We all require a personal loan at least once in our life, be it for any reason such as renovation, for lump sum payment, vacation etc. With the growing standards of living and budding economic development, UAE has the presence of some internationally recognized banks along with numerous domestic ones. These banks provide various financial products at several benefits. Out of which personal finance has become one of the most preferred short-term credits in UAE.
ADIB is one of the leading banks in UAE. It provides personal finance of up to AED 3 million for UAE nationals and AED 1 Million for expats. It is one of the best personal loans in UAE.
ADCB provides attractive loan options to both expats and UAE nationals. They offer flexible, low-cost loans for expatriates residing in the UAE. It offers competitive interest rates, high finance, long tenures and easy eligible criteria.
FAB provides personal loans up to AED 5 million for UAE Nationals and AED 2 million for expatriates, with flexible repayment terms of up to 48 months and competitive interest rates.
Minimum Salary & Interest Rates:
Minimum Salary: AED 7000
Interest Rate: From 2.61% (Per annum)
Some benefits of FAB personal loan are:
Comprehensive life insurance cover is provided on certain loans
People New to UAE or Employment are also eligible for a personal loan
RAKBANK provides personal Loan amounts at low-interest rates, with flexible repayment tenure up to four years for expats and UAE nationals (Armed Forces Staff get up to 5 years).
Minimum Salary & Interest Rates:
Minimum Salary: AED 3000
Interest Rate: From 5.99% (Per annum)
Some benefits of RAKBANK personal loan are:
Top up loan available after 1 year
Free RAKBANK Debit Card and personalized chequebook
Free RAKBANK Credit Card with no annual fee and low-interest rates
Emirates NBD bank provides an array of various personal loan products. The loans are easy to avail and are available at a competitive interest rate. They even consider and provide customers with personal cash loan who are not on the list of NBD approved companies.
Minimum Salary & Interest Rates:
Minimum Salary: AED 5000
Interest Rate: From 4.49% – 19.99% (Per annum)
Some benefits of Emirates NBD personal loan are:
Loan repayment period of 1- 4 years
A wide range of personal finance to match the needs of different customers
Can avail automatic top-up of the loan
Loans for people New to UAE/New to employment is provided
Emirates Islamic bank provides Shari’a compliant personal finance through Shares or Wakala Certificates. The loan is available for both UAE nationals and expatriates for salaried and self-employed customers at competitive profit rates.
Minimum Salary & Interest Rates:
Minimum Salary: AED 5000
Interest Rate: From 4.69% – 5.78% (Per annum)
Some benefits of Emirates Islamic Bank personal loan are:
UAE Nationals can get loan up to AED 3 Million and Expats can get loan up to 1 Million
Quick approval of loan
Can get a pre-approved credit card with 0 annual fees in the 1st year
HSBC bank provides loans based on reducing the balance. i.e. the interest is calculated on a monthly basis on the remaining principal amount. At HSBC, you can apply for a Personal Loan online and get approval within 10 minutes.
Minimum Salary & Interest Rates:
Minimum Salary: AED 7500
Interest Rate: From 5.99% (Per annum)
Some benefits of HSBC personal loan are:
Easy online Personal Loan approvals in principle in 10 minutes or less
UNB provides a wide array of personal finance products catering to all sorts of requirement such as rent, education, renovation etc. It provides personal finance to both UAE nationals and expatriates.
Commercial bank international provides loans for salaried individuals, self-employed and health care professionals. It provides a high loan amount and on an easy application process.
Minimum Salary & Interest Rates:
Minimum Salary: AED 8,000
Interest Rate: From Flat rate: 3.45% and Reducing rate: 6.25%
Some benefits of CBI personal loan are:
Can avail 20 times the salary as loan
Can get a pre-approved credit card
Can avail overdraft facility on the current account provided
This completes our list of top 10 personal loans offered by various banks in UAE. Do make sure you compare personal loan in UAE and do a thorough check on the pros and cons of availing personal finance pertaining to the situation or from any particular bank for that matter.
Hemanta Bijoy Kaushik is a personal finance writer. Discovering his love for writing, he has written a number of blogs on personal finances and other genres on various digital media platforms. He has completed his MBA from IMT and currently working at HDFC bank as Personal Banker. When he's not writing, you can find him exploring different cuisines and binge-watching TV series. Hemanta hopes to write a novel soon. You can check out his work on www.instagram.com/hemantakaushik
Hemanta Bijoy Kaushik is a personal finance writer. Discovering his love for writing, he has written a number of blogs on personal finances and other genres on various digital media platforms. He has completed his MBA from IMT and currently working at HDFC bank as Personal Banker. When he's not writing, you can find him exploring different cuisines and binge-watching TV series. Hemanta hopes to write a novel soon. You can check out his work on www.instagram.com/hemantakaushik
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