Personal Loan for Expats in UAE - Benefits, Eligibility & Documents Required

Flat Rate

3.72%

Minimum Salary

AED 8000

Reducing Rate

6.75%

Max Loan Amount

AED 1000000

Early Settlement Fee

1%

flat-rate

3.72%

Flat Rate

minimum-salary

AED 8000

Minimum Salary

6.75%

Reducing Rate

loan-amount

AED 1000000

Max Loan Amount

arrangement-fee

0%

Arrangement Fee

Advantages

  • No processing fees
  • Free ADIB Booking.com Signature Card
  • Can postpone 2 installments per year

Overview

  • No processing fees are charged
  • Can postpone loan installments without any charges getting levied
  • Should submit latest bank statements
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Overview

  • No processing fees are charged
  • Can postpone loan installments without any charges getting levied
  • Should submit latest bank statements
  • Can get grace period before paying the first installment
  • High loan amount can be availed
  • Salary transfer is mandatory
  • Provides a free credit card with no annual fees in the first year
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Flat Rate

6%

Minimum Salary

AED 10000

Reducing Rate

11%

Max Loan Amount

AED 2000000

Early Settlement Fee

1%

flat-rate

6%

Flat Rate

minimum-salary

AED 10000

Minimum Salary

11%

Reducing Rate

loan-amount

AED 2000000

Max Loan Amount

Advantages

  • Finance is based on Sharia principles
  • Quick processing
  • High loan amount

Overview

  • Can settle existing debts
  • Only expats are eligible
  • Salary transfer is mandatory
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Overview

  • Can settle existing debts
  • Only expats are eligible
  • Salary transfer is mandatory
  • Can get finance based on sharia principles
  • Interest rates are based on the applicant’s profile
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Minimum Salary

AED 5000

Reducing Rate

3.99%

Max Loan Amount

AED 1500000

Early Settlement Fee

1%

minimum-salary

AED 5000

Minimum Salary

3.99%

Reducing Rate

loan-amount

AED 1500000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • Free credit card on 0 annual fees
  • Free debit card & cheque book
  • Low minimum salary requirement

Overview

  • Provides finance on a low salary
  • Can top-up existing loan to original loan amount after one year of loan
  • Can defer one year installment for free on paying installments regularly for 6 months
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Overview

  • Provides finance on a low salary
  • Can top-up existing loan to original loan amount after one year of loan
  • Can defer one year installment for free on paying installments regularly for 6 months
  • Free cheque book and debit card is provided
  • Can get free RAK bank credit card of 0 annual fees
  • Provide life insurance on nominal charges
  • Can avail debt consolidation facility
  • Salary transfer to RAK bank account is compulsory
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Flat Rate

3%

Minimum Salary

AED 8000

Reducing Rate

5.44%

Max Loan Amount

AED 1000000

Early Settlement Fee

1%

flat-rate

3%

Flat Rate

minimum-salary

AED 8000

Minimum Salary

5.44%

Reducing Rate

loan-amount

AED 1000000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • Free rewards credit card
  • Overdraft facility on current account
  • Phone banking facility

Features

  • Repayment period is up to 4 years
  • 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
  • The loan is provided for a interest rate of 5.44%
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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

Benefits

  • 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
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Minimum Salary

AED 7500

Reducing Rate

5.99%

Max Loan Amount

AED 1000000

Early Settlement Fee

1%

minimum-salary

AED 7500

Minimum Salary

5.99%

Reducing Rate

loan-amount

AED 1000000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • Credit life insurance is not mandatory
  • Quick processing & approval
  • Flexible tenure

Benefits

  • 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 Finance buy-out facility is also provided with this loan
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Benefits

  • 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 Finance buy-out facility is also provided with this loan
  • Determent facility available - maximum 2 times a year without additional profit
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Flat Rate

3.99%

Minimum Salary

AED 5000

Reducing Rate

7.34%

Max Loan Amount

AED 2000000

Early Settlement Fee

1%

flat-rate

3.99%

Flat Rate

minimum-salary

AED 5000

Minimum Salary

7.34%

Reducing Rate

loan-amount

AED 2000000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • Free Credit Card
  • Low processing fees
  • Only 1 month salary transfer is required

Features

  • Repayment period is up to 4 years
  • The flat rate and the reduction rate is 3.99% and 7.34%.
  • The loan is provided for a interest rate of 7.34%
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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

Benefits

  • 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
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Minimum Salary

AED 5000

Reducing Rate

5.25%

Max Loan Amount

AED 1500000

Early Settlement Fee

1.05%

minimum-salary

AED 5000

Minimum Salary

5.25%

Reducing Rate

loan-amount

AED 1500000

Max Loan Amount

arrangement-fee

1.05%

Arrangement Fee

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 5.25%
  • Minimum salary of AED 5,000 is required
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Features

  • Repayment period is up to 4 years
  • The loan is provided for an interest rate of 5.25%
  • Minimum salary of AED 5,000 is required
  • 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

Benefits

  • 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
  • Get 50% OFF on processing fee on applying for the account through ADCB Hayyak App. Also, avail 50,000 Touchpoints on the approval.
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Flat Rate

3.57%

Minimum Salary

AED 7000

Reducing Rate

6.49%

Max Loan Amount

AED 1000000

Early Settlement Fee

1%

flat-rate

3.57%

Flat Rate

minimum-salary

AED 7000

Minimum Salary

6.49%

Reducing Rate

loan-amount

AED 1000000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

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
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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 for an approved company. For non-listed companies, AED 10,000 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

Benefits

  • 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
  • Credit Card, Cheque book and debit card is provided free along with this scheme
  • Applicants can get finance for non-listed companies in UAE too
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Flat Rate

2.75%

Minimum Salary

AED 5000

Reducing Rate

4.99%

Max Loan Amount

AED 3000000

Early Settlement Fee

1%

flat-rate

2.75%

Flat Rate

minimum-salary

AED 5000

Minimum Salary

4.99%

Reducing Rate

loan-amount

AED 3000000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • Free takaful insurance
  • High loan amount

Features

  • You are provided with an option to buy-out your present personal finance
  • There are no hidden charges
  • 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 1.814
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Features

  • You are provided with an option to buy-out your present personal finance
  • There are no hidden charges
  • The loan is provided for a interest rate of 4.99%
  • Minimum salary of AED 5,000 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 1.814
  • It is mandatory to transfer your salary
  • Finance up to AED 3,000,000
  • Early settlement fee is 1% of the loan amount
  • Arrangement fee is 1% of loan amount

Benefits

  • Applicants can get up to AED 3,000,000 loan amount
  • Documentation is simple and easy
  • There is low salary requirement and long repayment period along with this scheme
  • Provides free Takaful insurance along with this scheme
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Flat Rate

2.77%

Minimum Salary

AED 10000

Reducing Rate

5.24%

Max Loan Amount

AED 600000

Early Settlement Fee

1%

flat-rate

2.77%

Flat Rate

minimum-salary

AED 10000

Minimum Salary

5.24%

Reducing Rate

loan-amount

AED 600000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • New to employment/UAE can apply
  • Can skip 2 consecutive installments
  • Free debit card

Features

  • Repayment period is up to 4 years
  • The reduction rate and the flat rate is 5.24% and 2.77%
  • The loan is provided for a interest rate of 5.24%
Apply Now

Features

  • Repayment period is up to 4 years
  • The loan is provided for a interest rate of 5.24%
  • Minimum salary of AED 10,000 is required
  • The reduction rate and the flat rate is 5.24% and 2.77%
  • Salary transfer is mandatory
  • Finance up to AED 600,000
  • Early settlement fee is 1% of finance amount
  • Arrangement fee is 1% of loan amount

Benefits

  • Applicants can get up to AED 600,000 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
  • Repayment period is long
  • Both Expats and UAE Nationals can apply for this scheme
  • Documentation is simple and easy
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Personal loan for Expats

UAE has a majority of expat population. Every resident is provided an opportunity to fulfill their financial dreams and banks support it by providing the right financial assistance. Expats in UAE are eligible to get a personal loan from banks. Even though the features on the loan differ from Expats and UAE Nationals, there are several banks providing personal loan in UAE with no collateral requirement and on high benefits. 

Expats can get a high finance amount on competitive interest rates if they meet the eligibility criteria of a personal loan and provide the right set of documents. 

Features of a Personal Loans for Expats

  • The maximum loan amount can be availed is AED 4500K
  • A minimum salary of AED 3000 is required(varies with banks)
  • The maximum loan amount that is approved depends on the applicant’s monthly income
  • The interest rate provided on the loan varies from 2.19% - 14%(varies with banks and loan type)
  • The maximum tenure provided on the loan is 4 years
  • Personal loan applicants can avail benefits on loans like a free credit card, installment holidays, and much more. 
  • Islamic Finance: Banks in the UAE also offer Islamic Personal Loans along with Conventional Loans. Islamic Finance is based on Sharia' laws.

Eligibility for Personal Loan for Expats

The eligibility criteria for a personal loan varies with each bank depending upon the applicant's profile.

  • The loan applicant must have a monthly minimum salary of AED 3000 - AED 10000
  • Must be a UAE Resident
  • Expats must be of age 21-60 years
  • Should be a Salaried individual or Self employed
  • Service in work must be more than 6 months in UAE
  • At few banks salary transfer to their bank account is mandatory
  • Having your employment company listed is a mandatory criterion at some banks
  • Debt to Burden Ratio should be more than 50%
  • Good credit score

Documents Required for Personal Loan for Expats

The basic documents required for a personal loan for expats are, 

  • Resident Visa for validation
  • Passport for validation
  • Emirates ID
  • Address Proofs(Utility bills)
  • Salary Certificate(For salaried expats)
  • Trade Licence(For Self Employed expats)
  • 6 months bank statements(Where salary is transferred to)

FAQs

⭐ Is Emirates ID mandatory?

A. Yes, for a personal loan in UAE, Emirates ID is a mandatory document.

⭐ I didn’t get my Emirates ID yet. Can I apply for a loan?

A. Few banks approve the Emirates ID application form. You may verify with the banks before filling the application form.

⭐ I’m not a UAE resident. Am I eligible for a personal loan in UAE?

A. No, for a personal loan in UAE only UAE residents with valid documents are eligible.

⭐ What are the benefits provided on the personal loan for expats?

A. The benefits provided on a personal loan are a free debit card, credit card, cheque book, insurance and much more which varies with each bank.

⭐ How do I know my Debt to Burden ratio?

A. You can calculate your debt to burden ratio using ourDebt Burden Ratio Calculator

⭐ Can I cancel my loan after approval?

A. Yes, you can cancel your loan after approval but cancellation charges are levied.

⭐ How long will it take to approve the loan?

A. Loan processing time varies with each bank which may be around 1 - 7 days.

⭐ Can I get a personal loan for travel?

A. Yes, you can get a personal loan for travel.

⭐ Do I need to submit my original documents?

A. Original documents should be provided for validation and copy of original documents should be submitted along with the loan application form.

⭐ Should I get a guarantor for the loan?

A. Most of the banks provide personal loan without any guarantor.

⭐ I'm New to UAE. Am I eligible for the personal loan?

A. Yes. New to UAE individuals are eligible for a personal loan in UAE at some banks. Check Personal Loans in UAE for New to UAE

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