Personal Loan for Expats in UAE - Benefits, Eligibility & Documents Required
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Advantages
- Free Credit Card
- Low processing fees
- Only 1 month salary transfer is required
Features
- Repayment period is up to 4 years
- The flat rate and the reduction rate is 3.99% and 7.34%.
- The loan is provided for a interest rate of 7.34%
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 7.34%
- Minimum salary of AED 10,000 is required
- The flat rate and the reduction rate is 3.99% and 7.34%.
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 2,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Free Credit Card is provided along with this scheme
- For the first year free of annual fee
- Repayment period is long
- Low minimum salary requirement is there for this scheme
Explore
Hide ExploreAdvantages
- Flexible tenure
- Quick processing
- High finance
Features
- Length of service should be minimum 6 months
- Need to provide salary transfer letter in Mashreq format
- Only Expats can apply for this scheme
Features
- Length of service should be minimum 6 months
- Need to provide salary transfer letter in Mashreq format
- Only Expats can apply for this scheme
- The loan is provided for a interest rate of 6.49%
- Minimum salary of AED 7,000 is required for an approved company. For non-listed companies, AED 10,000 is required.
- The reduction rate and the flat rate is 6.49% and 3.57%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 1,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1.05% of loan amount
Benefits
- Applicants can get up to AED 1,000,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme
- Credit Card, Cheque book and debit card is provided free along with this scheme
- Applicants can get finance for non-listed companies in UAE too
Advantages
- Personal life insurance coverage is provided
- Quick approval
Benefits
- Comprehensive personal life insurance coverage
- You can achieve financial goals with FAB personal loan by enjoying the best interest rates which start at 5.34 percent per year
- Get the privilege of flexible repayment with 120 days first installment grace period.
Benefits
- Comprehensive personal life insurance coverage
- You can achieve financial goals with FAB personal loan by enjoying the best interest rates which start at 5.34 percent per year
- Get the privilege of flexible repayment with 120 days first installment grace period.
- Enjoy quick and easy approvals with hassle free documents.
- Get up to AED 7,500 FAB rewards when you transfer salary to FAB account holding FAB credit card
Advantages
- Credit life insurance is not mandatory
- Quick processing & approval
- Flexible tenure
Benefits
- Applicants can get up to AED 1,000,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme Finance buy-out facility is also provided with this loan
Benefits
- Applicants can get up to AED 1,000,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme Finance buy-out facility is also provided with this loan
- Determent facility available - maximum 2 times a year without additional profit
Advantages
- Free rewards credit card
- Overdraft facility on current account
- Phone banking facility
Features
- Repayment period is up to 4 years
- The reduction rate and the flat rate is 6.75% and 3%. This denotes that the computation done was a division of the reduction rate by 1.814
- The loan is provided for a interest rate of 6.75%
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 6.75%
- Minimum salary of AED 8000 is required
- The reduction rate and the flat rate is 6.75% and 3%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 1,000,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- High Finance amount is provided by the bank
- Along with this loan free credit card is offered
- Provides insurance coverage for permanent disability and death
Advantages
- Free debit card
- Current account with no minimum balance
- Can avail top-up facility
Features
- Repayment period is up to 4 years
- The reduction rate and the flat rate is 5.5% and 3.03%. This denotes that the computation done was a division of the reduction rate by 1.814
- The loan is provided for a interest rate of 5.5%
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 5.5%
- Minimum salary of AED 8,000 is required
- The reduction rate and the flat rate is 5.5% and 3.03%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 750,000
- Early settlement fee is 1% of finance amount
- Takaful fee is 0.82% of the finance amount
- Arrangement fee is 1% of loan amount
Benefits
- High Finance amount is provided by the bank
- Availability of buy-out facility
- Determent facility available - maximum 2 times a year without additional profit
- Free Debit Card is provided along with this scheme
- Free Current Account is provided along with this scheme with no minimum balance requirement
Advantages
- Finance is based on Sharia principles
- Quick processing
- High loan amount
Overview
- Can settle existing debts
- Only expats are eligible
- Salary transfer is mandatory
Overview
- Can settle existing debts
- Only expats are eligible
- Salary transfer is mandatory
- Can get finance based on sharia principles
- Interest rates are based on the applicant’s profile
Advantages
- No processing fees
- Free ADIB Booking.com Signature Card
- Can postpone 2 installments per year
Overview
- No processing fees are charged
- Can postpone loan installments without any charges getting levied
- Should submit latest bank statements
Overview
- No processing fees are charged
- Can postpone loan installments without any charges getting levied
- Should submit latest bank statements
- Can get grace period before paying the first installment
- High loan amount can be availed
- Salary transfer is mandatory
- Provides a free credit card with no annual fees in the first year
Advantages
- Free takaful insurance
- High loan amount
Features
- You are provided with an option to buy-out your present personal finance
- There are no hidden charges
- The reduction rate and the flat rate is 5.99% and 2.75%. This denotes that the computation done was a division of the reduction rate by 1.814
Features
- You are provided with an option to buy-out your present personal finance
- There are no hidden charges
- The loan is provided for a interest rate of 5.99%
- Minimum salary of AED 5,000 is required
- The reduction rate and the flat rate is 5.99% and 2.75%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is mandatory to transfer your salary
- Finance up to AED 3,000,000
- Early settlement fee is 1% of the loan amount
- Arrangement fee is 1% of loan amount
Benefits
- Applicants can get up to AED 3,000,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme
- Provides free Takaful insurance along with this scheme
Features
- Repayment period is up to 4 years
- The reduction rate and the flat rate is 5.99% and 3.3%. This denotes that the computation done was a division of the reduction rate by 1.814
- The loan is provided for a interest rate of 5.99%
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 5.99%
- Minimum salary of AED 7,500 is required
- The reduction rate and the flat rate is 5.99% and 3.3%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is not mandatory to transfer your salary to apply for this scheme
- Finance up to AED 730000
- Early settlement fee is 1% of finance amount
- Takaful fee is 0.5% of the finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Arab bank provides loan boy-out facility
- About 45 days grace period is provided by the bank
- Loan application processing is fast
- A dedicated manager will assist you all throughout the process
Personal loan for Expats
UAE has a majority of expat population. Every resident is provided an opportunity to fulfill their financial dreams and banks support it by providing the right financial assistance. Expats in UAE are eligible to get a personal loan from banks. Even though the features on the loan differ from Expats and UAE Nationals, there are several banks providing personal loan in UAE with no collateral requirement and on high benefits.
Expats can get a high finance amount on competitive interest rates if they meet the eligibility criteria of a personal loan and provide the right set of documents.
Features of a Personal Loans for Expats
- The maximum loan amount can be availed is AED 4500K
- A minimum salary of AED 3000 is required(varies with banks)
- The maximum loan amount that is approved depends on the applicant’s monthly income
- The interest rate provided on the loan varies from 2.19% - 14%(varies with banks and loan type)
- The maximum tenure provided on the loan is 4 years
- Personal loan applicants can avail benefits on loans like a free credit card, installment holidays, and much more.
- Islamic Finance: Banks in the UAE also offer Islamic Personal Loans along with Conventional Loans. Islamic Finance is based on Sharia' laws.
Eligibility for Personal Loan for Expats
The eligibility criteria for a personal loan varies with each bank depending upon the applicant's profile.
- The loan applicant must have a monthly minimum salary of AED 3000 - AED 10000
- Must be a UAE Resident
- Expats must be of age 21-60 years
- Should be a Salaried individual or Self employed
- Service in work must be more than 6 months in UAE
- At few banks salary transfer to their bank account is mandatory
- Having your employment company listed is a mandatory criterion at some banks
- Debt to Burden Ratio should be more than 50%
- Good credit score
Documents Required for Personal Loan for Expats
The basic documents required for a personal loan for expats are,
- Resident Visa for validation
- Passport for validation
- Emirates ID
- Address Proofs(Utility bills)
- Salary Certificate(For salaried expats)
- Trade Licence(For Self Employed expats)
- 6 months bank statements(Where salary is transferred to)
FAQs
⭐ Is Emirates ID mandatory?
A. Yes, for a personal loan in UAE, Emirates ID is a mandatory document.
⭐ I didn’t get my Emirates ID yet. Can I apply for a loan?
A. Few banks approve the Emirates ID application form. You may verify with the banks before filling the application form.
⭐ I’m not a UAE resident. Am I eligible for a personal loan in UAE?
A. No, for a personal loan in UAE only UAE residents with valid documents are eligible.
⭐ What are the benefits provided on the personal loan for expats?
A. The benefits provided on a personal loan are a free debit card, credit card, cheque book, insurance and much more which varies with each bank.
⭐ How do I know my Debt to Burden ratio?
A. You can calculate your debt to burden ratio using ourDebt Burden Ratio Calculator
⭐ Can I cancel my loan after approval?
A. Yes, you can cancel your loan after approval but cancellation charges are levied.
⭐ How long will it take to approve the loan?
A. Loan processing time varies with each bank which may be around 1 - 7 days.
⭐ Can I get a personal loan for travel?
A. Yes, you can get a personal loan for travel.
⭐ Do I need to submit my original documents?
A. Original documents should be provided for validation and copy of original documents should be submitted along with the loan application form.
⭐ Should I get a guarantor for the loan?
A. Most of the banks provide personal loan without any guarantor.
⭐ I'm New to UAE. Am I eligible for the personal loan?
A. Yes. New to UAE individuals are eligible for a personal loan in UAE at some banks. Check Personal Loans in UAE for New to UAE