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Personal Loan for UAE Nationals with Free Bank Account

Personal Loan in UAE

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A large number of financial institutions offer personal loans in UAE to help UAE nationals and expatriates fulfil their personal requirements and obligations. As one may expect, each loan product comes with different features and benefits, including complimentary services as well. 

Personal Loan for UAE Nationals with Free Bank Account 

Given below is the list of personal loan for UAE nationals with free bank accounts in the UAE – 

1. United Arab Bank Personal Loan 

The United Arab Bank offers banking solutions such as personal banking, Islamic banking, and corporate banking, and is a renowned provider of personal loans to both UAE nationals and ex-pats. The financial institution offers a free bank account with its personal loan for UAE national products as well. 

Features and Benefits – 

  • The bank offers a high financing amount of up to AED 300,000
  • The minimum salary requirement to apply for the personal loan is AED 7,500
  • Salary transfer is mandatory under this scheme
  • The flat rate for this personal loan product is 2.89%, while the offered reducing rate is 5.25%
  • Individuals can flexibly repay the loan amount and get up to 3 months’ grace period on their first instalments
  • The entire process to obtain this personal loan is easy and can be completed quickly
  • Borrowers can also apply for a credit card
  • United Arab Bank gives a free debit card upon purchasing the personal loan
  • Customers can use phone banking to fetch details of their personal loan for UAE nationals with free bank account

Documents Required

  • Valid national ID (Emirates ID)
  • Valid passport
  • A recent utility bill in the name of the borrower – this can include an electricity bill, rental contract, or a telephone bill
  • Employment verification document or proof of salary
  • Valid salary transfer letter
  • Previous bank account statement of the previous 6 months

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2. Mashreq Bank: Personal Loan for UAE Nationals 

Mashreq bank, founded in 1967, is another one on the list of financial institutions providing personal loan in UAE to both expatriates and nationals. UAE Nationals applying for Mashreq personal loan can get numerous benefits that include a free bank account. 

Have a look at the other features and benefits of this personal loan product – 

  • The minimum salary requirement to avail of this loan product is AED 7,000 for approved companies and AED 10,000 for unapproved companies 
  • Finance amount of up to AED 150,000 is offered with this personal loan for UAE nationals
  • Borrowers can repay the loan amount within a flexible tenure of up to 48 months
  • The documentation process for this personal loan is seamless and swift 
  • Islamic finance option is available with this personal loan for UAE nationals
  • The flat rate offered is 3.43% and the reducing rate is 5.99%
  • Customers can get a free chequebook and a free debit card by availing of this loan
  • Salary transfer is required
  • Borrowers can access their loan-related information via phone banking for free

Documents Required

  • A valid copy of the passport
  • Valid Emirates ID
  • A valid salary transfer letter from the current employer as per the format stated by Mashreq bank or an original salary certificate for government or semi-government employees
  • Previous 3 months’ bank account statements with salary credits

3. Emirates NBD: UAE National Loan 

Officially listed on the Dubai Financial Market, Emirates NBD is one of the top-rated banks in the UAE. It is also a good choice for individuals looking for Emirates NBD personal loan for UAE nationals with free bank account. 

Here’s the list of other benefits and features of the personal loan – 

  • The minimum salary requirement for this personal loan is AED 5,000 for applicants with an existing auto loan, account, or credit card in Emirates NBD
  • Applicants without an existing account, auto loan, or credit card in Emirates NBD would need to fulfil the minimum salary requirement of AED 12,000 
  • A loan amount of up to AED 800,000 is offered with this personal loan
  • Borrowers can repay the loan within a flexible duration of up to 4 years
  • An interest rate of 8.99% is offered by the bank
  • The early settlement fee is 1% of the finance amount
  • The arrangement fee is 1% of the finance amount
  • Salary transfer is not required
  • The flat rate and the reducing rate start at 2.90% and 5.49%, respectively
  • Borrowers can get a free debit card with this personal loan for UAE nationals 

Documents Required

  • Valid Emirates ID
  • Valid passport
  • Valid proof of employment for the past 6 months

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4. Emirates NBD: Personal Loan Cash

  • The minimum salary requirement for UAE nationals to avail of this personal loan is AED 6,000
  • Emirates NBD offers up to AED 500,000 as the loan amount
  • The loan repayment tenure period can go up to 4 years
  • The flat and reducing rates are 4.86% and 8.99%, respectively
  • Both the arrangement fee and the early settlement fee are 1% of the loan amount
  • Salary transfer is not mandatory to apply for this personal loan
  • Customers can miss up to two non-consecutive instalments per year
  • Emirates NBD gives a free debit card and chequebook
  • Phone banking facility is available for free
  • You can find around 560 Emirates NBD ATMs across the UAE 

Documents Required

  • Valid Emirates ID
  • Valid passport
  • Previous 3 months’ bank account statements

In a Nutshell

Personal loans come in handy whenever you need additional monetary support to bear your personal expenses. However, considering their higher interest rates compared to other loans, it is necessary to make sure to choose a product that suits your requirements and budget. 

It is advisable to check for the loan repayment duration and whether you will able to repay the amount within the specified loan tenure. Similarly, you should check for other benefits besides free bank accounts to make the most of the loan.

For a seamless experience of selecting and buying the ideal personal loan in UAE for you, visit our website policybazaar.ae. Our online platform allows personal loan seekers to compare and choose the best plans within a few simple clicks. Moreover, our website is easy to browse through, and our collection of plans is made up of the best personal loans from the leading providers in the UAE. 

If you face any issues related to a personal loan in UAE, get in touch with our 24*7 customer care support at 0424729054 or drop us an email at communication@policybazaar.ae.

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