Getting a personal loan in UAE is quite easy if you have all the documents required and meet the eligibility criteria of the bank. Even though few people have all the required documents, banks reject their personal loan applications. There could be various reasons for the rejection, right from the AECB credit score which plays an important role in the employment details.
The employment details may include the length of service. Banks providing personal loan wants the service at work to be minimum of 6 months duration. So few banks reject personal loans if your length of service if less than 6 months. This can happen either if you are new to employment or new to the country.
Check: Why do banks reject your personal loan applications
There are banks providing a personal loan for individuals New to UAE/New to Employment. Most of the banks provide personal loan with at least 6 months of service at work. But there are few banks which provide personal loan without the minimum length of service requirement.
Emirates NBD
Emirates NBD provides personal loan for New to Employment for low installments.
- No minimum length of service is required
- Get maximum finance of AED 2 to 4 Million
- Maximum tenure of 4 years is provided
- Interest rate of 2.59%
Eligibility
- Minimum salary of AED 10,000
- Good credit score
Mashreq
Mashreq bank provides New to UAE/New to Employment Personal loan for competitive interest rates and quick approval
- Maximum finance of AED 150,000 is provided
- Can get a maximum tenure of 48 months
- Quick and hassle-free documentation
- Interest rates of 5.99% to 28.99%
- Debt to burden ratio should be less than 50%
Eligibility
- Minimum salary of AED 7000 – 10,000 is needed
- Salary transfer to Mashreq bank account is required
- Company needs to be listed on the bank
Dubai Islamic bank
There are various personal loans at Dubai Islamic Bank which are provided for low salary requirement and maximum benefits.
- No minimum length of service is required
- Get maximum finance of AED 4,000,000
- Maximum tenure of 4 years is provided
- Interest rate of 6%-11%
Eligibility
- Minimum salary of AED 3,000
- Salary must be transferred to DIB account
- Company must be listed with the bank
Emirates Islamic bank
Emirates Islamic Bank provides personal loan to the self-employed and salaried individuals for low profits rates and several benefits
- Minimum one month of service at work is required or the first salary must be transferred to Emirates Islamic account
- Get maximum finance of AED 2000K – AED 4000K will be provided
- Maximum tenure of 4 years is provided
- Interest rate starts at 2.99%
Eligibility
- Minimum salary of AED 5,000
- Minimum 1-month duration at work is required or the first salary must be transferred to Emirates Islamic account
- Company must be listed with the bank
These are the banks which provide personal loans for people who are New to the country or New to the employment. It is quite strange when an expat wants to get a personal loan within 6 months of being a resident of UAE. But there could be several reasons for getting a personal loan in Dubai like buying a car, house or pay children school fees or clear some bills back in hometown or go for a vacation etc.
About the author
Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.
