Top 10 Personal Loan Providers in the UAE at a Low-Interest Rate
A personal loan is one of the most popular modes of financing in the UAE. A personal loan is basically an unsecured loan that helps in fulfilling the various personal needs of its borrower that are urgent & immediate. While personal loans are easily accessible in the UAE, one should always choose a trustworthy personal loan lender to have a great borrowing experience.
Both banks and financial institutions offer personal loans at attractive interest rates. You can compare different personal loan options provided by several lenders and then opt for the one that suits you the most.
comparison of the Personal Loan rates of interest or profit offered by the top 10 banks in the UAE:
|Personal Loan Lenders||Interest/Profit Rates||Processing Fee|
|ADCB Personal Loan||
|RAK Bank Personal Loan||Starting from 5.99% (per annum)||1%|
|Emirates NBD Personal Loan||Starting from 4.99% (per annum)||1%|
|Emirates Islamic Bank Personal Loan||Starting from 4.69% (per annum)||0.75%|
|Dubai Islamic Bank Personal Loan||Starting from 11% (per annum)||From 1050 AED to 2620 AED|
|ADIB Personal Loan||Starting from 6.25% (per annum)||Free|
|Noor Bank Personal Loan||Starting from 3.49% (per annum)||1%|
|HSBC Personal Loan||Starting from 7.49% (per annum)||1%|
|Mashreq Bank Personal Loan||
|FAB Personal Loan||Starting from 3.99% (per annum)||1.05%|
Important Things to Consider
While opting for a personal loan with a competitive interest rate, make sure you consider the following things in mind to make the most of it:
- Processing Fee: Personal loan lenders levy a one-time fee, known as a ‘processing fee’ that can increase the cost of personal loan. Even if the lender charges a low-interest rate on a personal loan, it is very important to check & compare the processing fee charged by different loan providers.
- Pre-Closure Fees: Few banks may also charge a pre-closure fee if you make the repayment of the outstanding loan balance before the completion of the loan repayment tenor. So, don’t forget to check if the bank or any personal loan lender that you are selecting to levies a pre-closure fee.
- Eligibility Criteria: While the personal loan lender may offer a personal loan at a low rate of interest, you should always check if you meet the eligibility criteria highlighted by the lender. With this, you can check if your monthly income meets the set limit or if you meet the age criteria specified.
- Disbursal Time of Loan: If you’re opting for a personal loan due to some emergency, it is vital to check the disbursal time of loan you are applying for. There are numerous personal loan lenders that disburse the loan amount within a few seconds.
- Customer Service: In order to have a smooth and great borrowing experience, it is quite important to select a personal loan lender that provides good customer service. Before you submit the loan application, make sure you check the customer service channels so that you can take help in times of need. Also, try to notice that how prompt the personal loan lender is in offering you assistance when needed.
- Special Offers: Banks and financial institutions offer a special interest rate for a limited period of time especially during festive seasons. So, you must keep an eye for these special offers to make your personal loan more affordable. If you apply for a personal loan which such special offers are running, you may avail the personal loan at the low interest rate.
- Discounts: Although banks and financial institutions may offer a personal loan on the high interest rate, you can try to negotiate with them for a low rate of interest. Many times, a personal loan lender will ready to give a discount to their existing customers as well as to those people who have built a good relationship with them.
- Other Charges: While the personal loan lender may charge you a slightly high rate of interest, you may save on the overall cost of the loan. For example, if the pre-closure fee, processing fee, default charges are low then you can ultimately save on your loan cost. Apart from comparing interest rates, make sure you compare other charges as well levied by the lender before you opt for a personal loan.
This completes our list of top 10 personal loan providers in the UAE. Do make sure you compare the interest rate, processing fee, and features offered by various banks in the country in order to opt for an apt personal loan as per your needs and budget.