, the applicant can online personal loan apply to make things easier.
The applicant has to submit the required documents along with the form to get a personal loan in UAE.
The loan provider will then verify the loan application as well as the documents submitted.
To answer how to get personal loan in Dubai? The application has to be successfully verified after which the loan request is approved and the loan sanctioned.
Once the applicant receives the approval, the amount is transferred to their bank account.
Over 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 |
|
Salary Transfer vs. Non-Salary Transfer |
|
Rate of Interest |
|
Top-up Loans |
|
Loan Cancellation |
|
Installment Deferment |
|
Debit and Credit Cards |
|
Insurance or Takaful |
|
Cashback and Statement Credit |
|
Getting a personal loan in Abu Dhabi or any other Emirate could be a tedious task. Here are some tips to obtain this loan in the Emirates:
The first step to avail a suitable loan with the lowest interest rate for personal loan in UAE is shopping around at different lenders to loan compare UAE before deciding on the one that best meets your requirements.
The terms & conditions of the loan are as essential as the personal loan rates Dubai and other Emirates in UAE may vary from one provider to another.
There are two types of rate of interests applied by various loan lenders, reducing rate 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%
Some of the lenders automatically register the borrower for added products such as payment protection or credit insurance right after the loan disbursal. Check the insurance terms carefully to get the best personal loan in UAE.
Personal loan fulfills multiple needs and are easy to get, making them suitable for most people, thus explaining the growing demand for personal loans. A borrower’s income is crucial in determining the rate of interest applicable on their loan as generally, individuals with a higher salary are more likely to repay their loan fully than someone with a lower salary. Another reason salary plays an important role is because most bank have a minimum salary requirement condition. For instance, most banks in UAE offer personal loan in UAE 5,000 salary to qualify to avail of a personal loan. This way banks ensure that the borrower has a fixed minimum income that allows them to repay the loan on time.
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. |
Thinking of getting a personal loan? There are so many options available in the market that sometimes it might seem too confusing. Here are some steps to help applicants with personal loan compare UAE:
Loan seeker in UAE can easily apply for personal loan through Policybazaar.ae by following the below steps:
To apply for a personal loan in the UAE, you should meet the eligibility criteria laid down by the bank. When applying for a personal loan, make sure you affix all the required documents. You can apply for the loan either by visiting the bank website or comparing and selecting a personal loan as per your requirements on Policybazaar UAE.
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. In answer to the question- how to calculate personal loan interest, the EMI calculator uses 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.
To bargain for the offered interest rate for this loan in the Emirates, you should make sure that you have a high credit score for personal loan. 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.
This would depend on the situation and the finance amount. A credit card is suitable when you need a small amount of loan instantly. 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.
You can pay credit card debt through a personal loan. 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 even if the applicant has a personal loan minimum salary AED 2,000.
The personal loan amount cannot be more than 20 times your salary, and the repayment tenure cannot be more than 48 months (60 months for the employees of the ministry of defence).
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.
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.
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.
Yes, you can take loan from two different banks at the same time. However, there are some requirements to be met.
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 followed by sending 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 for the unpaid personal loan in UAE. Therefore, it would be better for you to contact the bank and explain your situation. Sometimes, they may reduce your EMIs.
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 not, the applicant can instead enter their details into any generic loan calculator in the UAE for a reliable figure before they apply personal loan in UAE.
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 with the affordable Dubai personal loan interest rate.
Most banks in the UAE have a quick application process and loan approval process. However, when selecting the bank to secure a personal loan, make sure you go through their policies, the interest or profit rate offered, and more. To easily get a loan, make sure you have a decent credit score.
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, whichever is less for a loan in UAE.
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.
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.
You can apply for a personal loan even if your first attempt resulted in a rejection. For this, you must ensure the following –
It is not mandatory to avail of personal loan insurance in the UAE. However, such insurance covers the policyholder’s loan in situations like loss of job, or sudden disability. This insurance protects the monthly loan repayments and the insured from being a defaulter.
An early settlement fee is a charge that you would have to pay if you settle your personal loan before the due date. This fee is paid along with the remaining principal amount and is usually 1% of the principal remaining.
You can avail of the buyout loan facility from the bank with lower interest and settle your existing personal loan in the current bank. With this, you can settle all your previous debts and repay your personal loan at a lower interest rate.
The lowest flat interest rate in the UAE can be 2.63% whereas, the lowest reducing interest rate may go as low as 5.24%.
As per the Central Bank of the UAE, your debt burden ratio cannot be more than 50% of your monthly income. Simply put, the sum of all your instalments cannot be more than 50% of your monthly salary.
You can easily get a personal loan in Dubai without a salary transfer, as there are several banks and financial institutions in the UAE that offer such loans at competitive interest rates.
People who are self-employed, working as a freelancer, or on a contractual basis can get a personal loan in the UAE. However, they would be required to provide other proof of income like bank statements.
You can easily estimate your EMI for a personal loan using an EMI calculator. It is an automated online tool that will provide you with the precise amount you need to pay as your monthly instalment. Simply enter details related to the loan amount, interest rate, and the loan tenure to know the EMI amount.
You can visit the personal loans section on policybazaar.ae to find an online personal loan calculator.
Ideally, you should have a credit score above 580 to secure a personal loan in the UAE. However, a few banks may offer personal loans even to individuals with low credit scores. Note that there is not much scope for negotiating the interest rate for the applicant in this case.