Top 4 Personal Loans in the UAE with the Lowest Interest Rates!

Top 4 Personal Loans in the UAE with the Lowest Interest Rates!
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There is no doubt that the demand for a personal loan in Dubai has been steadily increasing. With the rising cost of living in the UAE, people are finding it difficult to meet the expenditures. Therefore, most prefer personal loan in Dubai to lighten the financial burden. And with the increase in demand, financial institutions have started offering personal loan at low-interest rate. Moreover, the personal loans are offered at low-interest rates by the financial institutions to remain stable in this competitive market.

Here, we are going to discuss the top 4 personal loans that offer the lowest interest rates in the UAE. You’ll also get to know about personal loan eligibility, benefits, and features below.

Citibank Personal Installment Loan

Citibank is one of the few banks that charge no processing fee on personal loans. Citibank personal installment loan also offers cashback up to AED 1500 depending on the approved loan amount. You can also be eligible to enjoy additional exclusive offers on your approved amount including:

  1. Finance amount of AED 50,000 or less receives no cashback
  2. Finance amount of AED 50,001 to AED 100,000 receives a cashback of AED 500
  3. Finance amount of AED 100,001 to AED 150,000 receives a cashback of AED 1000
  4. Finance amount of AED 150,000 or more receives a cashback of AED 1500

Benefits and Features of Personal Installment Loan

  1. Finance amount up to AED 175,000
  2. Interest rates depend on the repayment tenure
  3. Salary transfer is not required
  4. The offered personal loan is up to 8 times the monthly income
  5. Loan approval in 24 hours
  6. The loan funded in 24 hours
  7. Repayment tenure offered between 6 months to 4 years
  8. Interest rates differ for the salary transfer and the Non -salary transfer applicant

Eligibility and Document Requirements

  1. Salary certificate
  2. Salary transfer applicants should provide bank statements of the previous 3 months
  3. Minimum salary required per month is AED 8000
  4. Form of Direct Debit
  5. Copy of Emirates ID
  6. Copy of Passport

Citibank Salary Transfer Loan

For a personal loan with salary transfer, Citibank offers the lowest interest rates in the UAE. The interest rate differs based on the repayment tenure. However, the basic interest rate for the salary transfer personal loan is 6.99%. The highest can be 14.99%.

Benefits and Features of the Citibank Salary Transfer Loan

  1. Finance amount up to AED 2,50,000
  2. Personal loan up to 20 times of the monthly income
  3. Salary transfer is required
  4. Interest rates are among the best in the finance industry
  5. Finance approval in 24 hours
  6. Loan funding is instant after final approval
  7. Repayment tenure offered is between 6 months to 4 years

Eligibility and Document Requirements

  1. The minimum monthly salary of AED 8000
  2. Salary transfer letter
  3. Bank statement of the previous 3 months
  4. Proof of confirmed employment or minimum of 6 months on the current job
  5. Copy of Emirates ID
  6. Copy of passport

To read more about Citibank Salary transfer personal loan

Emirates NBD Salary Transfer Loan

The Emirates NBD salary transfer loan has a flat interest rate of 2.90%. Meanwhile, the reducing rate of interest starts from 5.49%. The loan processing fee for this personal loan is 1% of the finance amount (minimum AED 500). 1.24%- 1.99% of the finance amount is charged on minimum AED 1,000 for the double insurance cover. If an applicant wishes to cancel the personal loan, he will be charged AED 50.

Features and Benefits of this Personal Loan

  1. Up to AED 2,000,000 of the finance amount
  2. No minimum balance bank account is offered as complimentary
  3. The option of 7-day loan return - To avail this, the customer must contact the bank within 7 days. The bank waives the charges if the customer contacts the bank within 7 days for the loan return.
  4. Double insurance cover – In case of an unfortunate incident, the insurance company repays the loan on behalf of the loan-holder. Also, his/her closest relative receives an equal amount.

Eligibility and Document Requirements

  1. Salary transfer is required
  2. Minimum salary of AED 5000 is required per month
  3. The applicant must be employed at an Emirates approved company
  4. Must be employed at the current job for 6 months minimum

To read more about Emirates NBD Salary Transfer Loan for UAE

Emirates NBD Salary Transfer Loan for UAE Nationals

The salary transfer loan for UAE nationals has a flat interest rate of 2.90%. The reducing interest rate starts from 5.49%. This personal loan is charged 1% of the finance amount as the processing fee. However, if an applicant wat to cancel the personal loan, he will be charged AED 50. Also, the double insurance cover charge is between 1.24% - 1.99% of the finance amount.

Features and Benefits of the Emirates NBD Salary Transfer Loan for UAE Nationals

  1. Up to AED 4,000,000 of the finance amount
  2. No requirements for guarantor or collateral
  3. No minimum balance bank account is offered as complimentary
  4. The option of 7-day loan return - To avail this, the customer must contact the bank within 7 days. The bank waives the charges if the customer contacts the bank within 7 days for the loan return
  5. Double insurance cover – In case of an unfortunate incident, the insurance company repays the loan on behalf of the customer. Also, the customer’s closest relative receives an equal amount
  6. Simple processing
  7. Easy documentation

Eligibility and Document requirements

  1. Minimum salary of AED 5000 per month is required
  2. Salary transfer is required
  3. The applicant must be employed at an Emirates listed company

Emirates offers personal loan to self-employed and minors with the same process as above. However, additional documents are required for the two.

The Documents Required for Self-Employed Individuals are-

  1. Bank statements of the previous 6 months
  2. Trading license
  3. Power of attorney
  4. Memorandum of Association

While the Personal Loan to Minors Require-

  1. Attested copy of a guarantor or the co-borrower
  2. Trading license
  3. Details of income
  4. Copy of Passport
  5. Copy of Emirates ID
  6. Resident visa of the expats

Over to You

As written above, these are some of the loan options in the UAE that offer personal loans at competitive rates. The rate of interests are decides based on certain factors such as approved loan amount, credit score etc. Also, the interest rates are subjected to change without notice. There are other financial institutions too that provide Personal loan at low interest rate. You should always compare them online before applying to one.

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