Personal Loans in UAE for UAE Nationals
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Personal Loans for UAE Nationals
Personal Loans are provided on competitive profit rates by several banks and financial institutes in the UAE region. The loan applicant has to meet the eligibility criteria and submit the required documents to get a personal loan in the UAE. The finance amount provided for UAE nationals is high and there is no collateral requirement being an unsecured type of loan. Several banks in the UAE provide personal loans for UAE. To find the best one that suits your preferred rates you need to compare personal loans and select the right one.
Top 10 Personal Loans for UAE nationals
| Personal Loan | Minimum Salary | Loan Amount | Interest Rate(onwards) | Benefits |
| ADIB Personal Finance for UAE Nationals | AED 8000 | AED 3000K | 3.72% | Free credit card and No processing fees |
| RAK Bank Personal Loan | AED 3000 | AED 1500K | 2.75% | Free Credit Card is provided |
| CBI Personal Loan | AED 8000 | AED 1000K | 3% | Free Rewards Credit Card is provided |
| ADCB Personal Loan for UAE Nationals | AED 10,000 | AED 1500K | 2.89% | Free Credit Card |
| Emirates NBD Personal Cash Loan | AED 6000 | AED 800K | 4.86% | Salary transfer is not required |
| Mashreq Personal Loan for UAE Nationals | AED 10,000 | AED 3000K | 3.3% | High finance is provided |
| National Bank of Fujairah Personal Finance | AED 10,000 | AED 3000K | 2.75% | Free takaful coverage is provided |
| FAB Personal Loan for UAE Nationals | AED 7000 | AED 5000K | 5.12% | High finance amount |
| Dubai Islamic Bank Liability Settlement Finance for UAE Nationals | AED 10,000 | AED 4000K | 6.06% | High finance amount |
| Emirates Islamic Personal Finance for UAE Nationals | AED 5000 | AED 4000K | 2.99% | Free Credit Card |
Eligibility of Personal loans for UAE Nationals
The basic eligibility criteria for nationals to get a personal loan in UAE are,
- Minimum salary: AED 3000
- Minimum age requirement: 21 years
- Maximum age: 65 years(at the end of the loan tenure)
- Salaried and Self-employed individuals are eligible
- Employment status: Length of service at the current employer must be 6 months or must have a confirm employment letter
- Salary transfer: Salary transfer criterion depends upon the bank and the applicant’s profile
- Employment company must be listed with the bank
Documents Required for UAE Nationals
The basic documents required for UAE nationals for a personal loan are,
- Identity Proofs - Emirates ID
- Employment Proofs - Salary certificate, Salary transfer letter, 3-6 months bank statements
- Trade Licence for Self Employed individuals
Banks request for more documents which vary with each applicant.
Features of a Personal loan for Nationals in UAE
- Maximum Loan Amount: Though the maximum loan UAE nationals can get depends upon the applicant’s monthly income, credit report, DBR, etc, AED 5000K is the maximum finance that is provided.
- Profit Rate: The profit rates charged starts from 1.62% (Flat rate) and 2.94% (reducing rate)
- Processing Fees: The processing fees offered are 0% - 2%
- Early Settlement Fees: The Early settlement fees offered ranges between 0% - 2%
- Islamic Finance: Most of the banks in the UAE offers both Islamic finance and conventional finance options
- Tenure: The maximum tenure provided is 4 years.
Benefits of a Personal loan for Nationals in UAE
Banks provide personal loans with some perks that are beneficial for the applicant. Like
- No processing fees
- No early settlement fees
- Free credit card on the loan
- Free Debit Card on the loan
- Can skip loan installments
- Free takaful coverage can be availed
FAQs
⭐ What are the charges levied for takaful coverage on the personal loan?
A. The charges levied for takaful coverage on a personal loan is up to 2%. Some banks offer free takaful coverage on the loan as well.
⭐ Can I get my personal loan tenure extended?
A. Yes. If the bank agrees to extend your loan tenure which is called refinancing, you can get your personal loan tenure extended.
⭐ Is it mandatory to transfer the salary for the personal loan?
A. At most of the banks in the UAE, it is mandatory to transfer the salary to get a personal loan. However, there are banks that offer personal loans without salary transfer.