Top Personal Loan Finance in UAE

Personal Loan in UAE

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In the bustling financial landscape of the United Arab Emirates (UAE), personal loans have emerged as a crucial resource for individuals seeking financial support for various needs, from home renovations to education expenses. As the demand for personal loans continues to soar, it becomes pretty important to understand the landscape of loan issuers.

This article will dive into the world of personal loan issuers in the UAE, shedding light on the key players in this dynamic industry. We will explore the diverse range of financial institutions, both traditional and digital, that provide personal loans to UAE residents, uncovering their unique offerings, eligibility criteria, and application processes.

Whether you are a seasoned borrower or a newcomer to the realm of personal loans, this comprehensive guide will equip you with the knowledge needed to make informed financial decisions in the UAE.

Top 6 Banks in the UAE that Offer Personal Loan/Finance

Discussed below are the top 6 banks that offer personal loan or finance in the UAE -

1- Emirates NBD

Established in 1963, Emirates NBD is one of the leading banks in the MENAT region and actively functions in India, Turkey, Egypt, the Kingdom of Saudi Arabia, Germany, Austria, Bahrain, Russia, the United Kingdom, Singapore, and more. The bank is renowned for its line of credit products including personal loans, credit cards, home loans, auto loans, and more.

Emirates NBD offers personal loans that require salary transfer at competitive interest rates. The personal loan is available for Emiratis and Expatriates alike. The basic features of the loan are as follows:

  • Loan amount of up to AED 4,000,000 (UAE nationals) and up to AED 2,000,000 (expatriates)
  • Free insurance 
  • First payment deferment
  • Free processing fee for Emiratis
  • Competitive interest rates
Click here to Apply for Emirates NBD Personal Loan

2- Deem Finance

Deem operates as a financial services provider under the oversight of the Central Bank of the UAE and is affiliated with the UAE's Gargash Group conglomerate. Through its innovative cashback and loyalty-focused cards as well as personal loans, Deem has successfully developed a diverse customer base in the UAE.

Deem offers a comprehensive array of financial products, including unsecured loans and credit cards for individuals as well as corporate deposit solutions for companies. The following are the features of one of its most sought-after products - personal loans:

  • You can find out if you are eligible for the loan within a few minutes after completing the online application process
  • Flexible loan repayment tenure - 1, 2, 3, or 4 years
  • No salary transfer required
  • Option to terminate the loan in case of an unfortunate event of demise or terminal illness through Deem Credit Life Plus
Click here to Apply for Deem Finance Personal Loan

3- Commercial Bank of Dubai

The Commercial Bank of Dubai (CBD) stands as a stalwart pillar in the UAE's banking landscape. Established in 1969, CBD has grown into a dynamic and customer-centric financial institution. Renowned for its commitment to excellence, CBD offers a wide spectrum of banking and financial services, ranging from corporate and retail banking to wealth management and treasury solutions.

The bank's unwavering dedication to innovation has earned it a reputation for pioneering digital banking experiences, making it a preferred choice for both individuals and businesses. With a steadfast focus on customer satisfaction and a legacy of trust, CBD continues to play a vital role in driving economic growth in the region.

One of the most popular credit products of CBD is its personal loan. Here are some salient features of this credit product -

  • High loan limits available to both Emiratis and residents of the UAE
  • Competitive interest rates 
  • Flexible repayment tenure with maximum tenure of 48 months
  • Enjoy a current account without the necessity of maintaining a minimum balance
  • Enhance your existing CBD Personal Loan with Top-up
  • Switch or migrate your personal loan from other banks — with or without increasing the principal
  • Complimentary debit card for hassle-free purchases and withdrawals
  • Explore the option of loan deferment for added convenience
Click here to Apply for Commercial Bank of Dubai Personal Loan

4- Emirates Islamic Bank

Emirates Islamic Bank (EIB), a pioneering financial institution in the UAE, stands at the forefront of Islamic banking and offers innovative and Sharia-compliant solutions to a diverse clientele. With a commitment to excellence, EIB prioritises customer satisfaction, ensuring a seamless and ethical banking experience.

The bank provides a wide range of financial products and services, including savings and current accounts, home and personal financing, credit cards, and investment opportunities that align with Islamic principles.

Personal finance is one of the most applied for products with Emirates Islamic. Here are the top features of this product -

  • High personal finance amount of up to AED 4,000,000 (for UAE nationals) and up to AED 2,000,000 (for expatriates)
  • Affordable profit rates
  • Quick finance approval process
  • Flexible finance tenure - Up to 4 years
  • Nominal processing charges
  • Sharia-adhering credit product
  • No overlimit charges or additional charges
  • Follows the Murabaha structure
Click here to Apply for Emirates Islamic Bank Personal Loan

5- First Abu Dhabi Bank

First Abu Dhabi Bank (FAB) stands as a financial powerhouse of the UAE’s banking sector. With an illustrious legacy and a global presence, FAB has earned a reputation for excellence and innovation. As the largest bank in the UAE and one of the world's leading financial institutions, FAB offers a comprehensive range of banking and financial services to individuals, businesses, and institutions.

Its commitment to customer satisfaction is evident through tailored solutions, cutting-edge digital banking services, and a robust network of branches and ATMs. The bank offers exceptional personal loans that can provide you with funds for emergencies, higher education, purchasing a new home or a new car, and more.

Have a look at the salient features of this personal loan from FAB -

  • Option of salary and non-salary transfer personal loans available.
  • Competitive interest rates
  • Flexible loan repayment tenure - up to 4 years
  • High amount
  • Loans available for Emiratis and expatriates
Click here to Apply for First Abu Dhabi Bank Personal Loan

Personal Loans/Finance Offered by the Top 6 Banks in the UAE

The following are the top personal loan and finance products in the UAE from the major providers -

Personal Loan Features and Benefits  
Emirates NBD Loans for Expatriates
  • Minimum Salary - AED 5,000 per month
  • Maximum amount - Up to AED 2,000,000
  • Option to return the loan within 7 days from the date of loan issuance
  • Avail up to 2 non-consecutive deferments 
  • Fixed rate - 3.03% to 8.72% per annum
  • Reducing rate - 5.69% to 15.99% per annum
  • Complimentary zero balance bank account
  • No collateral or guarantor necessary
  • First year free credit card with eligible Miles/Points
  • Credit Life Insurance to cover for outstanding amount in case of an unfortunate event
  • Flexible loan repayment tenure - Up to 48 months
  • Complimentary first year setup fee on overdraft
  • First instalment deferment for up to 90 days
Apply Now
Emirates NBD Loans for UAE Nationals
  • Minimum Salary - AED 5,000 per month
  • Amount - Up to AED 4,000,000
  • Flexible Loan Repayment Tenure - Up to 48 months (up to 60 months for Ministry of Defence employees)
  • Fixed Rate - 2.75% to 8.72% per annum
  • Reducing Rate - 5.15% to 15.99% per annum
  • Option to return the loan within 7 days from the date of loan issuance
  • No collateral required
  • No collateral or guarantor necessary
  • First year free credit card with eligible Miles/Points
  • Credit Life Insurance to cover for outstanding amount in case of an unfortunate event
  • Option to consolidate debt with Emirates NBD at attractive interest rates
  • Free first year setup fee on overdraft
  • First instalment deferment for up to 120 days
Apply Now
Deem Finance Personal Loan
  • Minimum Salary - AED 5,000 per month
  • No salary transfer required
  • Reducing interest rate - 15.99% to 34.99% per annum
  • Affordable monthly instalments
  • Minimal paperwork 
  • Flexible loan repayment tenure - 1, 2, 3, or 4 years
  • Facility to cover the loan in case of an unfortunate event of demise or terminal illness through Deem Credit Life Plus
Apply Now
Commercial Bank of Dubai Quick Loan
  • Minimum Salary - AED 8,000 per month
  • Maximum Amount - AED 150,000
  • Loan Repayment Tenure - Up to 48 months
  • Apply for the loan using Emirates ID on the CBD app and get instant loan approval
  • 100% digital application within a few steps
  • No salary transfer required
  • When applying for Quick/Digi loans without salary transfer, a processing fee of 0.5% of the amount will be levied, with a minimum charge of AED 525 and a maximum charge of AED 787.5
  • Fixed Rate - Starting from 7.6% per annum
  • Reducing Rate - Starting from 14% per annum
Apply Now
Emirates Islamic Bank Personal Finance for UAE Nationals
  • Minimum Salary - AED 10,000 per annum
  • Fixed Rate - 2.79% per annum
  • Reducing Rate - 5.11% per annum
  • High Finance Amount - Up to AED 4,000,000
  • Nominal processing fees
  • Free Takaful coverage
  • Salary transfer required
  • Shariah-compliant credit product
  • Grace period of up to 120 days
  • Flexible Finance Repayment Tenure - Up to 4 years
  • No over limit fees or additional charges
  • Follows Murabaha structure
  • Quick loan process
Apply Now
Emirates Islamic Bank Personal Finance for Expats
  • Minimum Salary - AED 10,000 per annum
  • Fixed Rate - 2.89% per annum
  • Reducing Rate - 5.29% per annum
  • High Finance Amount - Up to AED 2,000,000
  • Nominal processing fees
  • Free Takaful coverage
  • Salary transfer required
  • Shariah-compliant credit product
  • Grace period of up to 90 days
  • Flexible Finance Repayment Tenure - Up to 4 years
  • No over limit fees or additional charges
  • Follows Murabaha structure
  • Quick loan process
Apply Now
First Abu Dhabi Bank Personal Loan for UAE Nationals 
  • Minimum Salary - AED 7,000 per month
  • Loan amount - Up to AED 5,000,000
  • Grace Period of up to 150 days
  • Fixed Rate - 2.88% per annum
  • Reducing Rate - 5.95% per annum
  • Fast track approval
  • Flexible loan repayment tenure - Up to 48 months (up to 60 months for Ministry of Defence employees)
  • Comprehensive personal life insurance coverage 
  • Hassle-free documentation
Apply Now
First Abu Dhabi Bank Personal Loan for Expats
  • Minimum Salary - AED 7,000 per annum
  • Maximum Amount - AED 2,000,000
  • Fixed Rate - 3.43% per annum
  • Reducing Rate - 6.95% per annum
  • Grace period of up to 90 days
  • Salary transfer required
  • Fast and easy tracking of loan approval
  • Hassle-free documentation
  • Flexible loan repayment tenure - Up to 48 months
  • Comprehensive life insurance coverage
Apply Now
First Abu Dhabi Bank Non-Salary Transfer Personal Loan for UAE Nationals
  • Minimum Salary - AED 15,000 per month
  • Maximum amount - AED 1,000,000
  • Flexible Loan Repayment Tenure - Up to 48 months (up to 60 months for Ministry of Defence employees)
  • No salary transfer required
  • You can still access a personal loan with FAB, even if your employer is not included in FAB's Approved List of Employers
  • Comprehensive life insurance coverage
  • A one-time processing fee of 1.05% will be charged on the amount, with a minimum of AED 525 and a maximum of AED 2,625. Note that a fee for life insurance may also apply.
  • Fixed Rate - 5.43% per annum
  • Reducing Rate - 10.49% per annum
Apply Now
First Abu Dhabi Bank Non- Salary Transfer Personal Loan for Expatriates
  • Minimum Salary - AED 15,000 per month
  • Obtain generous loan sums of up to AED 600,000 with adaptable repayment options extending up to 48 months
  • No need for a salary transfer to a FAB account — you can conveniently settle your instalments from your monthly salary-receiving bank account
  • Secure a personal loan even if your employer is not mentioned in FAB's Approved List of Employers
  • Enjoy the advantages of inclusive life insurance coverage
  • There is no obligation for a salary transfer
  • Fixed Rate - 8.39% per annum
  • Reducing Rate - 15.49% per annum
Apply Now

Compare and apply best personal loan

How to Apply for Personal Loan/Finance in the UAE?

Eligibility Criteria to Apply for Personal Loan in the UAE

Mentioned below is the basic list of eligibility criteria for personal loan in the UAE -

  • Individuals residing in the UAE, including both residents and citizens, can apply
  • The eligible age range is from 21 years to 65 years
  • Minimum monthly salary of AED 5,000, although the specific criteria depend on the particular bank
  • Typically, you will need to maintain an active current account with the respective UAE bank in most instances
  • Employment status can be either salaried or self-employed
  • A minimum credit Score of at least 580 is generally required, although the precise criteria may vary depending on the bank

Documents Required to Apply for Personal Finance in the UAE

Listed below are the documents to apply for personal loan in the UAE -

  • Emirates ID
  • Letter confirming salary transfer
  • Salary Certificate
  • A copy of your passport along with a UAE resident visa (if applicable for expatriates)
  • Bank statement for the previous three to six months
  • Business licence (for those who are self-employed)

Apply for Personal Loan on Policybazaar.ae

Residents of the UAE looking for a personal loan can conveniently initiate their application process via Policybazaar.ae through these straightforward steps:

  • Start by visiting the official Policybazaar.ae website.
  • Navigate to the 'Personal Loan' section.
  • Complete the necessary application form by providing essential details such as your name, email address, and contact number, and proceed by clicking the relevant button.
  • Upon submission of this information, you will be directed to a page displaying comprehensive personal loan quotes, including interest rates, loan features, and more offered by various banks.
  • Choose the loan option that aligns with your specific requirements.
  • After submitting your request, a personal loan expert from Policybazaar.ae will reach out to provide further assistance.

In this way, Policybazaar.ae simplifies the personal loan acquisition process, ensuring that users are able to secure the best personal loan rates in the UAE with ease.

Frequently Asked Questions

Q1. How can you negotiate a better interest rate for a personal loan in the UAE?

Ans: To negotiate the interest rate being offered for this loan in the UAE, it's important to first have a strong credit score. Typically, banks provide lower interest rates to individuals with high credit scores as they are seen as lower-risk borrowers.

Nevertheless, if you find the initial offer unsatisfactory, achieving a higher credit score and honing your negotiation skills will be essential.

Q2. Can a student apply for personal finance in the UAE?

Ans: Unless explicitly stated by the bank or with the presence of a guarantor, a student is not eligible to apply for personal loans. The loan's eligibility criteria encompass a minimum monthly salary and an age range of 21 to 65 years. Additionally, certain lenders may mandate salary transfers and proof of employment with a company affiliated with the lender.

With that said, some lenders in the UAE offer personal loans without requiring the borrower's company to be listed. If you are a student, you can explore the option of applying for an education loan with a guarantor.

Q3. Is insurance mandatory for a personal loan in the UAE?

Ans: While personal loan insurance in the UAE is optional, it provides coverage for the policyholder's loan in cases such as job loss or unexpected disability. This insurance safeguards both the monthly loan payments and the insured individual from defaulting on the loan.

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