Personal loans are unsecured loans, hence no security or guarantee is needed to obtain one. Weddings, further education, international travel, starting a new business, and debt consolidation are just a few of the personal financial needs that can be met by a person obtaining a personal loan in the UAE.
20 times the borrower's monthly income as the maximum loan amount with a 48 month repayment period can be obtained through personal loans. A personal loan applicant's source of income, credit history, age, and employment status are among the variables that affect the loan amount and interest rate in the UAE.
Personal Loans can be an excellent tool to tackle any financial hindrance you might face. Thus in today’s blog, Dhanguard will extensively discuss the personal loans with lowest interest rates in Dubai. So without any further ado, let’s learn!
Personal Loans with Lowest Interest Rates in Dubai
Below mentioned are the best personal loans with lowest interest rates in dubai-
RAKBANK Personal Loan
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Primary Feature- You get a Free RAKBANK Credit Card for life
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Reducing Rate- 5.99% p.a.
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Minimum Salary required- AED 5,000
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Flat Rate- 3.18% p.a. (depending on 4 years calculation)
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Maximum Loan Amount granted- AED 1,250,000 (up to 20 times of salary)
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Processing Fees- 1% of the Loan Amount (minimum AED 500, maximum AED 2,500)
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Tenure of Loan- 48 Months, 60 months if the Applicant is an Armed Forces Employee
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Islamic Finance- Yes
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Early Settlement Fees- 1% of the remaining amount
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Salary Transfer- Compulsory
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Insurance- Yes, provided at very nominal rates
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Salaried/ Self Employed- only available to salaried employees
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Holiday Period- After 6 Months of payments, the applicant can apply for 1 month deferment
CBD Bank Absher Personal Finance for UAE Nationals
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Primary Feature- You will earn 500 Attijari Points for every loan amount of AED 100,000
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Reducing Rate- 5.50% to 11% (which depends upon the profile of the customer)
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Minimum Salary required- AED 8,000
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Flat Rate- 3% p.a. (depending on 4 years calculation)
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Maximum Loan Amount granted- AED 2,500,000 (upto 20 times of salary)
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Processing Fees- 1% of the Loan Amount (minimum AED 500, maximum AED 2,500)
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Tenure of Loan- 48 months
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Islamic Finance- Yes
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Early Settlement Fees- 1% of the remaining amount
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Holiday Period- Deferment options are available to the Applicant
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Salaried/ Self Employed- only available to salaried employees
Emirates NBD Bank Personal Loan for Bankers
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Primary Features- Option for 7 day loan repayment, Direct Debit is the method of repayment (DDS), Double Insurance Cover
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Reducing Rate- from 14.99% p.a.
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Minimum Salary required- AED 15,000
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Flat Rate- 8.40% p.a.
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Maximum Loan Amount granted- AED 200,000
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Processing Fees- 1% of the Loan Amount (minimum AED 500, maximum AED 2,500)
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Tenure of Loan- 48 months
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Islamic Finance- No
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Early Settlement Fees- 1%
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Salary Transfer- not required
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Insurance- 1.24% (it is given with double credit life coverage)
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Salaried/ Self Employed- only for salaried bankers
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Holiday Period- Yes, there is a deferment option available, and you can skip two non consecutive payments each year
Emirates NBD Personal Loan for Self Employed Individual
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Primary Features- No security or guarantor is necessary, Double Insurance Cover, 100% cash, no end use disclosure, Option for 7 day loan repayment
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Reducing Rate- from 19.99% p.a. (which depends upon the profile of the customer)
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Minimum Balance required- to maintain an average balance of AED 25,000 for at least six months, minimum tenure in business of two years is necessary.
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Flat Rate- 11.51% p.a.
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Maximum Loan Amount granted- AED 300,000
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Processing Fees- 1% of the loan amount (minimum AED 500, maximum AED 2,500)
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Tenure of Loan- 48 months
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Islamic Finance- No
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Early Settlement Fees- 1% of the remaining amount
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Salary Transfer- not required
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Holiday Period- Deferment options are available to the Applicant
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Insurance- 1.50% of the Loan amount (it is given with double credit life coverage)
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Salaried/ Self Employed- only available to self employed
Read More: Investing in Index Funds in Dubai is an Opportunity You don't Want to Miss! Read Why
Deem Personal Loan
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Minimum Salary required- AED 5,000
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Flat Rate- 9.01% p.a. (depending on 4 years calculation)
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Reducing Rate- 15.99% to 34.99% (which depends upon the profile of the customer)
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Islamic Finance- No
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Processing Fees- 1% of the loan amount (minimum AED 500, maximum AED 2,500)
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Salary Transfer- No
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Tenure of Loan- 48 months, 60 months for UAE nationals
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Insurance- Deem Credit Life Plus is an embedded programme that offers rewards to the consumer in the event of death and total and permanent disability. Enjoy exclusive advantages, prompt attention to requests, round-the-clock support, and free account statements.
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Salaried/ Self Employed- only available to salaried employees
Standard Chartered Bank Personal Loan
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Minimum Salary required- AED 30,000
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Flat Rate- 4.16 p.a. (depending on 4 years calculation)
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Reducing Rate- 7.55% (which depends upon the profile of the customer)
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Maximum Loan Amount granted- AED 500,000
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Processing Fees- 1% of the Loan amount (minimum AED 500, maximum AED 2,500)
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Tenure of Loan- 48 months
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Islamic Finance- No
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Early Settlement Fees- 1% of the remaining amount
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Salary Transfer- Compulsory
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Holiday Period- Yes, you may skip two installment payments within a 12 month period, depending on eligibility
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Insurance- Not Compulsory
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Other Facilities- Top Up Facility
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Salaried/ Self Employed- only available to salaried employees
UAE Personal Loan Eligibility Requirement
Your residency status is one of the key elements in figuring out whether you qualify for a personal loan. Because these loans are more complicated and expensive to process, expats may have to wait longer to receive them than residents of their home country. Investigate your options carefully if you're seeking a bank with roots in the UAE that will provide this kind of personal loan.
The population of the UAE is diverse, and many foreigners hold long term residency visas or temporary work visas that allow them to enter and remain in the country. Since there is frequently additional information required before approval is granted, such as passport photocopies and residency documents, getting a personal loan when you are an expat may be more challenging than getting one when you are a local.
The following requirements, however, are the most typical ones that must be met in order for the loan to be approved:
Age restriction
The UAE has a range of age restrictions for personal loans based on your profession, where you live, and other considerations. Age 65 is the maximum allowed for a local resident. You must be 21 years old or older to apply if you are an expat or a student with an employment visa.
Salary
To be eligible for the loan, you must have a consistent source of income and be employed, self employed, or retired. One of the most crucial considerations when applying for personal loans is income! The required pay is 5000 AED at the very least.
Employment History
A stable employment history is a crucial qualification needed. You should be qualified for these loans if you have worked in the UAE for at least six months under a contract.
Conclusion
Personal Loans in Dubai are easy to obtain which can help you in tackling your Financial Hindrance. Moreover there are several banks offering personal loans at low interest rates which means there are loans available for every kind of applicant which they can avail without any hassle. Thus we hope this blog provided you with insightful information. For more information on other related aspects, feel free to visit our Branch Office or our website as well.
