Personal Loan for UAE Nationals with Salary Transfer
Finding the most appropriate personal loan that aligns with the requirements and budget of a borrower is a challenging task, given a large number of options available for UAE nationals. With the UAE being home to various financial institutions, multiple lending institutions provide personal loans with salary transfers at affordable interest rates along with various features and benefits.
To help you with your personal loan selection, we have listed below the top financial and lending institutions that offer personal loans for UAE nationals with salary transfers. Read the article to find out the eligibility criteria, features, benefits, and documents required to fast-track the personal loan application process.
Top Banks Providing Personal Loans for UAE Nationals with Salary Transfer
Without further ado, let’s have a look at the leading financial institutions in the UAE offering personal loans for UAE Nationals with salary transfer –
1. EIB Personal finance for UAE nationals with Salary Transfer
The Emirates Islamic Bank offers personal finance for UAE nationals with a financing structure adhering to the laws of Shariah concerning finance. It is a remarkable personal loan in that it provides a loan amount of up to AED 4 million with a flexible repayment period of up to 4 years.
Features and Benefits for EIB Personal Finance for UAE Nationals
Islamic financing product based on Shariah laws
Maximum loan amount of up to AED 4 million provided
Flat rate of 2.89 % per annum
Reducing rate of 5.29% per annum
No extra fees or over limit fees while applying for the loan
Quick loan approval process
Insurance cover included
Can be used to pay external credit cards bills for a lower monthly payment
Provision to utilise the loan to combine debts using an easy payment plan
Documents Required for EIB Personal Finance for UAE Nationals
Completed and signed personal loan application form
Bank statements for the previous three months
Salary certificate or salary transfer letter
Minimum age – 21 years
Duration of service – Minimum one month or first salary transfer to Emirates Islamic Bank
Maximum age – 65 years for UAE nationals
Repayment tenure of the loan – 48 months for standard debt settlement and 300 months for special debt settlement
2. Citibank Personal Loan for UAE Nationals with Salary Transfer
Citibank is one of the renowned banks in the UAE offering personal loans with salary transfer for UAE nationals. The maximum loan amount offered is up to AED 500,000 or twenty times the borrower's salary, with a flexible repayment period ranging between 6 and 48 months.
Features and Benefits
Conventional loan product
0 % processing fee
Arrangement fees – 1% of the total finance amount
Maximum loan amount – Up to AED 5,00,000 or up to 20 times your salary
Early settlement fee – 1% of the total outstanding principal amount
Swift loan approval process
In-principal approval of the loan within 10 minutes
Online application process available
Option to top up the loan whenever required
Salary transfer letter
Emirates ID copy
Minimum age required – 21 years
Duration of service – Minimum three months and employment in any one of the companies listed with the Citibank
3. FAB Personal loan for UAE nationals with Salary Transfer
Securing a personal loan with a salary transfer from the First Abu Dhabi Bank (FAB) can be an excellent choice for UAE nationals. The bank offers a host of benefits to borrowers apart from a high loan amount of up to AED 5 million.
Features and Benefits for FAB Personal loan for UAE nationals
Grace period of up to 150 days before the first loan instalment
Quick and easy loan approval process
Maximum loan amount – AED 5 million
Repayment period – Up to 48 months (60 months in case of employees of the Ministry of Defence)
Comprehensive personal life insurance cover with the loan
Reducing interest – 5.45%
Flat rate of interest – 2.88%
Reducing interest rate of 5.45% is applicable, provided the following conditions are met by the borrower –
Minimum salary required – AED 7,000
Must be employed in a company listed and approved by the First Abu Dhabi Bank
Must have a salary transfer account in First Abu Dhabi Bank
Salary certificate addressed to the bank or salary transfer letter
Duly filled and signed application form by the applicant
Copy of Emirates ID (original document to be shown to the bank)
Minimum monthly income – AED 7,000
Minimum age requirement – 21 years
Applicant must be employed in a government, a semi-government, or a recognised private organisation in the UAE
4. HSBC Personal Loan for UAE Nationals with Salary Transfer
With HSBC bank personal loans for UAE nationals with salary transfer in the UAE, you can get a loan amount of up to AED 500,000 with a flexible repayment tenure of up to 48 months. HSBC personal loans are popular in the emirates owing to their attractive features, ease of application, and more.
Features and Benefits for HSBC Personal Loan
Maximum loan amount – AED 500,000
Repayment Period – Up to 48 months
Loan approval in 10 minutes via online mode
Top-up option available
Free credit life insurance
Documents Required for HSBC Personal Loan
Passport with visa page
Minimum salary required – AED 10,000 per month
Age requirement – the applicant must be between the ages of 21 and 65 years
5. Mashreq Personal Loan for UAE Nationals with Salary Transfer
Mashreq bank, one of the prominent banks in UAE offering a personal loan with salary transfer, provides loan amounts of up to AED 150,000 with a loan repayment tenure of up to 48 months. Additionally, borrowers can avail of exciting bundled offers including free insurance coverage, complimentary debit and credit card, and so on.
Features and Benefits for Mashreq Personal Loan for UAE Nationals
Maximum loan amount – AED 150,000
Competitive interest rates – Flat interest rate of 3.43% and reducing interest rate of 5.99%
Minimal documentation and quick loan processing
Repayment tenure of up to 48 months
Islamic finance option available
Other benefits –
Free insurance cover
Free debit card
Complimentary bank account
Bank account statement of the latest three months with salary credits
Salary transfer letter as per bank’s format or salary transfer as per government/semi-government
Salary must be transferred to the Mashreq bank account
6. Emirates NBD Personal Loan for UAE National with Salary Transfer
Emirates NBD is another lending institution known for offering personal loans to UAE nationals with salary transfer at reasonable interest rates. Borrowers can avail of up to AED 500,000 loan amount and easily repay it in affordable instalments over a loan repayment tenure of up to 48 months.
Features and Benefits:
Maximum loan amount – AED 500,000
Repayment loan period – 4 years/48 months
Both UAE nationals and ex-pats can apply for the loan
Early settlement fee – 1 % of the loan amount
Arrangement fee – 1 % of the loan amount
Option to skip up to two non-consecutive instalments per year without any penalty
Reasonable interest rates – Flat interest rate of 4.86% and reducing interest rate of 8.99%
Several financial institutions in the UAE offer personal loans with salary transfer for UAE nationals. However, to ensure that you receive quick loan approval, keep in mind the eligibility criteria and the required documentation list of your preferred financial institution in mind.
Applying for personal loans with salary transfer can be quite easy if you choose Policybazaar UAE for the same. Simply visit policybazaar.ae, head to the 'Banking Products' tab, and click on the 'Personal Loans in the UAE' option. After filling out the lead form, the list of lending institutions providing loans that suit your profile will be displayed. You can sort and filter the loan products as per your requirements and extensively compare the available options. With this, you can make a truly informed choice with Policybazaar UAE.
In case you face any difficulty or confusion regarding any loan product, you can also reach out to our customer support team and get the required details and assistance at any time.
Personal Loan for UAE Nationals with Other Features
Which is the best bank to get a personal loan with salary transfer for UAE nationals?
Various lending institutions in the UAE offer personal loans for UAE nationals with salary transfer, with some of the top choices for the same including Emirates NBD, Citibank, Mashreq Bank, United Arab Bank, First Abu Dhabi Commercial Bank, and so on.
What is the loan repayment tenure for a personal loan with salary transfer in the UAE?
The bank offers a maximum tenure of 4 years (48 months) to repay your Service Ijarah loan amount.
What is the maximum loan amount I can get for a personal loan with salary transfer for UAE nationals?
As the maximum personal loan amount provided by financial institutions differs from one institution to the other, it is advisable to check for the maximum loan amount before applying.
Can I use a personal loan with a salary transfer to sponsor my child’s higher education?
Yes, you can use the personal loan with salary transfer to sponsor your child's higher education. The only thing to consider is that you must qualify for the eligibility criteria and submit the required documents for getting the loan without any difficulty.
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