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UAE has been experiencing a steady rise in the banking sector in recent times. With over 40 banks (domestic + foreign), customers have a range of options to choose from. Islamic banking, where banks cannot charge fixed interest either on loans or deposits, has been operational for at least three decades now. Also, with the Dirham being pegged to the USD, foreign banks play an important role in setting the interest rates. With a huge amount of expatriate population, banks in UAE take additional precautionary measures before sanctioning loans to reduce the possibility of an NPA (Non-Performing-Asset).
Like credit cards, personal loans are unsecured loans – there is no security against it. These loans are advanced based on your credit history and ability to pay the loan. Usually, the repayment is via monthly instalments over a fixed tenure. UAE offers flat and reducing interest rates for personal loans.
UAE offers a host of benefits for people availing Personal Loans. Let’s look at a few of them:
It’s important that you understand the difference between these to make a comparison and choose what is best for you. Let’s look at both with an example:
Mr. X takes a personal loan of AED 100,000 for a tenure of 5 years. For example, let’s assume that the rate of interest is 10% p.a. for both flat and reducing options. The payback calculation would look as follows:
As shown above, Mr. X will end up paying AED 150,000 over the tenure of 5 years if he opts for the flat rate of interest.
As shown above, Mr. X will pay only AED 131,899 if he chooses the reducing interest rate option.
Please note that this example is purely for explaining the difference between the interest rates and not an indicator of the market. Choose the interest rate that best suits your needs by talking to a financial advisor.
Every bank has its own eligibility criteria which needs to be checked individually. However, some basic requirements are as follows:
Like eligibility, documentations can also vary from bank to bank. Some basic documents needed are:
There can be multiple reasons and it can help if you spend time understanding the eligibility requirement before applying for a loan. Some common reasons are:
Banks don’t usually disclose the reason behind rejection. Following the basic hygiene of submitting a completed and correct application, checking your credit score and eligibility and clearing existing debts can ensure that you maximize the chances of your application being approved.
A. Primarily, you must look at banks that offer the loan amount desired by you. Every bank has a different maximum limit and some window-shopping can help. Once you have finalized on few banks, then you should consider the minimum salary requirements of each of them. Try to choose the bank which offers the maximum loan amount on your salary. Choose between flat and reducing rates carefully (see example above). All banks will have different fees & charges structure. Please make sure that you understand all these charges completely and consider additional benefits offered by banks, before you apply for a loan.
A. Banks, usually provide an insurance cover on a personal loan. If not, then it is advisable to take an insurance to hedge against the risk of being unable to pay back due to illness, disability or death.
A. If you wish to pay off your loan before the end of the stipulated tenure, then banks usually charge an ‘early settlement fee’. The UAE Central Bank has capped the early repayment fee at 1% of the outstanding loan amount.
A. Yes. However, you must check this with the bank before you avail a loan. It is better to be clear about these policies than repent it later.
A. Most companies are listed with banks in the UAE. However, it is possible that certain small firms may not be listed. If you find yourself working for one such firm, don’t lose hope. The options might be limited and the amount offered might be low but many banks in UAE offer loans to employees of non-listed companies. Some such banks are Citibank, Emirates NBD and ADCB.
A. A Personal loan can be used for any personal purpose. Whether it is marriage or travel or home-improvement, you can use it however you want.