Top 9 Best Banks For Personal Loan in UAE with 5000 Salary

Top 9 Best Banks For Personal Loan in UAE with 5000 SalaryPolicybazaarAverage Rating / 5 ( reviews)
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When it comes to applying  for a personal loan in UAE, a good credit score and meeting your lender’s minimum eligibility criteria are one of the main factors that decide whether your loan application will get approved or not.  When every bank in UAE comes with a minimum salary requirement to get an approval, there are some who fixed a minimum slab at AED 5000 to get the loan.

But that does not mean that you can’t procure a personal loan on a salary less than or equal to AED 5,000.  Considering the basic needs of its customers, some of the lenders offer personal finance with a monthly salary less than or equal to AED 5000. Let’s have a look at a few consumer loans that are especially offered to individuals who earn a comparatively low salary: 

Top Banks that Offer Personal Loan in UAE 5000 Salary

Personal Loan Providers

Flat Interest Rate

Reducing Interest Rate

Minimum Salary Required

Salary Transfer

Emirates NBD Personal Loan

2.90%

5.49%

AED 5000

Mandatory

Dubai Islamic Bank Personal Loan

4.90%

8.99%

AED 3000

Mandatory

Emirates Islamic Bank Personal Finance

3.90%

6.47%

AED 5000

Mandatory

RAKBANK Personal Loan

2.75%

4.99%

AED 5000

Mandatory

ADCB Simplylife Personal Loan

NA

6.99%

AED 5000

Mandatory

Finance House Personal Loan

NA

20%

AED 5000

Not Mandatory

Deem Finance Personal Loan

8.81%

15.99%

AED 5000

Not Mandatory

ADCB Personal Loan

3.45%

6.25%

AED 5000

Mandatory

Samba Salary Transfer Personal Loan

4.83%

9.00%

AED 5000

Mandatory

Disclaimer: Interest rates are subject to change at any time as per the sole discretion of the banks.

1. Emirates NBD Personal Loan

Emirates NBD offers a personal loan in UAE with 5000 salary requirements to its customers so as to provide financial support for a starting a new business or meeting their other monetary needs. The loan can be availed at a competitive rate of interest and low processing fees. Following are the key features and benefits of Personal loan offered by the Emirates NBD:

Minimum Monthly Salary Required: AED 5,000

Main Features & Benefits of Emirates NBD Personal Loan

  • Attractive rate of interest starting from 5.49 % reducing and 2.90 % flat interest rate.
  • No guarantor or collateral required
  • High loan amount of a maximum of AED 4 Million
  • Minimal documentation and hassle-free process
  • The facility of loan return for free with a waiver of all fees & charges levied.

2. Dubai Islamic Bank Personal Loan

The Dubai Islamic Bank personal loan is coupled with a wide range of benefits, where the bank offers personal loan below 5000 salary. The bank offers a high finance amount and flexible repayment tenure at a low rate of interest. Given below are the major features and benefits of Personal Finance offered by Dubai Islamic Bank:

Minimum Monthly Salary Required: AED 3,000

Main Features & Benefits of Dubai Islamic Bank Personal Loan

  • High finance amount of a maximum of AED 4 million for Emiratis and AED 2 million for expats.
  • Flexible repayment tenure of a maximum of 48 months
  • Easy and fast approvals
  • Attractive profit rate
  • Simple and minimal documentation process
  • No hidden fees & charges

3. Emirates Islamic Bank Personal Loan

Be it school fees assistance, extra funds for an international trip, home renovation, or you just want to start a new business, Emirates Islamic Bank personal loan will help you to meet your various monetary needs. One of the best things about the lender is that it offers a personal loan in UAE 5000 salary holders. Thus, all those people who earn a low salary can also avail this loan in order to meet their various financial goals. Given below are the major features and benefits of consumer finance offered by the Emirates Islamic Bank:

Minimum Monthly Salary Required: AED 5,000

Main Features & Benefits of Emirates Islamic Bank Personal Loan

  • High loan amount of a maximum of 2 million for expatriates and 4 million for Emiratis.
  • Attractive profit rate
  • Easy and fast approvals
  • Flexible repayment tenure of a maximum of 48 months
  • No additional fees & charges or over limit fees
  • Low processing fees
  • Shariah-based product
  • Murabaha structure followed

4. RAKBANK Personal Loan

RAKBANK is among the best bank for personal loan in UAE. With minimum monthly income requirement of AED 5000, the bank offers a high loan amount at attractive interest rate for expats a well as UAE nationals. Given below are the major features and benefits of personal loan offered by the RAKBANK:

Minimum Monthly Salary Required: AED 5,000

Main Features & Benefits of RAKBANK Personal Loan

  • Attractive rate of interest starting from 99% reducing and 2.75% flat interest rate.
  • Easy and fast loan approval
  • Flexible repayment period of a maximum of 4 years
  • Top up loan after one year
  • Easy loan takeovers from some other banks
  • RAKBANK Debit card & personalized cheque book on a complimentary basis
  • RAKBANK credit card with zero annual membership fee & low rate of interest on a complimentary basis.
  • Minimal documentation
  • Round the clock phone banking facility

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5. ADCB Simplylife Personal Loan

ADCB Simplylife personal loan is the best personal loan in UAE among all. The bank offers a high loan amount to cover just about everything that brings you joy and happiness, destination wedding, child’s higher education, starting your business, renovating your home, and much more. In addition to this, ADCB Simplylife believes in responsible lending. Thus, it does not charge any extra fee for the early settlement of a personal loan. This is what makes this best bank in UAE for loan. Given below are the key features and benefits of consumer loan offered by ADCB Simplylife:

Minimum Monthly Salary Required: AED 5,000

Main Features & Benefits of ADCB Simplylife Personal Loan

  • Flexible repayment period of a maximum of 4 years
  • Transfer your salary in order to enjoy attractive rates
  • High loan amount of a maximum of AED 500,000.
  • No extra fee upon early settlement of a loan from your own funds.
  • Easy and fast approvals 

6. Finance House Personal Loan

Finance House is among the best bank to take personal loan in the UAE. With minimum income requirement of AED 5000, the bank entitles you to avail a high loan amount. The borrowers can get an easy finance and transfer their loan to Finance House at low rate of interest. Following are the key features & benefits of personal finance offered by the Finance House:

Minimum Monthly Salary Required: AED 5,000

Main Features & Benefits of Finance House Personal Loan

  • Low rate of interest
  • Flexible repayment tenure
  • No salary transfer required
  • Free for life credit card
  • Available to Emiratis as well as expatriates
  • Hassle-free and minimal documentation 

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7. Deem Finance Personal Loan

Deem Finance is one of the best banks that offer personal loans with AED 5000 salary. It offers high loan amount to provide its customers much-needed financial support for a starting a new business, child’s education, debt consolidation or meeting their other monetary needs. The loan can be availed at an attractive interest rate with flexible repayment tenure. Following are the key features and benefits of Personal loan offered by the Deem Finance:

Minimum Monthly Salary Required: AED 5,000

Main Features & Benefits of Deem Finance Personal Loan

  • Quick loan approval
  • Flexible repayment tenure of up to 4 years
  • Minimal paper work
  • No salary transfer required
  • A rate of interest range from 15.99% to 34.99%/per year
  • Deem Credit Life Plus safeguards your loan’s outstanding in an unforeseen event of terminal illness and death to provide you peace of mind.

8. ADCB Personal Loan

When talking about the best UAE bank for personal loan, Abu Dhabi Commercial Bank (ADCB) comes on the top in this list. ADCB personal loan is offered to UAE nationals as well expats. It offer competitive interest rate, extended loan tenure, high salary multiples, and flexible eligibility criteria. Given below are the unique features and benefits of ADCB personal loan:

Minimum Monthly Salary Required: AED 5,000

Main Features & Benefits of ADCB Personal Loan

  • Attractive rate of interest starting from 25 % reducing and 3.45 % flat interest rate
  • Higher salary multiples
  • Minimal and hassle-free documentation
  • Loan consolidation is available
  • ADCB credit card on a complimentary basis
  • Involuntary loss of employment cover
  • Credit life insurance 

9. Samba Salary Transfer Personal Loan

Samba Salary transfer personal loan is the best loan in UAE especially for those individuals who earn a monthly income of AED 5000. With such low salary requirements, this personal loan offers a high loan amount to enable the borrower meet their various financial requirements in a hassle-free manner. Following are some of the key features and benefits of a salary transfer personal loan offered by Samba:

Minimum Monthly Salary Required: AED 5,000

Main Features & Benefits of Samba Salary Transfer Personal Loan

  • High loan amount of a maximum of AED 600,000
  • Competitive interest rate
  • Loans a maximum of 20 times of your salary
  • Convenient and flexible repayment tenure of a maximum of 4 years
  • No guarantor or collateral needed
  • Automatically eligible for a Samba credit card
  • Life insurance up to the loan amount

Eligibility Criteria for Personal Loan in UAE 5000 Salary

The eligibility requirements of any bank giving personal loan vary from other bank since each lender has its own eligible criteria for a consumer loan in the UAE. However, the general criteria to apply for a personal loan in UAE 5000 salary look somewhat like:

  • Your age must be at least 21 years.
  • Usually, a salary transfer is required by the majority of the lenders.
  • You must be employed and working for a minimum period as per the terms of the bank or lender.
  • The maximum age is 60 years for UAE nationals while it 65 years for expatriates.
  • You must have a good credit score.

Documents Required for Personal Loan in UAE 5000 Salary

In order to get a personal loan in the UAE, you need to submit the following documents:

  • Loan application form – completed & duly signed
  • Emirates ID
  • Passport copy with UAE resident visa (for expats)
  • Salary transfer letter
  • Bank account statement of 3 or 6 months
  • Trade license for self-employed individuals

*Please note that this may vary from lender to lender. Also, you may need to submit some additional documents as per the sole discretion of the bank.

In A Nutshell

So as you can see, applying for a personal loan with low salary is not difficult as it seems as there are few banks that offer a personal loan in UAE 5000 salary or less than that very conveniently. All you need to meet the eligibility criteria required by the respective lender to procure a loan in a hassle-free manner.

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