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Best Personal Loans in UAE

Personal Loan in UAE

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A personal loan is a good idea if you wish to avail of funds at quick notice for any personal requirements. Whether you are planning to start your business, remodel your home, or plan your children's education or marriage, a personal loan in UAE could prove helpful for the same. 

At the same time, it must be noted that the sheer number of options available in the country can make it confusing to select a specific plan for a personal loan in UAE. In such cases, it is crucial to be acquainted with the basics of the top plans available for the same.

Top 10 Best Personal Loans in UAE for 2023

Discussed below are the best personal loans in UAE for February 2023.

1. Citibank Personal Loan with Salary Transfer

Citibank has three branches, two innovative centres, a network of approximately 41 ATMs, as well as two citigold lounges in UAE. There are two types of personal loans available with Citibank – one with salary transfer and the other one without salary transfer. 

Let's discuss the various features of Citibank's personal loan in UAE with salary transfer.

Citibank Personal Loan Highlights

Minimum age

  • The applicant must be at least 21 years old

Monthly salary required

At least AED 8,000

Applicant category

  • The applicant should have confirmed salary employment or must have experience of at least three months on the current job
  • Applicant must be employed in a company that is a part of the approved employer list with Citi

Nationality

The applicant must be a UAE resident or a national

Interest rate

  • Flat rate – Between 3.8% and 4.9%
  • Reducing rate – Between 6.99% and 8.99%

Processing fees

No processing fee required

Repayment period

Flexible repayment period between 6 and 48 months

Maximum loan amount

AED 500,000 or up to 20 times the salary of the applicant

Arrangement fees

1% of the loan amount (minimum AED 500 and maximum AED 2,500)

Early settlement fees

1% of the outstanding principal amount

Documents required

  • Salary transfer letter
  • Passport copy or Emirates ID copy
Click here to Citibank Personal Loan with Salary Transfer

2. FAB Personal Loan for Expatriates with Salary Transfer

The First Abu Dhabi Bank (FAB) is one of the largest banks in the UAE, with the bank headquartered in Abu Dhabi. It provides a wide range of banking products and services across the UAE, with its personal loan being one such excellent product in its array.

First Abu Dhabi Bank offers four major types of personal loans in the UAE -

  • Personal loan for UAE nationals with salary transfer
  • Personal loan for UAE nationals without salary transfer
  • Personal loan for ex-pats with salary transfer
  • Personal loan for ex-pats without salary transfer

Let’s have a look at the features of the FAB personal loan for expatriates with salary transfer.

First Abu Dhabi Bank Personal Loan Highlights

Minimum age requirement

The applicant must be at least 21 years old

Monthly salary required

AED 7,000 or more

Category

The applicant must be employed in a government, semi-government, or reputable private organisation

Nationality

  • The applicant must be a UAE resident
  • They must hold a valid passport and UAE resident visa

Interest rates

  • Flat rate – 3.57% onwards
  • Reducing rate – 6.70% onwards

Note: The FAB also provides personal loans with variable rates of 3.99% albeit requiring the fulfilment of specific criteria for the same 

Processing fees

None 

Repayment period

Between 6 and 48 months

Maximum loan amount

Up to AED 2 million

Arrangement fees

NA

Early settlement fees

NA

Documents required

  • Salary transfer letter
  • Passport copy or Emirates ID copy
  • Bank statements of the applicant for the previous 3 months
  • Liability letter or buyout letter
Click here to Apply for  FAB Personal Loan for Expatriates with Salary Transfer

3. HSBC Personal Loan with Salary Transfer

HSBC provides a plethora of services like commercial banking, personal banking, and international banking, and access to markets to more than 40 million customers across the globe.

HSBC offers personal loans in UAE on reducing interest rates, meaning that with every instalment, the interest amount (being calculated on the outstanding amount) would decrease. HSBC personal loans are notable in that the personal loan application can be made online and sanctioned within just ten minutes!

HSBC Personal Loan Highlights

Age of the applicant

The applicant must be at least 21 years old and less than 65 years old

Monthly salary required

AED 10,000

Eligible applicant category

The applicant must have a current account with HSBC and have their salary credited to the same

Eligibility nationality

  • The applicant must be a UAE resident or a citizen
  • The applicant should possess a valid Emirates ID for identity proof

Interest rate

  • Flat rate - NA
  • Reducing rate - starting from 6.99%

 

Processing fees

No processing fee 

Repayment period

From 6 to 48 months

Maximum loan amount

AED 500,000 

Arrangement fees

1% of the loan amount 

Early settlement fees

NA

Documents required

  • Salary certificate
  • Passport copy or Emirates ID copy
  • Liability letter
Click here to Apply for HSBC Personal Loan with Salary Transfer

4. CBD Personal Loan without Salary Transfer

Commercial Bank of Dubai (CBD) is among the leading banks in the UAE. It offers corporate banking, personal banking, commercial banking, Islamic banking, and support services in conventional and Shariah-compliant formats.

You can apply for a Commercial Bank of Dubai personal loan on the official website of the bank and get the loan approved using your Emirates ID.

Commercial Bank of Dubai Personal Loan Highlights

Age of the applicant

The applicant must be between the ages of 21 years and 60 years

Monthly salary required

At least AED 10,000

Nationality

  • UAE residents and nationals can apply for this loan
  • A valid Emirates ID for identity proof must be possessed by the applicant

Interest rate

  • Flat rate – NA
  • Reducing rate – Ranging between 15.99% and 18.99%

Processing fees

No processing fee required

Repayment tenure

Minimum 6 months and maximum 48 months

Maximum loan amount

AED 150,000 

Arrangement fees

NA

Early settlement fees

NA

Documents required

Emirates ID and other documents at the bank's discretion

Click here to Apply for  CBD Personal Loan without Salary Transfer

5. Emirates Islamic Bank Personal Loan with Salary Transfer

Emirates Islamic Bank is one of the eminent Islamic banks in the UAE. It delivers banking services in line with Shariah principles and offers products designed for individuals, businesses, and large corporations.

Emirates Islamic personal finance is known for low-profit rates, flexible repayments, and a quick approval process. 

Emirates Islamic Personal Loan Highlights

Age requirement

The applicant must be between the ages of 21 years and 65 years

Required monthly salary

At least AED 10,000

Eligible applicant category

The applicant must have an account with the Emirates Islamic bank and have at least their first salary credited to the same account

Nationality

  • The applicant must be a UAE resident or a national
  • The applicant must have a valid Emirates ID as proof of identity

Profit rate

  • Flat rate – 2.25%
  • Reducing rate – 4.20%

Processing fees

Nominal processing fee and Takaful fee are applicable

Repayment tenure

Up to 4 years

Maximum loan amount

AED 4 million

Arrangement fees

NA

Early settlement fees

NA

Documents required

  • Salary certificate
  • Passport copy or Emirates ID copy
  • Liability letter
  • Trade licence
  • Last three months' bank statements
  • Completed application form
  • Account opening forms for shares trading
Click here to Apply for Emirates Islamic Bank Personal Loan with Salary Transfer

6. Standard Chartered Bank Personal Loan without Salary Transfer

Standard Chartered Bank is an international bank and among the oldest financial institutions in the UAE. It provides multiple banking products to cater to the requirements of its diverse pool of customers in the region.

Standard Chartered Bank provides personal loans that offer high loan amounts of up to 20 salary multiples with competitive profit rates. 

Standard Chartered Bank Personal Loan Highlights

Age requirements

The applicant's minimum age is 21 years old, and the maximum age is 65 years old.

Monthly salary requirements

The monthly minimum salary requirement is AED 30000.

Nationality

  • Both UAE Nationals and Expatriates can apply.
  • He should have a valid Emirates ID for identity proof.

Profit rate

  • Flat rate – 4.16%
  • Reducing rate – 7.55%

Processing fees

NA

Repayment period

Up to 48 months.

Maximum loan amount

NA

Arrangement fees

NA

Early settlement fees

NA

Documents required

  • Salary certificate
  • Passport copy or Emirates ID copy
  • Liability letter
  • Trade licence
  • Last three months' bank statements
  • Completed application form
  • Account opening forms for shares trading
Click here to Apply for Standard Chartered Bank Personal Loan without Salary Transfer

7. Mashreq Bank Personal Loan with Salary Transfer

Headquartered in Dubai, Mashreq Bank is one of the most renowned providers of commercial banking, investment banking, commercial banking, Islamic banking, brokerage services, asset management services, and retail banking services. 

Whether you need to pay for education, plan your next holiday, or renovate your home, Mashreq bank has made it easy to get a personal loan for each requirement in the UAE.

Mashreq Bank Personal Loan Highlights

Age

The applicant must be at least 21 years old

Monthly salary required

Applicants must have a monthly salary of at least AED 7,000 (ex-pat) and AED 10,000 (for UAE nationals)

Category

Applicants must have an account with Mashreq bank and transfer the salary to this account to be considered eligible

Nationality

The applicant must be a UAE resident and have a valid Emirates ID for identity proof

Interest rate

  • Flat rate - 3.43%
  • Reducing rate - 5.99%

Processing fees

NA

Repayment period

Up to 4 years

Maximum loan amount

AED 1,000,000

Arrangement fees

1% of the loan amount

Early settlement fees

1% of the finance amount

Documents required

Emirates ID, salary transfer letter, copy of passport, and so forth

Click here to Apply for Mashreq Personal Loan with Salary Transfer

8. Emirates NBD Personal Loan without Salary Transfer

Emirates NBD is another popular financial institution in the UAE, with the bank offering numerous services and products. Emirates NBD also offers personal loans, which are notable for their low rates and high loan amounts. 

There are primarily five types of personal loans available in the UAE –

Given below are the features of Emirates NBD personal loan without salary transfer-

Emirates NBD Bank Personal Loan Highlights

Age

The applicant must be of at least 21 years of age

Monthly salary required

  • The monthly minimum salary requirement is AED 6,000 for applicants with existing credit cards or auto loans (of Emirates NBD)
  • The minimum monthly salary requirement is AED 12,000 for applicants without an existing credit card/account or auto loan

Applicant category

Applicant should have at least 6 months’ work experience at the current company

Nationality

  • Both UAE Nationals and Expats can apply for the loan
  • Applicant should have a valid Emirates ID for identity proof

Interest rate

  • Flat rate – 2.90%
  • Reducing rate – 5.49%

Processing fees

NA

Repayment period

Flexible extended repayment period 

Maximum loan amount

AED 800,000

Arrangement fees

1% of the loan amount

Early settlement fees

1% of the finance amount

Documents required

As per the bank’s requirements

Click here to Apply for Emirates NBD Personal Loan without Salary Transfer

9. ADCB Personal Loan without Salary Transfer

Abu Dhabi Commercial Bank (ADCB) offers various rewards with its personal loan in UAE like membership in the ADCB rewards program and more. ADCB personal loan is one of the most highly-acclaimed products in the UAE, with the applicant getting a loan amount of up to 20 times their salary.

ADCB primarily offers two types of personal loans – Personal loans for UAE Nationals and Personal loans for Expatriates. The table below gives the key features of ADCB personal loans without salary transfer.

Abu Dhabi Commercial Bank Personal Loan Highlights

Age requirements

The applicant must be at least 21 years old and at most 65 years old

Minimum monthly salary required

AED 7,500

Nationality

Both UAE nationals and ex-pats can apply for the loan

Interest rate

  • Flat rate – 3.45%
  • Reducing rate –  6.25%

Processing fees

NA

Repayment period

Up to 4 years

Maximum loan amount

  • For UAE Nationals – AED 750,000
  • For Expatriates – AED 600,000

Arrangement fees

NA

Early settlement fees

NA

Documents required

  • Completed loan application form
  • A valid passport and UAE resident visa for expatriates
  • Valid Emirates ID
  • Three months bank statement of the applicant
  • Salary transfer letter
  • Liability and clearance letter (switching from one bank to another)
  • Salary certificate
Click here to Apply for ADCB Personal Loan without Salary Transfer

10. Ajman Bank Personal Loan with Salary Transfer

Ajman Bank offers different types of loans catering to the needs of various segments of the market. Personal loans by Ajman Bank are available in varieties like –

  • Commodity Murabaha (which includes Standard Murabaha and Takeover Murabaha)
  • Goods Murabaha 
  • Service Ijarah (including Standard Ijarah, Education Ijarah, and Hajj Ijarah)

The following are some of the features of Ajman Bank personal loan with salary transfer -

Ajman Bank Personal Loan Highlights

Age

The applicant must be 21 years of age or above

Monthly salary required

AED 6,500 for ex-pats and AED 8,000 for nationals

Applicant category

The applicant must be employed at a government, semi-government, or reputable private organisation

Nationality

Both UAE nationals and expatriates can apply for the loan

Profit rate

  • Flat rate –  3.30%
  • Reducing rate –  5.99%

Processing fees

NA

Repayment period

Up to 4 years 

Maximum loan amount

AED 1 million for expatriates and AED 3 million for nationals

Arrangement fees

NA

Early settlement fees

NA

Documents required

  • Completed loan application form
  • Copy of valid passport and UAE resident visa (originals must also be presented)
  • Valid Emirates ID
  • Three months’ bank statement of the applicant
  • Salary transfer letter
  • Liability and clearance letter (switching from one bank to another)
  • Salary certificate 
Click here to Apply for Ajman Bank Personal Loan with Salary Transfer

Key Takeaways

Obtaining a personal loan can be helpful for individuals requiring funds without much delay or the hassle of documentation. However, before opting for a particular personal loan plan, it is necessary to scout the market and compare the top plans. Having a suitable personal loan plan that fulfils your requirements and can be repaid without compromising your budget is necessary for maintaining your finances without having your credit score impacted negatively.

With plenty of banks and financial institutions in the UAE providing personal loans, numerous options are now available to residents. The list provided in the article above summarises the top 10 best personal loans in UAE for February 2023 that you can refer to and make a well-informed decision. 

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