Top 5 UAE Banks to Apply for a Personal Loan in 2019
Sometimes you need extra cash to fulfill your various financial goals. The reason could be anything. Maybe you want to renovate your home, plan a destination wedding, go on an international trip, or some other reason. Where do you turn? Well, few people make the use of credit cards but a high rate of interest and temptation of spending more and increase the balance simply means that credit cards may not be the apt solution to meet your financial goals. Well, there is another alternative solution that will probably the best solution and that is none other than a Personal Loan.
Personal loan is indeed the best solution to fulfill all your monetary needs. You can opt for it to meet your financial goals and repay the loan amount later through easy to pay monthly installments.
But the main concern is that there are numerous banks and financial institutions that offer a personal loan in Abu Dhabi and other emirates so how will you determine which one is the best deal? A lot of the people decide just on the basis on the rate of interest and end up choosing the convenient option. Well, yes. Personal loan interest rate is one of the important factors but there are several other key factors that you should also consider. Apart from the interest rate, you should choose the lender that can offer you the highest loan amount based on your salary, repayment capacity, and credit score.
Need some help to find out where you can turn to? Then fret not. To help you do so, we have listed the most reputable and reliable personal loan providers on which you can easily count on getting the best rate of interest & deal possible.
ADCB (Abu Dhabi Commercial Bank)
ADCB offers personal loan for both expatriates and UAE Nationals at an attractive interest rates. The lender offer high loan amount, low processing fees and flexible repayment tenure to enable its borrower to make the most of it.
Interest rate: 5.25 percent – 6.25 percent
Why Should You Apply For An ADCB Personal Loan?
Following are the main reasons that why should you opt for the ADCB loan:
- Facility of loan consolidation is available
- Higher salary multiples
- Complimentary credit life insurance
- Involuntary loss of employment cover
- Complimentary ADCB credit card
- Easy & simple documentation
Dubai Islamic Bank
Opting for a personal finance decision is good when they are stress-free, simple, and focused on you. Well, that’s how DIB personal loan is designed. The bank offers a high loan amount and flexible repayment tenure, helping its borrowers to meet their financial goals in a hassle-free manner.
Profit Rate: From 11 percent – 21.99 percent per annum
Why Should You Apply For DIB Personal Loan?
Given below are the top reasons why should you choose DIB loan to meet your financial goals:
- High finance amount of up to four million dirhams for Emiratis and two million dirhams for expatriates.
- Flexible repayment tenure of up to 48 months
- Easy and quick approvals
- No hidden fees & charges
- Minimal documentation process
UAB (United Arab Bank)
UAB offers personal loans for UAE Nationals as well as expats that are designed exclusively with the aim of helping them to borrow wisely. Tailored to fulfill the financial needs of its customers, the bank offers a high loan amount and flexible repayment tenure.
Interest Rate: 5.25 percent
Why Should You Apply For UAB Personal Loan?
Below specified are the main reasons for choosing the personal loan offered by the UAB:
- High finance amount of a maximum of 2 Million dirhams
- Easy documentation and fast approvals
- Flexible repayment tenure of a maximum of 48 months
- Facility of a buy-out from other banks
- Deferment & top up facilities are also available
- Complimentary credit card for the first year.
RAKBANK offers a personal loan in Abu Dhabi, Dubai, and other emirates to meet the monetary needs of its customers. The bank offers a high personal loan amount at a competitive rate of interest with a convenient repayment period, helping the borrower to make the loan repayment easily. Besides, the bank offers several other special benefits that make it one of the best consumer finances available in the UAE.
Why Should You Apply For RAKBANK Personal Loan?
Given below are some reasons that why should you opt for RAKBANK personal loan:
- Competitive personal loan interest rate
- Flexible repayment tenure of up to 48 months
- Fast and easy approvals
- Minimal and simple documentation
- Top up loan after one year
- 24x7 phone banking services
- Loan take-over from other banks in a hassle-free manner.
- Complimentary RAKBANK debit card along with the personalized cheque book
- Complimentary RAKBANK credit card with a low interest rate and no annual charge
- The maximum loan amount for RAKBANK loan is twenty times the salary.
Emirates Islamic Bank
Be it your home renovation, house rent, extra funds for a holiday, or want to start a new business; Emirates Islamic Bank’s consumer finance will help you to fulfill your financial goals. You can opt for a personal loan in Abu Dhabi, Dubai, or wherever you live in the United Arab Emirates.
Why Should You Apply For Emirates Islamic Bank Personal Finance?
Following are the main reasons that why should you opt for Emirates Islamic bank personal loan:
- High loan amount of up to 4 million dirhams for Emiratis and 2 million dirhams for expatriates.
- Attractive profit rate and low processing fees
- Convenient and extended repayment tenure of a maximum of 48 months
- Easy and fast approval process
- Shari’a-based finance product and Murabaha structure followed.
The Final Verdict
So, there you have the list of top 5 banks that offer a personal loan in Abu Dhabi, Dubai, and other emirates. You can easily count on these lenders since they offer high finance amount at attractive interest/profit rates with extended and flexible repayment tenure. Thus, you can easily tackle all of your short-term financial requirements by opting any of them and repay the loan amount in monthly installments as per your convenience.