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)
7197 Views

When it comes to applying for a personal loan in UAE, a good credit score and meeting your lender’s minimum eligibility criteria are some of the main factors that decide whether your loan application will get approved or not.  Where every bank in the UAE comes with a minimum salary requirement to get approval, there are some who have fixed a minimum slab at AED 5000 for getting 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

3%

11%

AED 3000

Mandatory

Emirates Islamic Bank Personal Finance

3.99%

7.34%

AED 5000

Mandatory

RAKBANK Personal Loan

NA

3.99%

AED 3000

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

3.30%

6.00%

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
  • 4 years repayment period
  • 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.
  • Free debit card and bank account provided
  • Get gift vouchers worth AED 4,000 by referring a friend for a personal loan

Why choose Emirates NBD Personal Loan?

The Emirates NBD personal loan minimum salary requirement is AED 5,000 and it ranks high on our list of best bank for a personal loan in UAE  because they take care of your short term cash requirements like medical expenses, rent or any other emergency cash crunches without any hassle. What’s more, is that their InstaLoan feature allows borrowers to get pre-approved loans quickly without any documentation.

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

Why choose Dubai Islamic Bank Personal Loan?

Among the several personal loan offers, the Dubai Islamic Bank’ personal loan stands out because of its simple documentation process which makes it an extremely convenient and stress free affair, ensuring that you get the required funds quickly. The bank’s commitment to offering the best service to its customers is best seen in their convenient financing procedures.

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
  • Only 1 month’s salary transfer is required
  • 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
  • Free credit card offered

Why choose Emirates Islamic Bank Personal Loan in Dubai?

The Emirates Islamic bank offers the best personal loans in the country because of their flexible repayment procedures and quick approval process. Among the many banks offering personal loan, the Emirates Islamic bank has carved a special place due to its low profit rate and high finance amount. On top of that, customers enjoy the best in world services with the bank’s commitment of fulfillig the needs for personal finance in UAE.

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 3.99% 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

Why choose RAKBANK Personal Loan in UAE?

Being the best bank for personal loan, RAKBANK allows you to switch over by paying six months of regular loan repayments along with one month deferred payment. The bank is quite flexible regarding maintaining a minimum balance in your loan account and the RAKBANK personal loan calculator offers calculates monthly EMIs to allow borrowers to plan their loan in advance. Factors like this certainly make the RAKBANK the best bank to take personal loan in UAE.

You may like: Personal loan in UAE with 3000 salary

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 like, 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 the 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 

Why choose ADCB Simplylife Personal Loan?

If you are planning to get a bank loan in UAE, the ADCB Simplylife personal loan can be the answer to all your financial needs. Their early loan settlement facility is a remarkable feature that allows borrowers to free themselves from the stress of loan repayment without any extra charges. Offering the best personal loan rates, ADCB Simplylife  personal loan can be availed without collateral or a guarantor.

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 personal 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 

Why choose Finance House Personal Loan?

The attractive interest rates make the Finance house Personal loans one of the best loan in UAE. They loans are easily customizabe as they understand that each individual’s financial needs are different. Their simple and easy products offer the highest customer satisfaction in the category of AED 5,000 personal loan. Their many benefits and easy instalment plans are the perfect  pricing on the cake, making them one of  the easy loan in UAE.

You may like: Personal loan in UAE with 4000 salary 

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.

Why choose Deem Finance Personal Loan?

Undoubtedly one of the best bank for loan in UAE, the Deem Finance personal loan is remarkable for its quick applicaton process. One does not even have to be pre-approved for getting credit. It flexible attitude towards salary transfer allows borrowers to make their loan repayment installments from any bank account of their choice. The affordable monthly installment plan give it an extra edge, thus making it the most appealing personal loan bank.

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 as expats. It offers a 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
  • Takaful insurance offered with the scheme
  • Earn ADCB TouchPoints for every AED 1,000

Why choose ADCB Personal Loan?

Delivering on their promise to be inclusive of all community members, ADCB bank is the best bank in Dubai for expats. Other than Dubai, the ADCB personal loan is committed to offer a flexible and affordable loan package to borrowers across the UAE. THeir competitive interest rates add another reason to the list of why this is the best personal loan in Dubai as well as the rest of United Arab Emirates.

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

Why choose Samba Salary Transfer Personal Loan?

Samba takes its place among the best UAE bank for a personal loan as it loans up to 20 times the borrower’s salary, making it easy to amass large finances for someone who would otherwise not be qualified to get a loan elsewhere. Its low salary requirement allows each and every individual to have a bright financial future. Since the loan requires no guarantor or collateral, the borrower is in control, thus making this an easy loan in Dubai.

Eligibility Criteria for Personal Loan in UAE 5000 Salary

The answer to the question- “How to get personal loan in UAE?” depends primarily on the borrower’s ability to provide the required documents.The eligibility requirements of any bank giving personal loan varies from the other banks 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 looks somewhat like:

  • Your age must be at least 21 years.
  • Usually, a salary transfer is required by the majority of the lenders.
  • The applicant must be a salaried employee or must be self-employed.
  • 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.
  • Applicants have to provide every document required by the bank.

Documents Required for Personal Loan in UAE 5000 Salary

In order to get a personal loan in 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
  • Salary certificate issued to the bank, dated 30 days or less from the date of loan application
  • Trade license for self-employed individuals

*Please note that the required documents 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 a few banks that offer a personal loan in UAE 5000 salary or less than that very conveniently. All you need is to meet the eligibility criteria required by the respective lender to procure a loan in a hassle-free manner.

Frequently Asked Questions

Q1. What interest rates are charged on these personal loans?

Ans. The rate of interest would differ from one bank to the other but one can expect a higher interest rate with these loans as the salary requirement is low. The flat interst rate falls in the range of 2 % to 9 % while the reducing rate of interest can be expected somewhere between 5 % to 16 %.

Q2. Is salary transfer mandatory?

Ans. Banks usually prefer that the account where your salary is transferred is in their branch. This is done to offset the risks involved with unsecured lending. It helps the banks keep a track of your income, thus giving them a sense of security.

Q3. Which bank is best for personal loan in UAE?

Ans. While looking for lenders for a personal loan in UAE, check the minimum salary requirement and the interest rates offered to find out the best bank in Abu Dhabi and the rest of UAE.

Q4. Which bank is good for personal loan in UAE that does not require Salary transfer?

Ans. The Deem Finance personal loan and the Finance house personal loan do not require a salary transfer. However, if one transfers their salary, they are most likely to get more competitive rates and flexibility, thus opening up a lot more options of the best personal loan offers.

Q5. Is a company listing necessary to get a bank loan in UAE?

Ans. In order to avail a personal loan, it is not mandatory to for the company you are employed in to be listed. If however, it is listed, it will quicken the loan approval process while also increasing the probability of loan approval.

How helpful was this page?
You May Like