We have all been there where we desire to go on our dream vacation or buy that newly launched mobile phone but had to give up because of the unnecessary expense. To manage such expenses is where personal loans come in handy so that you don’t have to compromise with your dreams every time.
Personal loans are loans you borrow for your expenses such as weddings, vacations, or renovations. They require less paperwork than other loans and can be of two types, namely secured or unsecured, based on whether collateral is involved or not respectively.
You have to consider some aspects when applying for a loan, such as the interest rates, loan terms, and eligibility. We have listed down the ten best personal loans available in the UAE for you to compare and select the one that seems best according to your requirements.
First Abu Dhabi Bank (FAB) Personal Loan
It has attractive and one of the best personal loans offers for both UAE Nationals and Expats. It provides high loan amounts, competitive interest rates, and flexible terms with minimum paperwork requirements.
- If you are a UAE national, you could get a loan of up to 5 million AED, and for expatriates, the maximum limit is 2 million AED.
- The variable interest rates start from just 3.99% per annum, and you could obtain a repayment term of up to 48 months with a grace period of 90 days.
- The eligibility criteria to apply for a FAB personal Loan is AED 7000 per month. You would need to provide a salary transfer to the bank and a bank statement of the last three months’ salary as evidence.
- FAB also offers an exclusive non-salary transfer loan option for UAE nationals with a minimum salary requirement of up to AED 25,000. Other feature includes covering personal life insurance as well.
Citi Bank UAE Personal Loan
It provides both salary and non-salary transfer personal loans for all UAE residents. It offers reasonable interest rates and high loan amounts for both UAE nationals and Expats. You can even apply for an online personal loan, and the amount will be credited to you within a week.
- The maximum amount you can apply up to is 500,000 AED with an interest rate starting at 6.99%.
- The repayment term can vary from 6 months to 48 months, and you can also apply for a top-up if you require more funds.
- The minimum salary requirement is AED 8,000 per month with a salary transfer letter from your employer and the previous 6 months of confirmed employment evidence.
- Citi bank provides instant personal loan approval with a processing fee of 1% of loan accredited.
Abu Dhabi Islamic Bank (ADIB) Personal Finance
ADIB personal finance is also a great option to consider while searching for a personal loan. It offers competitive interest rates and tenure of up to 48 months.
- The loan amount that can be applied for is up to 3 million for UAE nationals with an interest rate of 3.72% and 1 million with an interest rate of 3.85% for expatriates.
- ADIB also offers a grace period of 90 days and two penalty-free installments postponements every year.
- The minimum salary requirement is AED 8,000 per month, and a salary transfer to the bank is required.
Emirates NBD Personal Loan
It has attractive offers for all UAE residents with low-interest rates starting from a flat 2.9%. It offers unsecured loans meaning you can apply for personal loans without collateral.
- The maximum loan amount can be up to 2 million with a 48 months tenure and a 75 days grace period for the first installment.
- It also offers you a loan return option within seven days.
- If the above banks’ eligibility criteria do not match yours, then Emirates NBD’s will surely do with just a 5,000 minimum salary requirement per month. Salary transfer is mandatory.
Dubai Islamic Bank (DIB) Personal loan
It also offers the best personal loans, especially if you’re applying for a student loan. It provides a maximum finance amount of up to 4 million AED for UAE nationals and up to 2 million AED for expatriates with reasonable interest rates. The full repayment term can be of 48 months.
- It offers a high grace period of up to 120 days for the first EMI payment.
- DIB offers the lowest salary requirement of just AED 3,000 and two free installments per year can be postponed.
Mashreq Bank Personal Loan
It gives attractive offers, especially while keeping expatriates in mind. It provides a maximum amount of up to 1 million AED with a repayment term of up to 48 months.
- The minimum salary requirement is AED 7000 and it accepts requests within 24 hours of application.
Abu Dhabi Commercial Bank (ADCB) Personal Loan
It provides exciting offers with reasonable interest rates for all UAE nationals. The maximum finance amount is 4 million AED for UAE nationals and 1 million AED for expatriates.
- ADCB offers high tenure of up to 60 days for UAE nationals and a repayment term of up to 48 days for expatriates.
- The minimum salary requirement is AED 5,000 with an acceptable salary overdraft of up to two years.
RAKBANK Personal Loan
It provides easy and quick loans and is one of the best options to consider. It offers an interest rate of up to 3.99% for UAE nationals and 4.99% for expatriates with a tenure of up to 48 days.
- It also comes under the low salary requirement of just AED 5,000, and salary transfer to the bank is required
- It also provides the option to top up your finance amount after a year.
Emirates Islamic Bank Personal Loan
It provides reasonable interest rates starting at 3.99% per annum with a repayment term that can be extended up to 48 months.
- The maximum amount is 4 million for UAE nationals and 2 million for expatriates.
- Although the bank has a high salary requirement of 10,000 AED per month but provides quick and easy loan applications.
HSBC UAE Personal Loan
It offers personal loans that are based on reducing balance, meaning your interest will be calculated monthly depending upon your remaining principal balance. The interest rate is 5.99%, and it provides a high finance amount of up to 5 million AED for all UAE residents.
- The bank asks for a minimum salary of 7,500 AED, and a salary transfer is required.
- You can apply for an online loan as well.
This concludes our list of the best 2021 personal loans that you can apply for in the UAE. Acknowledge that the age limit required to apply for personal loans for all above banks is 21 to 65 years old. We hope that this provides you with an overview of all the personal loans so that you can select the one that complements your needs.
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