A personal loan is a loan borrowed to pay for personal expenses such as medical bills, travel, and much more. Such loans may or may not be secured. Secured loans require some type of collateral as a condition of borrowing. Personal loans are convenient because you need to repay the loan amount in small installments and you get the loan approved with minimum paperwork. When it comes to a personal loan in UAE, many banks have interesting offers with easy application process. To help you choose the best personal loans as per your requirements, we have listed down a few popular personal loans offered by banks in the UAE along with top offers in 2021.
If you are searching for a personal loan without a salary transfer, a Citi bank personal loan can be the best option you can go ahead with. They also have a salary transfer loan option with attractive interest rates. Some of the features that please the borrowers are:
- Minimum Documentation
- Loans of up to AED 175,000 (No Salary transfer required)
- Loans of up to AED 250,000 (Salary transfer to Citi required)
- Fast provisional approvals – in 1 day
- Tenors from 6 months up to 48 months
- Instant loan funding upon final approval
- Citibank offers personal loans to companies which are not listed as well.
Please note minimum salary required to apply for this loan is AED 8000 per month.
Tip:
Your salary must be transferred to a bank. Your bank statement must evidence a minimum of AED 8000 as monthly salary for the last three months.
You must have a good credit history. Click here to find out more on how to maintain good credit history.
Whether you are a UAE national or an expat, FAB bank offers some attractive and best personal loans options for you. Some of the features that make FAB loans popular are:
- High loan amounts of up to AED 5 million for UAE nationals and AED 2 Million for expats.
- Flexible repayment terms of up to 48 months (60 months for Ministry of Defense employees)
- 90 day grace period for the first payment
- Quick and seamless processing
- Minimum documentation
- Comprehensive personal life insurance coverage
- Rates from 3.99% variable per year
Please note minimum salary required to apply for this loan is AED 7000 per month. A Salary transfer letter is required.
Tip:
Your salary must be transferred to a bank. Your bank statement must evidence a minimum of AED 7000 as monthly salary for the last three months.
You must have a good credit history. Click here to find out more on how to maintain good credit history
Emirates NBD has loan options for every category including self-employed. ENBD loans have some of the best rates and offers allowing everyone to easily obtain funds for their personal needs. Some of the best features offered under personal loan categories are mentioned below:
- Low-interest rates
- 7-day Loan Return Option
- Maximum tenor up to 48 months
- FYF Card with Eligible Miles / Points ü Overdraft (OD) with First Year Free Setup (Nil First Year Set Up Fee
- Free Bank Account with no minimum balance required
- No collateral or guarantor required
- Easy process and simple documentation
- First payment day deferral upto 75 days for expats -Applicable to all schemes under Personal Loan product
Please note minimum salary required to apply for this loan is AED 5000 per month. A Salary transfer letter is required.
Tip: Higher the credit score better the interest rate. This is a standard norm across the market. Banks wants to ensure that the customers to whom they are lending have a good credit history.
A loan is provided to both UAE nationals and ex-pats by DIB. DIB also have some personal loan offers and features that are attractive, they are:
- Upto AED 4 million for UAE Nationals and AED 2 million for Expats
- First installment payment grace period up to 120 days
- 100% processing fee waiver
- The simple and easy documentation process
- Free ADIB VISA Cashback Card for the first year
- Complete education expenses financing
- Two free installments postponements every year
Please note minimum salary required to apply for this loan is AED 3000 per month. A Salary transfer letter is required.
Tip: Company must be listed with DIB. Better chances if your salary is currently being transferred to DIB.
All the features and offers will vary depending upon the type of personal loan. To summarize you will have a good chance of getting your personal loan approved with the following
- Maintain good credit history, make payments in time on your other credit facilities.
- Compare and find loans that are suitable for your requirements. Note, loan amounts and interest rates are key deciding factors.
- Watch out for special offers on loans, these are generally not publicly available as banks offer special rates and offers for specific segments based on their internal criteria. You can write it to us at support@soulwallet.com for best offers in town.
We hope the above article is helpful in your search for personal loans in UAE. Please do review our loans listing page for more details and EMI calculators, which will help you make a quick and proper decision. Click here to apply for personal loans online.