Top 3 Banks offering Personal Loan in UAE upto 20 times of Salary

Top 3 Banks offering Personal Loan in UAE upto 20 times of SalaryPolicybazaarAverage Rating / 5 ( reviews)
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Be it revamping your home or going on your dream vacation with your family, consolidating your debt that carries a higher rate of interest or buying the vehicle that you have eyed for a long time – a personal loan can be your highway to your goals that are a far dream because of a financial crunch. If used wisely, a personal loan in UAE can fill the empty space in your budget without risking any of your assets or your home.

One crucial factor when opting for these funds is to determine the loan amount in UAE that you require. The best part about these loans is the flexible loan amounts. There are also numerous providers that offer a personal loan amount in UAE that is up to 20x your salary. It can get quite baffling for one to choose amidst the numerous options. So, this guide will help you with a list of banks that offer loan amount in UAE of up to 20x your salary.

However, a personal loan in UAE must be dealt with in a careful manner, as they can impact your credit score heavily. This is what makes it important for you to know the pros and cons of a personal loan before you go ahead and opt for one. But, don’t worry, we have got you covered!

Top 3 Banks Offering Personal Loan Amount in UAE of up to 20 Times of Salary

If you are seeking to take up a personal loan in UAE, below are some of the bank options that offer a loan amount in UAE of up to 20 times your salary.

1. Mashreq Bank

The loan seeker is offered loan amounts of up to 20 times their salaries. This is capped at AED 5 million.

2. Noor Bank

The loan seeker can obtain a personal loan from Noor Bank of up to 20 salary multiples.

3. Citibank

The Salary Transfer Personal Loan variant offered by Citibank allows the loan applicant to obtain loan amounts of up to 20 times their salaries.

Pros and Cons of Personal Loans

Before you go ahead and opt for a personal loan in UAE, consider these pros and cons to evaluate your decision one last time, so that you do not face any financial burden in the future.

Pros of Personal Loans

  • Versatility: Unlike the other loans such as a car loan, home loan, etc. personal loans can be used for a variety of purposes.
  • Unsecured Loans: A personal loan in UAE does not require the applicant to provide any sort of collateral or guarantor against it.
  • Numerous Lender Options: If you are seeking a personal loan in UAE, you are definitely likely to find yourself confused with the wide variety of lender options.
  • EMIs are Constant: Interest rates on a personal loan amount in UAE are fixed, and so is your monthly payment or EMI.
  • Quick Approval and Disbursal: While other loans such as home loans or mortgage loans can take some time to be approved, personal loans can be approved in a matter of a day. If approved, the disbursal on such loans is also as quick as a few days.
  • Flexible Repayment Terms: Many personal loan lenders have different options available for the repayment term of these loans.

Cons of Personal Loans  

  • Fall in a Debt Cycle: If you are taking up a certain personal loan amount in UAE to repay existing debt, you need to keep in mind that you still have debt. If you clear your credit card dues with funds from a personal loan, and then you again get down to charging high balances, you are digging a debt hole for yourself.
  • Higher Rates than Some Loans: Personal loans are definitely marketed with very low rates of interest. However, these are only applicable to those having amazing credit scores. Secured loans generally have lower interests since they require some sort of collateral against them, thereby reducing the risk.
  • Potential Penalty for Early Repayment: If you pay off your balance before the end of the loan term, there might be an early payment penalty charged.
  • Fixed EMIs Are Needed: While it can be a plus point for many, EMIs can also be a downfall for those that have a habit of paying off small balances every month over a longer course of time. You can easily calculate your monthly repayments with Personal loan EMI calculator in UAE.  

The Bottom Line

It is important to weigh out and compare the various options and providers of a personal loan in UAE, and then opt for the one that suits your needs and requirements.

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