Personal loan in UAE

We all require a personal loan at least once in our life, be it for any reason such as renovation, for lump sum payment, vacation etc.  With the growing standards of living and budding economic development, UAE has the presence of some internationally recognized banks along with numerous domestic ones. These banks provide various financial products at competitive rates. Out of which personal finance has become one of the most preferred short-term credits in UAE.

Maybe interested: Calculate your personal finance EMI using EMI Calculator

Top personal loans that you can consider in UAE 

Abu Dhabi Islamic Bank (ADIB) ADIB

ADIB is one of the leading banks in UAE. It provides personal finance of up to AED 3 million for UAE nationals and AED 1 Million for expats.

Some benefits of ADIB personal loan are

  • ADIB VISA Cashback Card is provided as complimentary on lona approval
  • Can avail a grace period of maximum 90 days before making 1st installment
  • Option to postpone installments annually 
  • Takaful cover is provided  
  • 1% discount on existing profits and no processing fee for new customers 

Key features: 

  • Interest rates range from 6.25%-6.99%(Per annum)  
  • Minimum salary of AED 8000 is required 

Check all loans from ADIB

Abu Dhabi Commercial Bank (ADCBADCB

ADCB provides attractive loan options to both expats and UAE nationals. They offer flexible, low-cost loans for expatriates residing in the UAE. It offers competitive interest rates, high finance, long tenures and easy eligible criteria.

Some benefits of ADCB personal loan are:

  • Higher salary multiples
  • Longest repayment period
  • Free credit life insurance
  • Free ADCB Credit Card. Plus up to 2 times salary overdraft 

Key features:

  • Interest rates range from 4.99%-14% (Per annum)
  • Minimum salary of AED 6000 is required 

Check all loans from ADCB

Dubai Islamic Bank (DIB)DIB

DIB provides Sharia-compliant personal finance. The bank also offers various other personal finance products at the most competitive profit rates available in the market.

Some benefits of Dubai Islamic bank personal loan are:

  • Maximum loan amount of AED 4,000,000 for UAE nationals and AED 2,000,000 for expatriates.
  • Tenor: 48 months
  • Low minimum salary requirement 

Key features:

  • Interest rates range from 11%-20% (Per annum)
  • Minimum salary of AED 3000 is required 

Check all loans from DIB

First Abu Dhabi Bank(FAB)Fab bank

FAB provides personal loans up to AED 5 million for UAE Nationals and AED 2 million for expatriates, with flexible repayment terms of up to 48 months and competitive interest rates.

Some benefits of FAB personal loan are:

  • Comprehensive life insurance cover is provided on certain loans
  • People New to UAE or Employment are also eligible for a personal loan
  • Low-profit rates 

Key features:

  • Starting interest rate from 2.61% p.a. on new loans
  • Minimum salary of AED 7000 is required 

Check all loans from FAB

National Bank of Ras Al-Khaimah PJSC (RAKBANK)rakbank

RAKBANK provides personal Loan amounts at low-interest rates, with flexible repayment tenure up to four years for expats and UAE nationals (Armed Forces Staff get up to 5 years).

Some benefits of RAKBANK personal loan are:

  • Top up loan available after 1 year
  • Free RAKBANK Debit Card and personalized chequebook
  • Free RAKBANK Credit Card with no annual fee and low-interest rates
  • Low minimum salary requirement 

Key features:

  • Interest rates range from 5.99% (Per annum)
  • Minimum salary of AED 3000 is required

Check all loans from RAK Bank

Emirates NBD Bankemirates nbd

Emirates NBD bank provides an array of various personal loan products. The loans are easy to avail and are available at a competitive interest rate. They even consider and provide customers with personal cash loan who are not on the list of NBD approved companies.

Some benefits of Emirates NBD personal loan are:

  • Loan repayment period of 1- 4 years
  • A wide range of personal finance to match the needs of different customers
  • Can avail automatic top-up of the loan 
  • Loans for people New to UAE/New to employment is provided

Key features:

  • Interest rates range from 4.49%-19.99% (Per annum)
  • Minimum salary of AED 5000 is required

Check all loans from Emirates NBD

Emirates Islamic Bankemirates islamic

Emirates Islamic bank provides Shari’a compliant personal finance through Shares or Wakala Certificates. The loan is available for both UAE nationals and expatriates for salaried and self-employed customers at competitive profit rates.

Some benefits of Emirates Islamic Bank personal loan are:

  • UAE Nationals can get loan up to AED 3 Million and Expats can get loan up to 1 Million
  • Quick approval of loan
  • Can get a pre-approved credit card with 0 annual fees in the 1st year
  • Nominal arrangement fees
  • Exclusive terms for buyout loan applicants
  • Certificate of Takaful / Insurance Cover 

Key features:

  • Interest rates range from 4.69%-5.78% (Per annum)
  • Minimum salary of AED 5000 is required 

Check all loans from Emirates Islamic Bank

HSBC Bank hsbc

HSBC bank provides loans based on reducing the balance. i.e. the interest is calculated on a monthly basis on the remaining principal amount. At HSBC, you can apply for a Personal Loan online and get approval within 10 minutes.

Some benefits of HSBC personal loan are:

  • Easy online Personal Loan approvals in principle in 10 minutes or less 
  • No credit life insurance required 
  • Quick processing 

Key features:

  • Interest rates starting at 5.99% p.a.
  • Minimum salary of AED 7500 is required

Check all loans from HSBC

Union National Bank (UNBunb

UNB provides a wide array of personal finance products catering to all sorts of requirement such as rent, education, renovation etc. It provides personal finance to both UAE nationals and expatriates.

Some benefits of UNB personal loan are:

  • Maximum loan amount of up to 20 times the salary
  • Maximum loan tenure of 48 months
  • Low-profit rates  

Key features:

  • Minimum monthly salary requirement of AED 5,000 (for expatriates) and AED 10,000 (for Emiratis) 
  • Interest rates range from 4.5%-9% (Per annum)

Check all loans from UNB

CBI (Commercial Bank International) cbi

Commercial bank international provides loans for salaried individuals, self-employed and health care professionals. It provides a high loan amount and on an easy application process.

Some benefits of CBI personal loan are:

  • Can avail 20 times the salary as loan
  • Can get a pre-approved credit card
  • Can avail overdraft facility on the current account provided
  • Provides insurance coverage

Key Features:

  • A minimum salary of AED 8000 is required
  • Interest rates start from flat rate: 3.45% and reducing rate: 6.25%

Check all loans from CBI

This completes our list of top 10 personal loans offered by various banks in UAE. Do make sure you compare personal loan in UAE and do a thorough check on the pros and cons of availing personal finance pertaining to the situation or from any particular bank for that matter.

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