Top 5 Banks in UAE That Offer Personal Loan with Salary Transfer

By PolicyBazaar
  | Published: 16 November 2019 | Last Updated On: 05 February 2021

Personal Loan up to 8 times your Salary

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A personal loan is one of the easiest and convenient finances that provide you the funds to meet your various monetary needs. Be it home renovation, marriage, international trip, emergency medical expenses, or even debt consolidation, you can use this financial instrument for a variety of purposes. Also, it is unsecured in nature, meaning that lenders won’t require you to submit any collateral or guarantor as security for the personal loan.

Having said that, while applying for a personal loan is easier, getting it approved & sanctioned can be difficult especially for few people. As there are a few eligibility criteria requirements set by the lenders that applicant should be met to avail a personal loan in the UAE, the salary transfer is amongst them. Yes, you read it right. Some of the banks and financial institutions offer personal loan with salary transfer only. Meaning that, the borrower’s salary should be transferred to the bank account held with them or any other bank account. The main reason why the lender makes it compulsory for the borrower to transfer their salary is that they consider such applicants as low-risk borrowers as compared to those applicants who get their salary through cheque or cash.

But why should you opt for a personal loan with salary transfer?

There are several reasons that make salary transfer consumer finance best than non-salary transfer consumer finance. First of all, it is much easier to avail in comparison to the non-salary personal loan. Plus, majority of the lenders offer an attractive rate of interest on personal loan with salary transfer since lenders consider such applicants low risk applicant. Last but not least you can apply for a high finance amount of a maximum of 20 multiples of your income.

So, if you are also looking for the best personal loan with salary transfer to meet your various financial requirements then this article is especially written for you. Here we have mentioned some of the best options that you can choose as per your suitability.

Top 5 Salary Transfer Personal Loans in the UAE

Emirates NBD

Emirates NBD personal loan with salary transfer with wide range of offers and  benefits is one of the best among all. You can avail of this loan easily at a competitive rate of interest. Following are the key features of Emirates NBD salary transfer personal loan:

Highlights:

  • Competitive reducing rate of interest starting from 5.49 percent or 2.90 percent flat interest rate per annum.
  • Complimentary bank account with no minimum balance requirement
  • High finance amounts a maximum of 2,000,000 dirhams.
  • Flexible repayment period.

RAKABNK

RAKBANK offers high finance amount at an attractive rate of interest with flexible repayment tenure of a maximum of 48 months for expats as well as UAE Nationals (60 months for Armed Forces Staff). The loan is offered to the salaried individuals only whose monthly income is credited to the RAKBANK.  Listed below are some of the main features of the RAKBANK personal loan with salary transfer:

Highlights:

  • Attractive rate of interest
  • Quick and easy approvals
  • Complimentary RAKBANK debit card along with the personalized cheque book
  • Complimentary RAKBANK credit card with a low interest rate and zero annual fee
  • Top up loan after one year
  • The maximum finance amount for RAKBANK consumer finance is 20 times the salary.

ADCB (Abu Dhabi Commercial Bank)

ADCB offers personal loans to expatriates as well as UAE Nationals. They provide attractive interest rates, high loan amounts, flexible repayment tenure and easy eligible criteria. But whether you are an expat or UAE National, you need to provide a salary transfer letter to avail ADCB Personal loan.

 Given below are the main features of the ADCB loan:

Highlights:

  • High salary multiples
  • Attractive rate of interest
  • Flexible repayment period
  • Credit life insurance
  • Complimentary ADCB credit card
  • Loan consolidation facility

Standard Chartered Bank

The Standard Chartered Bank offers consumer finance that enables you to borrow a maximum of 20 times your salary. The SCB consumer loan is offered at an attractive rate of interest that helps you to meet your various financial goals in a stress-free manner. But remember, your salary should be transferred to Standard Chartered bank account to procure an SCB consumer loan. Below-specified is some of the main features of the personal loan offered by the Standard Chartered Bank:

Highlights:

  • Attractive rate of interest as minimum as 7.55 percent per annum (reducing).
  • High loan amount of a maximum of 500,000 dirhams
  • Flexible and extended repayment period of a maximum of 4 years.
  • Facility of a top-up loan
  • Installment deferment facility
  • 24x7 phone banking, mobile banking, and online banking facility.

Noor Bank

Noor Bank offers personal loan with salary transfer for expats as well as UAE nationals. It is tailored to meet the various personal needs of its customers- be it home renovation, child’s education, or even an international trip. You can even opt for the Noor Bank Personal finance for consolidating your existing debt.  Following are the main features and benefits of the personal finance offered by the Noor bank:

Highlights:

  • Pre-approval in only 30 minutes.
  • High finance amount of a maximum of 20 salary multiples
  • Low-profit rate as minimum as 3.49 percent
  • Flexible loan repayment tenure of a maximum of 48 months.
  • Free for life credit card with a broad range of privileges worth 50,000 dirhams
  • Takaful protection cover

Final Verdict

This completes our list of top 5 salary transfer personal loans offered by the leading banks in the UAE. However, there are several other lenders such as CBI (Commercial bank International), ADIB (Abu Dhabi Islamic Bank), Emirates Islamic Bank, etc. that offer personal loan with salary transfer in the country. Make sure you compare the various salary transfer consumer loans based on their interest rate, loan amount, processing fees, and other features to opt for the best one as per your requirements.