Top 10 Best Banks For Personal Loan in UAE with 7000 Salary

Personal Loan in UAE

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A personal loan is an ideal financial tool to tackle all kinds of personal or unexpected expenses. Whether you need to pay education fees, cover wedding expenses, get a costly medical procedure, or handle some trip expenses, a personal loan can be used to finance all those tasks and more. 

Given the flexibility of use and popularity, most banks and finance houses in the UAE offer personal loans with different salary requirements. We will use this piece to cover some ideal personal loan products for candidates with a monthly salary of AED 7,000 or more. Some other points that will be covered here include the major features, benefits, and the eligibility requirements to get a personal loan for AED 7,000 in the UAE. 

Top Personal Loans for AED 7,000 Salary in UAE 

Given below is a tabular representation of the top personal loan plans you can get for an AED 7,000 salary in the UAE. The below table will offer an overview of the minimum salary required for each loan product, the applicable interest rates (both flat and reducing), and whether a salary transfer is required:

Personal Loan Product

Minimum Salary Required

Interest Rates (per annum)

Salary Transfer

FAB Personal Loan for Ex-pats

AED 7,000

Flat: 3.57% 

Reducing: 6.70% 

Mandatory 

Mashreq Bank Personal Loan for Ex-pats 

AED 7,000

Flat: 3.43% 

Reducing: 6.49% 

Mandatory

Emirates NBD Personal Loan for Ex-pats

AED 5,000

Flat: 2.77%

Reducing: 5.49%

Not Mandatory 

Ajman Bank Personal Loan for Ex-pats 

AED 6,500

Flat: 3.30% 

Reducing: 5.99%

Not Mandatory

Deem Finance Personal Loan

AED 5,000

Flat: NA

Reducing: 15.99%

Not Mandatory

RAKBANK Personal Loan 

AED 5,000

Flat: 2.75%

Reducing: 4.99%

Mandatory 

National Bank of Fujairah Personal Loan 

AED 5,000

Flat: 2.75%

Reducing: 4.99%

Mandatory 

Samba Salary Transfer Loan 

AED 5,000

Flat: 4.83%

Reducing: 9.0%

Mandatory 

Finance House Personal Loan 

AED 5,000

Flat: NA

Reducing: 20%

Mandatory 

Interest rates are subject to market conditions.

Features of Top Personal Loans for AED 7,000 Salary in the UAE 

Now that we have covered the overview of the top personal loans for AED 7,000 salary in the UAE, we will discuss each product in a bit more detail and cover all their major features and benefits. Let’s begin with the FAB personal loan for expatriates in UAE:

1. FAB Personal Loan for Ex-pats

First Abu Dhabi Bank or FAB is a rather popular bank among ex-pats and UAE nationals alike. The personal loan of this bank offers features like high loan amounts, hassle-free approvals, 0% processing fee, and more. 

The following is a detailed description of the same:

  • Up to AED 2 million loan amount is available for this personal loan for 7,000 salaries 
  • A flexible repayment period of up to 4 years is available
  • Hassle-free approvals and an easy documentation process 
  • A 90-day grace period is offered for the repayment of the first instalment of the loan 
  • The bank charges a 0% processing fee for this personal loan 
  • Comprehensive life insurance is offered with this personal loan for 7,000 salary 

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2. Mashreq Bank Personal Loan for Ex-pats 

For borrowers requiring high loan amounts, Mashreq Bank personal loans for ex-pats can make for a fine choice. In addition to high loan amounts, the loan also comes with services like a loan top-up facility, an extended loan repayment period for specific government employees, and more. 

Let’s explore the loan features in detail:

  • The loan comes with high loan amounts of up to AED 3 million - borrowers can avail of up to 20 times their salary as personal loan amount with this Mashreq loan product 
  • Existing Mashreq personal loan borrowers can utilise the top-up facility
  • The maximum available loan tenure is 48 months. Applicants working in the Ministry of Defense, however, can avail of a flexible tenure of up to 60 months
  • Islamic finance option is also available for the loan 
  • The maximum allowed debt burden ratio for this loan is 50%
  • Additional benefits offered with this personal loan for 7,000 salary include a free debit card, chequebook, bank account, and credit life insurance

3. Emirates NBD Personal Loan for Ex-pats

Emirates NBD is one of the most trusted banks in the UAE owing to its exceptional customer services and unique products. This personal loan for 7,000 salary from Emirates NBD is one such product. Let’s see what it covers in detail:

  • The maximum loan amount available for this loan is AED 4 million 
  • Borrowers are allowed two deferred instalments each year of the loan tenure 
  • The loan also offers benefits like a free bank account and a debit card
  • The maximum available repayment tenure for this loan is 4 years 
  • A 1% early settlement and arrangement fee applies to all applicants 
  • Salary transfer is not required for this personal loan for 7,000 salary for ex-pats 

4. Ajman Bank Personal Loan for Ex-pats 

UAE ex-pats looking for high loan amounts may consider this personal loan from Ajman Bank as one of their top options. Besides a high loan amount offered, the bank offers several other services as mentioned below:

  • The maximum loan amount available for ex-pats with this loan product is AED 1 million
  • Borrowers can enjoy a pre-approved credit card from Ajman Bank with lifestyle benefits
  • The maximum repayment tenure for this personal loan of 7,000 salary is 4 years
  • One can easily get this loan with its simple documentation process and swift loan processing 
  • No salary transfer is required for this personal loan of 7,000 salary from Ajman Bank 

5. Deem Finance Personal Loan

Deem Finance personal loan for 7,000 salary is one of the very few loan products that allow you to choose a new repayment date every month at your convenience. You can pick any date you prefer if you get your salary on different dates each month. 

Other than that, some of the exciting features of this loan product are:

  • The finance house offers personal loan application approvals within 48 hours 
  • The flexibility of choosing payment dates based on when you receive your salary for any particular month
  • Flexible repayment tenure of up to 48 months is offered to all borrowers 
  • Other benefits of this personal loan for 7,000 salary include high loan amounts, easy documents, competitive reducing rates of interest, and complimentary Deem Credit Life Plus Insurance 

6. RAKBANK Personal Loans

Borrowers with high salaries seeking personal loans with high loan amounts may find RAKBANK personal loans suitable for their requirements. Listed below are some of the most notable features of this loan product:

  • Borrowers can get high loan amounts ranging up to 20 times their salary 
  • Flexible repayment tenure of 48 months is offered along with competitive interest rates 
  • This personal loan for 7,000 salary requires the borrowers to transfer their salary to RAKBANK
  • Other major benefits of this personal loan – free bank account, debit card, credit card, and credit life insurance 

7. National Bank of Fujairah Personal Loan 

A completely Sharia-compliant product, this personal loan from the National Bank of Fujairah is ideal for applicants seeking Islamic personal financing instead of conventional products. Given below are a few important features of this product:

  • Up to a 3-month-long grace period for the repayment of your first personal loan instalment 
  • High loan amounts at competitive interest rates are available for all borrowers
  • A flexible repayment tenure of 48 months is available with this personal loan for 7,000 salary
  • This is a completely Sharia-compliant personal financing product that requires the borrowers to transfer their salary 

8. Samba Salary Transfer Loan

This personal loan for 7,000 salary, an unsecured loan available at highly competitive interest rates, is ideal for borrowers who wish to get their personal loan from a finance house instead of a bank. Discussed below are the salient features of Samba salary transfer personal loan:

  • The borrowers can get high finance amounts up to AED 125,000
  • This personal loan for 7,000 salary is unsecured and does not require any collateral 
  • Borrowers can enjoy competitive interest rates starting at 4.83% flat 
  • Additional benefits of this personal loan for AED 7,000 salary in the UAE – a complimentary account, debit card, and chequebook 
  • Samba requires each borrower to transfer their salary to the bank to avail of this loan

9. Finance House Personal Loan

If you are looking for a personal loan product that can help you consolidate all your other ongoing similar loans, this Finance House personal loan could be the right fit for you. Covered below are the main features of this personal loan for 7,000 salary:

  • Finance house personal loan for 7,000 salary comes with high loan amounts and top-up option for all existing after completing 1 year of their repayment period 
  • Flexible loan repayment tenure of 48 months is offered 
  • Borrowers can consolidate their active personal loans with other lenders using this Finance House personal loan product 
  • Other benefits included are a complimentary RAKBANK debit card, credit card, and personalised chequebook 

Eligibility Criteria for Personal Loans for AED 7,000 Salary 

Here are the elements of the common eligibility criteria applicable to all the personal loan products available in the UAE – 

  • Nationality: Both residents and citizens of the UAE are eligible to apply for a personal loan for 7,000 salary. Some banks offer separate loan products for nationals and ex-pats. If that is the case with your lender/bank, you can apply for the loan product meant for your nationality status, whether resident or citizen. 
  • Age: The minimum age to apply for a personal loan for 7,000 salary in the UAE is 21 years. Most banks also impose a maximum age limit for their personal loan and other loan products. The maximum age limit may range from 60 to 65 years depending on the bank/lender. 
  • Income: The minimum required to get personal loans in the UAE is AED 5,000. However, banks generally set different minimum income requirements for different products. Some personal loans may be available for applicants with a much higher minimum salary, say AED 25,000 or AED 30,000, while other personal loans can be availed at a minimum salary of AED 5,000. 
  • Employment: Both salaried and self-employed individuals are eligible to get a personal loan in UAE. However, just like the variating salary brackets and nationality requirements, some loans may only be available for salaried candidates while others may only be for self-employed ones. 
  • Credit Score: Most banks accept applications from candidates with a medium to very high credit score. The minimum required credit score for personal loans by most banks is generally 580. However, depending on their risk appetite, some banks may offer personal loans to candidates with a low or very low category credit score as well. 

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Documents Required to Get Personal Loans for AED 7,000 Salary

Given below are the key documents required to get a personal loan for AED 7,000 salary in the UAE:

  • Properly filled application form 
  • Emirates ID – original and a copy
  • Passport and residents visa – original and a copy
  • Salary certificate – created by the employer addressing the bank

This is only required if the lender does not require salary transfer and/or the borrower has a salary account with another bank and not the lender bank/finance house 

  • Salary slips for the previous months (as per the bank’s requirements)
  • Bank statements for the past couple of months (as per the bank’s requirements)
  • Trade licence only in case of self-employed candidates

Note that other documents may be required by the bank on a case-by-case basis. For this reason, it is advised to get in touch with your lender bank/ financial institution to get the list of documents required if any special requirements have been stated. 

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FAQs

What is the maximum available loan tenure for my personal loan for 7,000 salary?

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

Is instalment deferment allowed for personal loans?

Some banks offer a grace period for the repayment of the first instalment with no late payment fee. A few select banks also offer one or two free instalment deferments during the loan tenure. However, keep in mind it is not a common feature for all personal loans available in the UAE. 

Is salary transfer mandatory to get a personal loan for 7,000 salary?

No, a salary transfer is not mandatory for all personal loans for 7,000 salary. It depends on the individual requirements of the bank as well as the loan product concerned.

Which is the best bank to get personal loans in the UAE?

Some of the top banks to get your personal loan for AED 7,000 salary in UAE are First Abu Dhabi Bank, Mashreq Bank, Emirates NBD, Deem Finance, and Ajman Bank.

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