Personal Loan Calculator
Appoximate Monthly Cost 123AED
Principal Amount
AED 8000
Intrest Rate
6%
Duration
13months
Total Interest Amount
AED
Total payable
8000 AED
How calculator helps to plan your finances?
Amongst the different important steps, calculating your Equated Monthly Installment(EMI) is vital. It helps the borrower to plan the finances in a better way.
- To plan the expenses in prior rather than starting during payback.
- Gives an approximate estimation of EMI.
- It helps you comprehend the loan amount you can apply for.
- Can understand and compare the interest rates of different banks.
- Can understand how much he/she will be paying on the amount borrowed.
- Existing personal loan holders to calculate the EMI for a cross reference.
What to check before taking a personal loan?
Plan before applying for a personal loan. Proper planning is important before applying for a personal loan.
- Check each and every detail like type of interest rates, processing fees, prepayment charges, etc.
- Not all banks provide loans on the same charges.
- Getting a personal loan for unnecessary expenses can have a bad impact on your finances.
- Check, Compare different loans, and Calculate the EMI before applying.
When a personal loan can be the best option?
As the name suggests a personal loan is for personal reasons. At most of the banks in UAE, stating the reason for the personal loan is not mandatory it can be opted for.
- To pay credit card dues
- To clear existing high interest loans
- For a wedding
- To go for a vacation
- To buy new furniture
- To pay medical bills if the medical insurance doesn’t cover all the medical expenses
When you should not go for a personal loan?
Personal loans are the loans provided on no collateral requirement that is the reason they are known as unsecured loans. Don’t apply for personal loans to
- Buy a car.
- Start a business.
- Purchase a house.
- For investments.
- To lend someone else.
- To pay medical bills if the medical insurance doesn’t cover all the medical expenses
There are respective loans provided to buy a car, house or for a business and are provided on taking a collateral into consideration.
What are the alternative options for a personal loan?
Usually, a personal loan comes with a higher interest rate. So a person who is in need of money can choose other option which can be easier than a personal loan. Like,
- Loan against property
- Loan against vehicle
- Salary advance
- Gold loan
- Loan against deposits
However, picking an alternative to personal loan depends on the situation. The loan applicant must pick a loan which is provided on low interest rate and comfortable repayment period.
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ADIB Personal Finance for Expats
Advantages
- No processing fees
- Free ADIB Booking.com Signature Card
- Can postpone 2 installments per year
Features
- Required to submit bank account details for last 3 months
- UAE Nationals of age 21 to 65 years can apply for this scheme
- Expats of age 21 to 60 years can apply for this scheme
- Length of service should be confirmed or should have worked 6 months before applying for this scheme
- Finance repayment period is upto 48 months
- The loan is provided for an interest rate of 6.75%
- Minimum salary of AED 8,000 is required
- The reduction rate and the flat rate is 6.75% and 3.72%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is a requirement to transfer your salary to apply
- Finance up to AED 1,000,000
- The early settlement fee is 1% of the outstanding amount to date
- Takaful cover is 1.25% of the finance amount. Takaful is optional
- No Arrangement fees
- Finance up to AED 1 million amount, For finance up to AED 1,000,000 mortgage is not necessary, ADIB Booking.com Signature Card will be provided free for the first year, You are allowed to postpone two payments per year (without any additional charges), First installment can be paid up to 90 days of approval for loan
Dubai Islamic Bank Liability Settlement Finance for Expats
Advantages
- Finance is based on Sharia principles
- Quick processing
- High loan amount
Features
- Repayment period is up to 4 years
- The rates applied will depend on the salary
- Only expats can apply for this scheme
- Your debt liabilities are consolidated in one
- The loan is provided for a interest rate of 11%
- Minimum salary of AED 10,000 is required
- The reduction rate and the flat rate is 11% and 6%.
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 3,000,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is AED 1050
- Finance is provided for sharia-compliant goods, Repayment period is long, High loan amount is provided, Dedicated Manager will assist you throughout the process, Processing is quick
RAKBANK Personal Loan
Advantages
- Free credit card on 0 annual fees
- Free debit card & cheque book
- Low minimum salary requirement
Features
- Repayment period is up to 4 years
- The loan is provided for an interest rate of 4.99%
- Minimum salary of AED 3,000 is required
- The reduction rate and the flat rate is 4.99% and 2.75%. This denotes that the computation done was a division of the reduction rate by 1.815
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 1,500,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
- Can get free credit card, debit card, cheque book, Can defer one installment, Repayment period is long, High finance is provided, Life insurance is provided
CBI Personal Loan
Advantages
- Free rewards credit card
- Overdraft facility on current account
- Phone banking facility
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 5.44%
- Minimum salary of AED 8000 is required
- The reduction rate and the flat rate is 5.44% 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
- 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
ADIB Personal Finance for UAE Nationals
Advantages
- No processing fees
- Free ADIB Booking.com Signature Card
- Can postpone 2 installments per year
Features
- Required to submit bank account details for last 3 months
- Minimum age of 21 years is required
- Length of service should be confirmed or should have worked 6 months before applying for this scheme
- Finance repayment period is upto 48 months
- The loan is provided for a interest rate of 6.75%
- Minimum salary of AED 8,000 is required
- The reduction rate and the flat rate is 6.75% and 3.72%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is a requirement to transfer your salary to apply
- Finance upto AED 3,000,000
- The early settlement fee is 1% of the outstanding amount to date
- Takaful cover is 1.25% of the finance amount
- No Arrangement fees
- First installment payment grace period up to 3 months, Optional Takaful protection scheme that covers the entire amount against death and permanent disability, High finance amount , ADIB Booking.com Signature Card will be provided free for the first year, You are allowed to postpone two payments per year (without any additional charges)
HSBC Personal Loan
Advantages
- Credit life insurance is not mandatory
- Quick processing & approval
- Flexible tenure
- The loan is provided for an interest rate of 6.49%
- Minimum salary of AED 7,500 is required
- The reduction rate starts from 6.49%
- It is mandatory to transfer your salary
- Maximum finance provided is up to AED 750,000 for expats and AED 1,000,000 for UAE national
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
- Applicants can get up to AED 7,50,000 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
Emirates NBD Loans for Expatriates
Advantages
- Free 0 balance account
- Low interest rates
- High finance amount
Features
- Repayment period is up to 4 years
- The loan is provided for an interest rate of 5.49%
- Minimum salary of AED 5000 is required
- The reduction rate and the flat rate is 5.49% and 2.90%.
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 2,000,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
- Expats can get up to AED 2,000,000 loan amount, Around 560 ATMs of the Emirates NBD are there around the UAE, New Employees can also apply for this scheme, 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
Emirates Islamic Personal Finance for Expats
Advantages
- Free Credit Card
- Low processing fees
- Only 1 month salary transfer is required
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 7.34%
- Minimum salary of AED 5,000 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% of finance amount
- Arrangement fee is 1% of loan amount
- 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
ADCB Personal Loan for Expats
Advantages
- Free ADCB Credit Card
- Free Credit life insurance
- Salary overdraft up to 3 times
Features
- Repayment period is up to 4 years
- The loan is provided for an interest rate of 6%
- Minimum salary of AED 5,000 is required
- The reduction rate and the flat rate is 6% and 3.3%. 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 1,500,000
- Early settlement fee is 1.05% of the finance amount
- Arrangement fee is 1.05% of the loan amount
- For every AED 1000 of your insurance amount can earn ADCB TouchPoints, Documentation is simple , High finance amount is offered, Takaful insurance is provided free with the scheme, Free ADCB Credit Card is provided along with this scheme, Credit Life Insurance is provided along with this scheme
Mashreq Personal loan for Expats
Advantages
- 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
- The loan is provided for a interest rate of 6.49%
- Minimum salary of AED 7,000 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% of finance amount
- Arrangement fee is 1% of loan amount
- 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, Cheque book and debit card is provided free along with this scheme