Get personal loan at Lowest Interest Rate
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.
Discussed below are the top 6 banks that offer personal loan or finance in the UAE -
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:
|Click here to Apply for Emirates NBD Personal Loan
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:
|Click here to Apply for Deem Finance Personal Loan
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 -
|Click here to Apply for Commercial Bank of Dubai Personal Loan
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 -
|Click here to Apply for Emirates Islamic Bank Personal Loan
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 -
|Click here to Apply for First Abu Dhabi Bank Personal Loan
The following are the top personal loan and finance products in the UAE from the major providers -
|Features and Benefits
|Emirates NBD Loans for Expatriates
|Emirates NBD Loans for UAE Nationals
|Deem Finance Personal Loan
|Commercial Bank of Dubai Quick Loan
|Emirates Islamic Bank Personal Finance for UAE Nationals
|Emirates Islamic Bank Personal Finance for Expats
|First Abu Dhabi Bank Personal Loan for UAE Nationals
|First Abu Dhabi Bank Personal Loan for Expats
|First Abu Dhabi Bank Non-Salary Transfer Personal Loan for UAE Nationals
|First Abu Dhabi Bank Non- Salary Transfer Personal Loan for Expatriates
Mentioned below is the basic list of eligibility criteria for personal loan in the UAE -
Listed below are the documents to apply for personal loan in the UAE -
Residents of the UAE looking for a personal loan can conveniently initiate their application process via Policybazaar.ae through these straightforward steps:
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.
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.
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.
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.