Best Personal Loan in Dubai

By Sakshi Srivastava - 15 Jan 2022 Last Updated: 26 Jan 2022
Best Personal Loan in Dubai

A personal loan is an unsecured loan, which means it does not require collateral or a guarantor. personal loan in the United Arab Emirates An individual obtains a personal loan in the Dubai to meet a variety of personal financial demands, including weddings, higher education, overseas travel, starting a new business, and even debt consolidation.

The highest personal finance loan amount is 20 times the monthly earnings, with a 48-month repayment period. The personal loan interest rate and amount in the Dubai are determined by factors such as the applicant's source of income, credit history, age, and job status.

Personal Loan Interest Rate in Dubai

The interest rate on a personal loan in the Dubai is a fee that is added to the principal loan amount. There are two sorts of interest rates that apply to personal loan offers in the United Arab Emirates:

Flat Interest

The overall loan amount is charged a flat interest rate that remains constant during the loan term. The lowest personal loan interest rate in Dubai, as well as the rest of the Dubai, is 2.63 percent, with rates ranging from 2.63 percent to 22.22 percent.

Reducing Interest

Unlike a flat interest rate, this rate of interest decreases with each instalment paid by the loan borrower. Personal loan reducing interest rate in Dubai is charged only on the outstanding principal amount of the loan, which can fall in the range of range between 5.24% - 39.99%. To acquire the best personal loan interest rate in the Dubai, you should constantly compare personal loans online.

For the year 2022, here are the Best Personal Loans in the Dubai.

We all look for the best personal loans in Dubai at some point in our life, whether it's for a remodelling, a vacation, or any other reason. With so many foreign and domestic banks operating in the UAE, it's critical to choose a lender that you can trust and that will provide you with a positive borrowing experience.

The banks listed below not only offer low-interest loans, but also offer a variety of other incentives. Continue reading to learn more.

Citibank Personal Loan without Salary Transfer

Citibank offers both Salary Transfer Loans and Personal Instalment Loans without Salary Transfer, allowing UAE residents and nationals to quickly access funds for a variety of personal financial needs. These loans are available without the need for collateral, come with cheap interest rates, and need minimal documentation.

Citi bank Personal Loan Highlights

Eligibility Age

21 years to 60 years

Loan Tenure

Up to 48 months

Minimum Salary – Eligible Income

AED 10,000 monthly

Processing Fees

1% of loan sanctioned

Interest rate

Starting from 14% p.a.

Loan Amount

Up to AED 175,000

Eligible Applicants Categories

Salaried UAE residents only

Salary Transfer Required

Not Required for Personal Installment Loan

 

Abu Dhabi Islamic Bank Personal Finance

For UAE nationals, ADIB Personal Finance offers a flat profit rate of 3.72 percent and 3.85 percent for expatriates. Moreover,

For both UAE nationals and expats, the needed minimum monthly wage is merely AED 8,000.

If that isn't enough to persuade you, ADIB also provides a number of additional benefits to its borrowers, including the following:

  • Free pre-approved ADIB VISA Cashback Card
  • First instalment holiday period of up to 90 days
  • Two free instalment postponements every year

Abu Dhabi Commercial Bank Personal Loan

Expats and UAE nationals alike can benefit from ADCB's competitive financing solutions. Expats in the UAE can take advantage of flexible, low-cost loans.

The interest rates begin at 4.99 percent and rise to 14 percent.

AED 6,000 is the minimum wage required.

Other advantages of an ADCB personal loan include:

  • Long-term repayment plan
  • Free life insurance for those with bad credit
  • ADCB credit card is available for free.

 

Dubai Islamic Bank Personal Finance

Apart from Sharia-compliant personal finance, the Dubai Islamic Bank also offers a variety of additional personal loan products in the UAE at the best possible rates.

Profit margins range between 11 and 20 percent.

DIB has one of the lowest wage requirements in the industry, at AED 3,000.

The following are some of the advantages of DIB personal finance:

  • AED 4,000,000 maximum loan amount for UAE nationals and AED 2,000,000 maximum loan amount for expatriates
  • A 48-month tenor is available.
  • Minimum wage requirement is low.

RAKBANK Personal Loan

For expats and UAE nationals, RAKBANK offers personal loans with low interest rates and a flexible repayment period of up to four years.

Interest rates start at 5.99 percent and go up from there

AED 5,000 is the minimum monthly wage required.

The following are some of the additional advantages of a RAKBANK personal loan:

  • After one year, a top-up loan is available.
  • RAKBANK Debit Card and customised chequebook are provided free of charge.
  • RAKBANK Credit Card is a free credit card with no annual fee and low interest rates.

HSBC Personal Loan

HSBC Bank offers loans with a low minimum balance. i.e., interest is calculated on the remaining principal amount on a monthly basis. The interest rates start at just 5.99 percent each year.

The needed minimum wage is AED 7,500.

Other advantages of an HSBC personal loan include:

  • There is no requirement for credit life insurance.
  • Online applications can be submitted and accepted in as little as 10 minutes.
  • Quick Processing

Emirates Islamic Bank Personal Loan

Personal loans are available from Emirates Islamic Bank for as little as 3.99 percent interest.

The bank requires a minimum monthly salary of AED 10,000 and offers the following benefits:

  • Repayment durations of up to four years are flexible and prolonged.
  • A straightforward and rapid approval procedure
  • For UAE nationals, a high finance amount of up to AED 4,000,000 is available, while for expats, a high finance amount of up to AED 2,000,000 is available.

Conclusion

This brings us to the end of our list of the top personal loans in Dubai for 2022. Keep in mind that you must evaluate a bank's interest rate with its processing charge as well as the bank's other features. Consider all of your options before deciding on a personal loan that meets your needs. For more information and assistance connect to us at Dhanguard.

Getting Personal loan is made simple and hassle-free with Dhanguard Personal finance service in Dubai, UAE. We provide you online Personal loan service with the minimum possible trouble including paperwork & payments.

By Sakshi Srivastava

15-Jan, 2022

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