Personal Loan for UAE Nationals with Free Cheque Book

A wide range of banking products is available for all UAE nationals and UAE ex-pats to help them manage their finances in the UAE. One such product is a personal loan, as individuals can avail of this type of loan for their personal requirements such as children’s marriage, expansion of business, and more. Most banks include benefits in their personal loan products such as cheque books and more. 

In this article, we will look into the personal loans for UAE nationals with free cheque book.

Personal Loan for UAE Nationals with Free Cheque Book

1. Emirates NBD: Personal Cash Loan 

The personal cash loan product by Emirates NBD brings various attractive benefits to its customers, with one such feature being a free cheque book. Apart from this, the other features and benefits of Emirates NBD Personal Loan Cash include the following - 

• UAE expatriates are also eligible to get this product
• The minimum salary to apply for this personal loan is AED 6,000.
• Emirates NBD provides a maximum loan amount of 500,000.
• The early settlement fee is 1% of the total finance amount
• Salary transfer is not mandatory to avail of this personal loan
• The arrangement fee is 1% of the finance amount
• A flat rate of 7.9% is offered by the financial institution
• The reducing rate for this personal loan product is 8.99%
• Emirates NBD offers a flexible loan repayment tenure of up to 4 years
• Borrowers can miss up to two non-consecutive instalments per year
• Individuals can open their personal loan bank account for free
• Upon purchasing the product, Emirates NBD provides customers with a free debit card
• Individuals can fetch their personal loan-related information via phone banking for free
• In the UAE region, there are around 560 Emirates NBD ATMs

Documents Required

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

2. Mashreq Bank: Personal Loan for UAE Nationals

Mashreq banks offer numerous personal loan products for both UAE nationals and UAE expatriates. UAE nationals can get various benefits upon buying personal loans from the Mashreq bank, including a free cheque book. Other than that, here are the major features and benefits of this Mashreq Bank personal loan for UAE nationals – 

• The bank provides a maximum of AED 150,000 as the finance amount
• A salary of at least AED 10,000 is required to apply for this personal loan product for UAE nationals (for unapproved companies) and AED 7,000 (for approved companies)
• The flat rate offered by the bank for this product is 3.43%
• The reducing rate offered for this personal loan is 5.99%
• Islamic finance option is available
• Individuals purchasing this personal loan for UAE nationals can repay their loan within a period of up to 48 months
• The entire loan procedure is quick and involves minimal documentation
• Upon purchasing the personal loan product, individuals can open their bank account for free
• A free debit card is provided with this personal product
• Salary transfer is mandatory to avail of this personal loan
• Customers of Mashreq Bank personal loans for UAE nationals can access their loan-related details through the phone banking facility  

Documents Required

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

In a Nutshell 

With a few banks offering personal loans for UAE nationals with free cheque books, you can easily get a personal loan in UAE for yourself after figuring out your preferences. It is crucial to look into the benefits and features of each plan and compare them to get the best deal for yourself. While a free cheque book is certainly a useful benefit, you should also be on the lookout for other benefits that match your requirements.

If you face any issues while carrying out the loan application process or require any additional information, you can reach out to our customer care support by calling 042472904 or sending us an email concerning your query at communication@policybazaar.ae.