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About Personal Loan

Personal loan is the obvious choice if you need a finance for Personal finance, Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things.

Numerous banks and financial institutions in the UAE provide personal loans. A minimum monthly wage, a certain amount of time working, and a solid credit history are often requirements for personal loans in the UAE. The lender, loan size, borrower’s credit history, and income all influence the interest rates for personal loans in the UAE.

In the United Arab Emirates, several well-known financial institutions that provide personal loans include Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), Mashreq Bank, Rak Bank, First Abu Dhabi bank, Ajman bank, Adib bank, Cbd bank, and Citi bank.

Employees may be given salary transfer loans, which are personal loans with repayments withdrawn directly from salaries. For this kind of loan, the borrower must give documentation of their employment and earnings, and the lender will check the details with their company. The borrower’s wage and credit history will be taken into account when determining the loan amount and repayment duration. Due to the lender’s assured source of repayment, salary transfer loans have the advantage of being able to provide lower interest rates and better terms.

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Features of Personal Loan

All loans are not created equal, personal loan has become a great option for people to use.

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Personal Loan - Eligibility

Eligibility criteria for a Personal Loan in Dubai vary from bank to bank depending upon the type and purpose of the loan. A few of the basic eligibility criteria for a loan in Dubai are mentioned below:

Age

To avail of a personal loan in Dubai the minimum age of the applicant should be 21 years and a maximum of 60-65 years.

Salary

Minimum Salary to apply for a personal loan in Dubai is AED 5000 in most banks however few banks may provide at a salary of AED 3000 depending on other parameters.

Employment Tenure

To apply for a personal loan in Dubai the applicant must be a confirmed employee or have completed 6 months in the company.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Some loan providers may provide insurance cover on your loan. If not, we advise that you take out your own insurance to cover you in the event of being unable to repay your loan due to loss of job, illness or death.

If you wish to extend your personal loan, contact your loan provider. They may be happy to extend your current loan or you may be able to refinance which means you buy out your loan by another bank.

This will depend on your chosen loan provider but in most cases, you will need to show:

  • Salary Transfer Certificate
  • Copy of valid passport
  • Proof of UAE residency status
  • Three months of bank statements that reflect regular salary credits
Rates on personal loans can be calculated in two ways – as a reducing rate or as a flat rate. With a flat rate, the rate is calculated on the entire principal amount of a loan (the full, original amount borrowed) whereas with a reducing interest rate, interest is charged only on the outstanding amount of the loan on a periodic basis. Flat interest rates are normally lower than the reducing balance rate and therefore considered misleading. When it comes to comparing loans, the best way to compare their true cost is to convert everything into the Reducing Interest Rate equivalent (click here for more information)
This relates to the fee applicable if you decide to pay off your loan early. If, for example, you take a personal loan for three years but expect to be in a position to pay if off before then, any early settlement fee becomes an important factor in choosing your loan provider. The UAE Central Bank caps the early repayment fee at 1% of the outstanding loan amount.
  • Amount required – UAE banks have a maximum loan amount they will provide you so decide how much you want to borrow and then compare those banks whose maximum loan amounts exceed this. There is a maximum loan amount determined by whether you are a UAE national or an expat
  • Minimum salary requirement – UAE banks normally impose a minimum salary required to take out a personal loan so select a provider from those whose minimum salary requirement is less or the same as your salary
  • Interest rates – do flat or reducing interest rates apply? See below for details of how these differ
  • Fees – consider all fees applicable such as arrangement fees and early settlement fees
  • Other benefits – does the bank provide options for a payment holiday

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