Best Personal Loans in UAE for February 2023 | Best Personal Loan in Dubai

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 –

Emirates NBD salary transfer loans
Emirates NBD personal loan for new employment or new to the country
Emirates NBD personal cash loan
Emirates NBD personal loan for self-employed professionals
Personal loan for self-employed Individuals

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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