When applying for a personal loan in UAE, One important question everyone hears is “Is your company listed with the bank?” Most of the banks approve loans only if your company is listed with them. Not all the companies are listed in every bank and it is not easy for the companies to get listed with every bank.
What is listed company?
Personal loans in UAE are quite popular. It is known for the low-interest rates. But this lending business is putting banks into trouble during the payback times. About 80% of the personal loan holders delay their payments because of the salary deferment. So keeping this in mind banks in UAE started providing loans to people working in only certain companies which don’t defer in the salary payments. And this can be known for their annual turnover.
Why do companies need to be listed?
Most of us think what companies have to do with the banks? All this is interlinked. Banks list companies which have good growth, revenue and number of employees. This kind of companies have a good credit history. If a company maintains a good credit history, it would be easy for the employers to get a loan if needed.
If the companies are listed with the particular bank, it would be easy to have your salary transferred to the bank where you hold a personal loan. Basically, banks don’t want to take a risk in the lending process. So they just want to make sure they provide a loan to the employees in the long-lasting firms.
What if your company is not listed?
They are many banks which provide personal loan for non-listed companies. But the only criteria if your company is not listed is the minimum salary.
You must have a minimum salary of AED 5000, for getting a personal loan if your company is not listed with the bank.
Top banks which provide personal loans for Non listed companies
Below is the list of banks which offer personal loans.
| Personal Loan in UAE for non-listed Companies | Loan Amount (AED) | Rate of Interest | Tenure |
| ADCB Personal loan for UAE nationals | 20 times the salary | Starting from 5% | 48 months |
| Emirates NBD Personal Cash Loan | AED 500,000 | 8.99% (reducing) | 48 months |
| Emirates NBD Self-Employed Personal Loan for Professionals | AED 300,000 | 18.99% | 48 months |
| FAB Islamic Personal Finance | AED 5,000,000 | 4.99% (reducing) | – |
| Mashreq Bank Personal Loan for Expats | AED 1,000,000 | 6.49% (reducing) | 48 months |
Note: The details given here are subjected to change from time to time.
- ADCB Personal loan for UAE nationals
An attractive interest rates are provided with higher multiples of salary as the approved loan amount. There is flexibility in repayment and loan tenure with minimum eligibility criteria.
Below are the details of requirements.
- Minimum salary- AED 5,000
- Max loan amt- 20x salary
- Processing fee- 1.05 percent of loan amount
- Max loan tenure- 4 yrs
- ROI- 5 percent
Features
- Simple documentation
- High loan amount up to 20x of salary
- Credit life insurance
- 3 times of salary overdraft
- Up to 300 touch points for each AED 1000
- Loan consolidation
- Salary transfer
- Minimum salary- AED 5,000
- Emirates NBD personal cash loan
Emirates NBD personal cash loan will aim at providing financial stability for the needy. The loan applicants are eligible for applying for a personal loan which is offered by the bank.
Below are the details of the requirements
- Rate of Interest: 8.99 % (reducing)
- Maximum Tenure- 4 years
- Processing Charge: 1% of the loan amount
- Early Settlement Charge: 1% of outstanding
- Maximum Loan Amount: AED 500,000
- Minimum Salary- AED 10,000
Features
- Simple documentation
- High loan amt up to AED 500,000
- Flexible repayment plan
- Double insurance coverage
- Available for Expats and UAE nationals
- 7 day loan return
- More than 560 ATMs across UAE
- Minimum Salary- AED 10,000 for those having existing auto loan and AED 12,000 for other banks
3. Emirates NBD Self-Employed Personal Loan
Emirates NBD self employed personal loan will aim at providing financial stability for the needy. The loan applicants are eligible for applying for a personal loan which is offered by the bank.
Below are the details of the requirements
- Minimum Salary Required: AED 20,000
- Maximum Tenure: 4 years
- Rate of Interest: 18.99%
- Maximum Loan Amount: AED 300,000
- Early Settlement Charge: 1% of outstanding
- Processing Charge: 1% of the loan amount
Features
- High loan amount of up to AED 300,000
- Above 560 ATMs available across the world
- Flexible and long repayment tenure
- Easy documentation
- Salary transfer is not compulsory
- Self-employed professionals like accountants, architects, doctors, engineers, and more are eligible for the loan
- Borrowers can miss a maximum of 2 consecutive installments in one year
- Complimentary debit card & bank account
- Option for 7-days loan return
- Double insurance cover to the borrower
4. FAB Islamic Personal Finance
FAB Islamic personal loan offerrs financial assistance to all those who need it. The applicants working in a non-listed companies are also eligible to apply for this personal cash loan offered by the bank.
Below are the details of the requirements
- Minimum Salary Required: AED 10,000
- Minimum Age: 21 years
- Rate of Interest: 4.99 % (reducing)
- Maximum Loan Amount: AED 5,000,000
- Early Settlement Charge: 1.05% of outstanding
- Processing Charge: 1.05% of the loan amount
Features
- High loan amount of up to AED 5,000,000 for UAE Nationals and AED 2,000,000 for expats
- Grace period of 90 days up to the payment of first installment
- Easy and minimum paperwork
- Quick approvals
- Comprehensive personal life insurance cover
- Employer must be a reputed private company, government, semi-governmental
- Minimum salary required- AED 10,000
- Minimum age of the applicant- 21 years
5. Mashreq Bank Personal Loan for Expats
This bank fulfills the borrowing needs of the salaried expats employed in the Emirates. Mashreq bank provides financial assistance to the expats in the UAE.
Below are the details of the requirements
- Minimum Salary Required: AED 10,000
- Maximum Tenure: 4 years
- Rate of Interest: 6.49 % (reducing)
- Maximum Loan Amount: AED 1,000,000
- Early Settlement Charge: 1% of outstanding
- Processing Charge: 1% of the loan amount
Features
- High loan amount- 20 times of the salary up to AED 1,000,000
- Competitive rates of interest
- Easy documentation and quick approval
- Complimentary Mashreq bank credit card
- First EMI deferral duration up to 90 days
- Flexible repayment tenure of up to 4 years (5 years/60months for the employees of Ministry of Defence)
- 0 balance current account for loans above AED 25,000 with a debit card and cheque book
- Access to a huge branch and ATM network
Interest rates for personal loans on non listed companies
Interest rates can be charges flat interest rates or reducing interest rates from non listed companies.
A flat interest rate is that which remains the same throughout the loan term and the company charges interest rates which range from 5 percent to 18 percent.
Reducing interest rates is that which is decreasing every time when the borrower makes the payment on the loan. The interest rate on this type of loans ranges from 5 percent to 12 percent.
It is to be noted that personal loan interest rates are generally higher for personal loan for non listed companies.
Also check below links
How is a company listed?
Not all banks will have the same criteria to get companies listed with them. The factors which most of the banks consider are revenue a company is generating, the number of employees, a company in service and a few more.
Apart from having the companies listed with them, banks provide some exclusive services to the employees in the company right from a savings account where the salary can get transferred, various loans benefits to free debit or credit cards.
How to know whether your company is listed?
Most of the well-known companies are automatically listed with the banks. If you are working in an MNC(Multinational Company) the, there higher chances of having your company listed with most top banks.
All the large-scale companies i.e companies with good profits and more number of employees will definitely be listed with the bank.
The bank where your salary is getting transferred will have your company listed. One easiest way is to ask the HR Department of your company in which banks the company is listed with or inquire with the bank you want a loan from.
Even Personal loan agents in UAE can give you details about which companies are listed with the banks.
Few Companies that are listed
All the notable companies will be recorded with the bank.
Here are few sources which have the list of companies which can have chances of getting listed.
- https://en.wikipedia.org/wiki/List_of_companies_of_the_United_Arab_Emirates
- http://sio365.com/companies.htm
- http://www.yellowpages.ae/
Benefits of a company listed with the Bank
If your company is listed with the bank there are many advantages you get
- Get a free bank account
- Get a free debit/credit card
- Salary will be transferred to the bank account
- Getting a loan is easy
- Get a free life insurance coverage
Check: Few Loan options you may not be aware
Companies listed with the bank can be one of the criteria to be eligible for personal loan. Apart from this, there are some more important things banks consider, like AECB Credit Score, documents required, minimum salary, etc. Check with the banks and prefer the one which suits your requirements without falling into the high-interest rates.
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.
