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Top 5 Personal Loan Providers in the UAE

By PolicyBazaar

Personal Loan up to 8 times your Salary

Average Rating / 5 (ratings )
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Out of the total population of the UAE, a major portion constitutes of expatriates that have migrated from their native countries in search of better job opportunities and remuneration. Very often expats as well UAE nationals looking for easy credit opt for personal loans in UAE. One of the major reasons behind the increasing demand for personal loans is their easy availability along with no requirement of collateral.

Financial institutions that offer a personal loan in UAE do it on the basis of two types of rate of interest rates i.e. the flat rate of interest and reducing rate of interest. Personal loan seekers in UAE are often stuck in dilemma and are unable to decide which provider as there are a plethora of providers that offer personal loans at attractive rates of interest.

In order to make sure that you choose the right personal loan provider at the right personal loan interest rate, we’ve come up with the list of top 5 providers in UAE that offer personal loans at attractive rates of interest. Furthermore, we will be sharing some important points to ponder while opting for personal loans in the UAE.

Top 5 Personal loan Providers List in UAE

Bank

Personal Loan

Minimum Salary

A flat rate of Interest

Reducing the Rate of Interest

Dubai Islamic Bank

Dubai Islamic Bank Al Islami Goods Finance

AED 3000

6.00%

10.97%

RAKBANK

RAKBANK personal Loan

AED 5000

5.43%

9.99%

Citibank

Citibank Personal instalment loan

AED 8000

2.63%

17.99%

ADIB

ADIB Personal loan

AED 5000

5.49%

3.33%

ADCB

ADCB Personal Loan

AED 5000

3.33%

5.99%

Dubai Islamic Bank

Dubai Islamic Bank is one of the largest financial institutions in the UAE that offers a wide array of insurance and investment solutions for both UAE nationals as well as expatriates residing in the Emirates. The interest rate at which Dubai Islamic bank offers personal loans is quite attractive and therefore is extremely popular amongst residents of the UAE.

The bank provides high financing amounts for both UAE national and expatriates. For UAE nationals the maximum loan amount available is equivalent AED 2 million and for expatriates, it is equivalent to AED 1 million. Dubai Islamic bank provides personal loans with very little documentation and paperwork. Moreover, the approval and disbursement period of DIB personal loans is very fast which is one of the major reasons behind the popularity of DIB personal loans.

Dubai Islamic bank provides the feature of upfront cash payment to its customers with no early settlement fee along with a maximum repayment period of 48 months. The arrangement fee for Dib personal loans varies from AED 600 to AED 800.

RAKBANK Personal Loan

The national bank of Ras Al Khaimah PJSC also known as RAKBANK is a public joint company that is headquartered in Ras Al Khaimah in the UAE. The bank is one of the biggest market players when it comes to personal loans in the UAE. The financial institution is listed on the Abu Dhabi Securities Exchange (ADX) and its shares are traded publicly.

RAKBANK offers high amounts of personal loans for both UAE nationals as well as expatriates residing in the UAE. The maximum repayment period in the case of RAKBANK personal loan is 48 months for both expats and UAE nationals. However, RAKBANK offers special services for members of armed forces and the repayment period for them is equivalent to 60 months.

RAKBANK offers a plethora of distinct features that are not offered by any of its competitors. RAKBANK Personal loans are approved and disbursed within a time frame of 24-48 hours with minimal documentation and paperwork. Moreover, there is an option of top-up loans available for borrowers after a period of one year. Apart from the loan amount borrowers also get free personalized checkbook and credit cards.

Citibank Personal Loan

Citibank founded in the year 1812 as the City Bank of New York City which later became Citibank. The financial institution is one of the largest financial institutions that render services all across the globe. Citibank has two thousand six hundred and forty-nine branches in more than nineteen countries.

Citibank is one of those financial institutions that offer personal loans without the requirement of salary transfer. The procedure to apply for Citibank's personal loan is easy and simple. The time period required for approval and disbursement of personal loans is equivalent to 24 hours which makes it quite popular amongst customers in the UAE.

Citibank offers loan amounts equivalent to 20 times the salary of the applicant at highly competitive rates of interest beginning from 6.99%. Citibank offers numerous types of personal loans i.e. personal loans for UAE nationals, personal loans without salary transfer, personal loans for self-employed professionals, personal loans for expatriates, Islamic personal finance. The minimum age in order to apply for Citibank's personal loan is 21.

ADIB Personal loan

Abu Dhabi Islamic Bank is also known as ADIB is a financial institution based in Abu Dhabi, UAE. It was established on 20th May 1997 as a joint public company headquartered in the city of Abu Dhabi. The financial operations of the bank started on the 11th of November 1998. The bank is quite popular in the UAE and operates across all the Emirates.

Abu Dhabi Islamic Bank offers personal loans with high financing amounts and a quick approval to both expatriates as well as UAE nationals residing in the Emirates. The bank charges a processing fee of AED 1% that varies from a minimum of AED 500 to a maximum of AED 2500. Customers that opt for ADIB personal loans get complimentary credit card credit and cheque book.

The repayment period applicable in the case Abu Dhabi Islamic Bank is equivalent to 48 months, and customers aren’t supposed to pay installments for the first three months. ADIB also offers the option of free postponement that makes it quite popular amongst both UAE nationals as well as expatriates.

ADCB Personal Loan

Abu Dhabi Commercial Bank also known as ADCB is a financial institution headquartered in Abu Dhabi in the UAE. The bank was established in the year 1985 as a shareholding company. The government of Abu Dhabi holds approximately 62.5% of the stakes and the remaining is held by other individuals and institutions.

ADCB offers a wide array of personal loan solutions for its customers that includes both UAE nationals as well as expatriates residing in the UAE. Personal loans are available at low rates of interest higher multiples of salary and highly flexible eligibility criteria.

Customers opting for ADCB personal loans get free complimentary credit cards and cheque books along with long repayment tenor and option of consolidating debts. The documentation required in order to apply for ADCB personal loan is very less which is one the main reasons behind the popularity of ADCB personal loans.