Personal Loan for AED 5000 salary in UAE
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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
Explore
Hide ExploreAdvantages
- 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 0 balance account
- Low interest rates
- High finance amount
Features
- Repayment period is up to 4 years
- The reduction rate and the flat rate is 5.69% and 3.03%.
- The loan is provided for competitive interest rates & starting from 5.69%
Features
- Repayment period is up to 4 years
- The loan is provided for competitive interest rates & starting from 5.69%
- Minimum salary of AED 5000 is required
- The reduction rate and the flat rate is 5.69% and 3.03%.
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 3,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1.05% of loan amount
Benefits
- Expats can get up to AED 3,000,000 loan amount
- Get a zero-balance account
- Get a Free Miles or points credit card
- Around 560 ATMs of the Emirates NBD are there around the UAE
- New Employees can also apply for this scheme
- Initial payment postponement extends for a maximum of 60 days.
- You can miss up to two non-consecutive installments per year
- Free Debit Card and bank account is provided along with this scheme
- The repayment period is long
Advantages
- Finance for sharia-compliant services
- High finance
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
- Low salary requirement
- Longer tenure is provided
- Hassle-free documentation
- Eligible for UAE nationals
Advantages
- Free 0 balance account
- No collateral/guarantor required
- High finance is provided
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply for this loan
- The reduction rate and the flat rate is 4.79% and 2.55%.
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply for this loan
- The loan is provided for a interest rate of 4.79%
- Minimum salary of AED 5,000 is required
- The reduction rate and the flat rate is 4.79% and 2.55%.
- It is mandatory to transfer your salary
- Finance up to AED 4,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1.05% of loan amount
Benefits
- Applicants can get up to AED 4,000,000 loan amount
- Around 560 ATMs of the Emirates NBD are there around the UAE
- Initial payment postponement of up to 120 days.
- You can miss up to two non-consecutive installments per year
- Free Debit Card and bank account is provided along with this scheme
- Repayment period is long
- Documentation is simple and easy
Advantages
- Finance for sharia-compliant services
- High finance
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
- Low salary requirement
- Longer tenure is provided
- Hassle-free documentation
- Expats are eligible
Advantages
- High finance is provided
- Quick processing of loan
- Low salary requirement
Overview
- Quick processing of a loan
- Provides loan on low salary requirement
- Can avail payment holiday benefit
Overview
- Quick processing of a loan
- Provides loan on low salary requirement
- Can avail payment holiday benefit
- Applicant’s company must be listed with the bank
- Salary transfer is mandatory
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
Advantages
- No processing fees
- Free ADIB Booking.com Signature Card
- Can postpone 2 installments per year
Overview
- No processing fees are charged </li>
- Can postpone 2 loan installments without any charges getting levied
- Should submit latest bank statements
Overview
- No processing fees are charged
- Can postpone 2 loan installments without any charges getting levied
- Should submit latest bank statements
- Can get 120 days 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
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply
- The reduction rate and the flat rate is 5.69% and 3.14%. This denotes that the computation done was a division of the reduction rate by 1.814
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply
- The loan is provided for an interest rate of 5.69%
- Minimum salary of AED 5,000 is required
- The reduction rate and the flat rate is 5.69% and 3.14%. 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 2,500,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Can get up to AED 2,500,000 loan amount
- Repayment period is long
- They provide finance against goods
Personal Loan for AED 5000 salary in UAE
Usually, for personal loan in UAE a minimum salary of AED 5000 or more is required. But there are a number of things that you should be aware of if you are going for a loan at that salary range. Since the salary range is less, hence banks tend to be more cautious regarding the loan sanction.
Banks offering Personal Loan in UAE for Salary AED 5000
The list of banks that offers a personal loan in the UAE for a minimum salary of AED 5000 are,
- ADCB
- ADIB
- RAKBank
- Emirates NBD
- Emirates Islamic Bank
- Dubai Islamic Bank
- National Bank of Fujairah
- Sharjah Islamic Bank
- Deem
- Samba Bank
- Finance House
- Al Hilal Bank
Check the list of Personal loans in UAE for AED 5000 salary.
Documents required
Like documents, this may vary from bank to bank
- You must be at least 21 years of age
- You must be currently employed and working for around one-to-six months minimum (varies from bank to bank)
- Minimum salary must be AED 5,000 or more
- Usually, you are required to transfer your salary to the bank from which you are availing the Personal Loan
- You must pay back the loan before you turn 65 years (for expatriates) and 60 years (for UAE Nationals)
Eligibility
This may vary from bank to bank or circumstances
- Loan application form – completed and duly signed
- Some identity documents like Passport, a copy of the VISA, Emirates ID, etc
- For Expatriates – Valid Passport with a valid UAE Residence Visa
- Salary certificate and/or salary transfer letter
- Statement(s) of your bank account(s)
- For self-employed individuals – Trade License
FAQs
⭐ What is the minimum salary requirement usually for personal loans in UAE?
A. Usually, banks in UAE have a minimum salary requirement of AED 5000 for personal loans.
⭐ Is it possible for me to acquire if I am an Expat with monthly salary AED 5000?
A. Yes, it is available for both UAE Nationals and Expats.
⭐ Are there any other lesser monthly salary options available?
A. Yes, you can avail a personal loan with a minimum monthly salary of AED 3000 and AED 4000.
Personal loan in UAE with salary AED 3000Personal loan in UAE with salary AED 4000
⭐What are my options for a personal loan with minimum monthly salary AED 5000?
A. There are a number of options for you, as many banks sanction personal loans with a minimum salary of AED 5000. Some top options are ADCB personal loan, RAKBANK personal loan and Dubai Islamic Bank personal loan.
⭐ Will there be any complications regarding the loan amount?
A. The loan amount depends proportionately on the salary range, you would not be able to avail high finance amount. If banks do sanction a high amount than the interest rates would be higher.
⭐ What are the interest rates that would get charged on these loans?
A. The interest rate would differ from bank to bank but expect a higher rate as the salary required is less.The flat interest rate normally ranges from 2-11% whereas the reducing rate varies between 4.9-19%.
⭐ Is insurance required for these loans?
A. It is at bank's discretion, but most insurance would be required to offset the risk and we would advise you to take it too.
⭐ Do I need to provide my salary certificate?
A. Yes, they would mostly require your salary certificate. This is asked by the bank during your application processing stage to understand your expenditure breakdown. They would also want your designation at the company and your position to safeguard themselves from any fraud.
⭐ Is salary transfer necessary?
A. Banks would usually prefer you have an account in their branch where your salary is transferred. This helps them to offset the risk involved in an unsecured form of finance. It also gives them the security and keeps a track of your income.
⭐ Are there any banks which do not require a salary transfer?
A. Dubai Islamic Bank Personal Finance may provide more competitive rates and flexibility if you transfer your salary however it is not mandatory. Even if the company you work for is listed then the bank may waive the requirement.
⭐ Is company listing necessary?
A. It is not mandatory for the company you are working to be listed. But if it is then it would fasten your process and increase your probability of approval.