Get FREE CONSULTATION with our team of experts! Click here to start!
Office - 216, Bank Street Building,
Bank Street Road,Burjuman,Dubai,UAE
+971 52 352 5763
Mon-Sat 9am-6pm
service@dhanguard.com
24 X 7 online support
Bank Street Road,Burjuman,Dubai,UAE
Mon-Sat 9am-6pm
24 X 7 online support
A personal loan is a sum of money that you borrow from a bank, credit union, or online lender and repay over a period of two to four years in fixed monthly payments or instalments.
Our Team of Experts is expressly looking forward to assist you in getting a Personal Loan. The Optimum Satisfaction of our clients is our prime motive and all your requests will be taken care of.
Instant Personal Loan Online
A personal loan is an unsecured loan, meaning it does not require collateral or a guarantor. An individual obtains a personal loan in the UAE to suit a variety of personal financial demands, including weddings, higher education, overseas travel, starting a new business, and debt consolidation.
The maximum amount of a personal finance loan might be 20 times the monthly earnings, with a 48 month repayment period. The interest rate on a personal loan in the UAE and the size of the loan are determined by factors such as the applicant's source of income, credit history, age, and job status.
The interest rate on a personal loan in the UAE is a fee added to the principal loan amount.
In the UAE, there are two types of interest rates that apply to personal loan offers:
Unlike a flat interest rate, this rate of interest decreases with each installment paid by the loan borrower. The interest rate on a personal loan in the UAE is levied only on the outstanding principal amount of the loan, which can range from 5.24 % to 39.99 %. To acquire the best personal loan interest rate in the UAE, you should constantly compare personal loans online.
The total loan amount is charged a flat rate of interest that remains constant during the loan term. The lowest interest rate for a personal loan in Dubai and the rest of the UAE is 2.63 %, with rates ranging from 2.63 % to 22.22 %.
Borrowers can calculate the amount of interest they will pay by using an interest calculator.
Let's have a look at how to compute interest rates so that you can compare personal loans:
Use the following formula to calculate interest:
(interest rate/number of payments) * principle amount = interest
Subtract the annual interest rate from the number of installments due.
Add it to the loan balance, which will be the principle amount of the loan for the first installment.
Now you'll need to figure out your new balance. Subtract the computed interest from the repaid amount to do this. To calculate the new personal loan balance, subtract this amount from the principal.
Here is a list of the top 10 best personal loans in the UAE in 2021, along with a comparison of interest rates and other conditions.
|
Provider of Personal Loan |
Reducing Interest Rate |
Flat Interest Rate |
Minimum Salary Requirement for Applicant in AED |
Salary Transfer |
|
ADCB |
8.86% |
4.75% |
5,000 |
Mandatory |
|
CitiBank Personal Loan |
6.99% |
3.73% |
8,000 |
Mandatory |
|
Dubai Islamic Bank |
11.00% |
6.00% |
3,000 |
Not Mandatory |
|
RAKBANK |
5.99% |
3.99% |
3,000 |
Mandatory |
|
FAB |
9.29% |
4.99% |
7,000 |
Mandatory |
|
Emirates NBD Personal Loan without Salary Transfer |
14.99% |
8.39% |
10,000 |
Not Required |
|
Mashreq Bank Personal Loan for Expatriates |
6.49% |
3.43% |
7,000 |
Mandatory |
|
ADIB |
Expats: 8.74%, UAE Nationals: 7.75% |
Expats: 4.82%, UAE Nationals: 4.27% |
8,000 |
Mandatory |
|
Deem Finance |
14.00% |
7.72% |
5,000 |
Not Mandatory |
|
Noor Bank |
6.29% |
3.33% |
8,000 |
Mandatory |
|
Finance House |
9.99% |
5.45% |
8,000 |
Not Mandatory |
*Important: Interest rates are subject to change at any given time.
Check and compare personal loan providers in the UAE, including their requirements and advantages, to make the best option based on your personal loan needs and apply online for the best personal loans at the lowest interest rate in just a few steps.
Below Listed are some of the best Personal Loan Options that you can review before selecting the best for yourself-
ADCB offers two types of personal loans in the UAE for AED 5,000 salary: Personal Loan for UAE Nationals and Personal Loan for Expats.
|
Minimum Salary required for Personal Loan: AED 5,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 4.75% |
Reducing Rate: 8.86% |
|
3x Overdraft of Salary |
Credit Life Insurance |
|
Upto 300 TouchPoint Rewards |
Free ADCB Credit Card |
|
Processing Fee: 1.05% (Minimum of AED 525) |
Fee for Early Settlement: 1.05% (Minimum of AED 10,500) |
Dubai Islamic Bank provides borrowers with Personal Loans in the UAE for AED 3,000 salary at competitive interest rates, as well as large loan amounts of up to AED 4,000,000 for UAE nationals and AED 2,000,000 for expatriates.
|
Minimum Salary required for Personal Loan: AED 3,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 6.00% |
Reducing Rate: 11.00% |
|
Sharia Compliant Financing |
Fixed Arrangement Fees Charges |
|
Low Salary Personal Loan |
Long Term Repayment |
|
Processing Fee: AED 1,050 - AED 2,620 |
Fee for Early Settlement: 1% (Maximum of AED 10,000) |
RAKBANK provides clients with Personal Loans in the UAE for AED 5,000 Salary in large quantities with flexible repayment terms of up to 48 months, all at low interest rates.
|
Minimum Salary Required for Personal Loan: AED 5,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 3.99% |
Reducing Rate: 5.99% |
|
Free No Yearly Fee Credit Card |
Top Up Loan |
|
Personal Loan 20 times of Salary of the Applicant |
Free personalized Cheque Book |
|
Free RAKBANK Debit Card |
|
|
Arrangement Fee: 1% (Minimum AED 500 - Maximum AED 2,500 |
Fee for Early Settlement: AED 10,000 or 1% (whichever is lesser) |
First Abu Dhabi Bank provides Personal Loans in UAE for AED 7,000 Salary in large loan amounts of up to AED 5 million for UAE nationals and up to AED 2 million for non residents of the UAE, with a repayment period of up to 48 months.
|
Minimum Salary required for Personal Loan: AED 7,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 4.99% |
Reducing Rate: 9.29% |
|
FastTrack Approvals |
In the UAE, variable interest loan rates are as low as 3. 99% |
|
Personal life insurance with a wide range of benefits |
|
|
Processing Fee: 1.05% (Minimum AED 525 to Maximum AED 2,625) |
Fee for Early Settlement: 1.05% (Maximum AED 10,500) |
This Emirates NBD online personal loan option does not involve a salary transfer and provides borrowers with high loan amounts of up to AED 500,000 with flexible tenures of up to 48 months.
|
Minimum Salary Required for Personal Loan: AED 10,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 8.39% |
Reducing Rate: 14.99% |
|
Getting a persona loan comes with double insurance. |
Availability of Early Settlement Option |
|
For a loan in Dubai, the repayment method is a Direct Debit System. |
Option of 7 Day exclusive Loan Return |
|
Processing Fee: 1% (Minimum AED 500 to Maximum AED 2,500) |
Fee for Early Settlement: 1% (Maximum AED 10,000) |
Mashreq's personal loan provides customers with a loan in as little as 24 hours and a slew of benefits that make its low interest personal loan even more appealing.
|
Minimum Salary required for Personal Loan: AED 7,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 3.43% |
Reducing Rate: 6.49% |
|
For bank loans in the UAE, the first EMI can be deferred for up to 90 days. |
A low interest personal loan can be approved within 24 hours |
|
Personal loans in the UAE have a flexible repayment period of 48 months |
With a debit card and cheque book, a zero balance current account is available for loans of up to AED 25,000 |
|
A loan of up to 20 times your salary, up to AED 1 million, is available |
|
|
Processing Fee: 1.05% |
Delayed Payment Fee: 2% of the Delayed Amount |
Personal loan limits in Dubai and other parts of the UAE range from AED 1 million for expats to AED 3 million for UAE nationals, and ADIB offers personal finance solutions at competitive interest rates for up to four years.
|
Minimum Salary required for Personal Loan: AED 8,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 4.82% (expats) 4.27% (UAE nationals) |
Reducing Rate: 8.74% (expats) 7.75% (UAE nationals) |
|
Annually, you get two free installment deferrals |
Personal loans in Abu Dhabi and other UAE Emirates have no processing fees |
|
Takaful insurance is available at nominal rates of 1.25% of personal finance. |
There is a 90-day grace period for the first installment |
|
Fee for Early Settlement: Minimum of 1% or AED 10,000 |
Deem Personal Finance offers Personal Loan in UAE for AED 5,000 with no salary transfer, low monthly payments, and term lengths of up to four years. It is one of the low interest personal loans available in the UAE, allowing anyone to realize their aspirations.
|
Minimum Required Salary for Personal Loan: AED 5,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 7.72 % |
Reducing Rate: 14.00 % |
|
Applying for Personal Loans in UAE require no Salary Transfer |
Monthly installments are affordable for a cheapest personal loan in the UAE |
|
Optional Insurance Coverage |
Deem Credit Life Plus |
|
Processing Fee: 1% (Minimum AED 500 to Maximum AED 2,500) |
Fee for Early Settlement: 1.00 % (Maximum of AED 10,000) |
Noor Bank Personal Loan provides borrowers with high loan amounts of up to 20 salary multiples and variable tenures of up to 48 months, making it the best personal loan from private finance in UAE.
|
Minimum Salary required for Personal Loan: AED 8,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 3.33 % |
Reducing Rate: 6.29 % |
|
Personal loans have a low salary criterion |
Finance amounts multiplied by 20 salary multiples |
|
Free for life credit card with up to AED 50,000 in benefits |
Takaful Coverage |
|
Processing Fee: 1% (Minimum AED 500 to maximum AED 2,500) |
Late Payment Fee: 2% (Minimum AED 50 to Maximum AED 200) |
Finance House Personal Finance option is available to job searchers in large quantities ranging from AED 10,000 to AED 250,000, with no salary transfer required. Its popularity is boosted by the ease of the process to get the Personal Loan.
|
Minimum Salary required for Personal Loan: AED 8,000 |
Tenure of Loan: Upto 4 Years |
|
Flat Rate: 5.45 % |
Reducing Rate: 9.99 % |
|
Interest rates for a private personal loan in the UAE are excellent |
Process of payment that is flexible |
|
To apply for a loan in the UAE, there is no need to transfer your Salary |
Free for Life Credit Card |
|
Processing Fee: 1% (Minimum AED 500 to Maximum AED 2,500) |
Fee for Early Settlement: 1% |
Abu Dhabi is one of the main financial hubs in the UAE, offering the most up to date financial solutions to both individuals and corporations. The ADCB (Abu Dhabi Commercial Bank) and the FAB Bank (First Abu Dhabi Bank) are champions in the field of personal finance, giving low interest personal loans in Abu Dhabi starting at 3.99% for a loan amount up to 5 million for UAE nationals and a limit of 2 million for Expats in the country.
In most circumstances, a personal loan has a shorter repayment term, with a minimum of six months and a maximum of 48 months. The Annual Percentage Rate or APR of personal finance in the UAE can range from 8% to 34 %, depending on the profile of the individual loan applicant as well as the lender (personal loan provider) of the finest personal loan in Dubai and other areas of the UAE.
Personal Loan Processing Fee: 0.95% of the total loan amount.
Documentation Fee for Personal Loan Approval: No Fee
Below mentioned are the various types of Personal Loans one can apply for in the UAE-
Some lenders do not need applicants to transfer their earnings in order to acquire a loan, making personal loan conditions more flexible.
To receive an immediate personal loan in the UAE, most loan providers require applicants to have a salary account with the bank.
Personal loan standards for UAE nationals are more favorable than those granted on personal loans in the UAE for expats.
Expatriates are those who are not UAE nationals but have a job or a business in the country and can take advantage of the country's lowest interest personal loan.
Professionals working in non listed companies or start ups can now get a personal loan through a line of products intended specifically for non-listed enterprises that have recently entered the market. Furthermore, a personal loan can be categorized according to how much money is transferred from one person to another.
Self employed professionals are people who run a business and can apply for a personal loan from one of the UAE's financial institutions and get the best personal loan rates.
Every bank that offers personal financing in Dubai has different requirements for personal loans. However, the following are some of the most typical prerequisites for the finest personal loan in UAE:
To qualify for a personal loan, applicants must also meet a minimum salary criteria, which varies from lender to lender in the UAE. You can apply for a personal loan in the UAE with a salary of AED 3000. The required minimum wage ranges from AED 2,500 and upwards.
Banks in UAE offer both personal loans with as well as without a salary transfer. Some banks also allow applicants to make transfers to a bank of their choice instead of a salary transfer, giving them the option of an easy personal loan in the UAE.
You can't get a personal loan if you don't have a job. To obtain a personal loan in the UAE, several banks need applicants to be employed by UAE employers or to have completed at least a few months of service.
In order to qualify for a personal loan in the UAE, you must be at least 21 years old and between the ages of 60 and 65 years old.
Only UAE residents are eligible to apply for a personal loan in Dubai or any other UAE emirate. However, some banks, such as ADIB, provide personal loans to expats. They have varying interest rates on personal loans in the UAE, as well as other restrictions.
To apply for a personal loan in Dubai or the other Emirates, applicants must present the following documents.
The following are the prerequisites for obtaining a personal loan in the United Arab Emirates:
Completed Application Form
To receive personal loan insurance in the UAE, the applicant must have a valid passport, visa, and Emirates ID.
A valid UAE visa is required to obtain a bank personal loan in the UAE for expats.
3 to 6 month bank statement
Letter of Transfer of Salary (Optional)
It has never been easier to apply for the best personal loan in the UAE than it is now. A step by step method to obtaining a personal loan in the United Arab Emirates is provided below:
Those who wish to submit an application directly to the bank should do so as follows:
Visit your favorite bank's branch.
Complete the application for a loan.
To learn more about personal loan interest rates in the UAE, contact a customer service agent or a bank representative.
It is simple and quick to apply for a personal loan online. Online platforms offer generous personal loan rates in the UAE and may be used to swiftly compare personal loan rates in the UAE, assisting in the discovery of the lowest interest rate for a personal loan in the UAE. When comparing, using a personal loan EMI calculator to compute the EMI amount is recommended, making the online personal loan application process more easier.
When you need fast cash for any reason, a personal loan is one of the greatest options. This is how this loan is conducted in the UAE in order to provide the finest personal loan interest rates in the country.
The applicant might apply for a personal loan online to make things easier after computing an estimate of the monthly installments.
To obtain a personal loan in the United Arab Emirates, the applicant must submit the relevant documentation with the application.
The loan application, as well as the papers presented, will subsequently be verified by the loan provider.
Check the bank's personal loan qualifying conditions before applying for a personal loan in the UAE.
The next step is to figure out how much the loan is going to cost you. The applicant can calculate their EMI and learn how to compute personal loan interest with the help of the loan calculator.
The UAE has seen a massive increase in financial lending over the previous decade. In the United Arab Emirates, the advent of many banks and lenders has resulted in the introduction of competitive personal loan interest rates.
The following are the advantages of these loans:
|
Advantages |
Details |
|
Salary vs. Non-Salary Transfer |
Borrowers can earn large sums at cheap interest rates by transferring their salaries |
|
Unsecured Loans |
These loans do not demand any kind of security |
|
Interest Rates |
There are two sorts of interest rates on UAE bank loans: Reducing and Flat |
|
Cancellation of the loan |
The best personal loan in Dubai and the other UAE Emirates allows you to cancel your loan during the grace period |
|
Top Up Loans |
Borrowers might benefit from top-up loans if they make regular payments on their existing loans |
|
Deferment of Installment |
The borrower in Dubai or other Emirates might postpone their monthly installments of personal finance for a set length of time |
|
Takaful or Insurance |
In the event of an unforeseen catastrophe that results in a loss of income, the outstanding loan dues are covered by insurance or Takaful benefit |
|
Cards (Debit and Credit) |
Some personal loans on the market come with free debit and credit cards |
|
Statement Credit and Cashback |
Borrowers in the UAE may be eligible for cash back or a statement credit as part of several personal loan deals |
Obtaining a personal loan in Abu Dhabi, or any other Emirate, can be a time-consuming process. Here are a few pointers on how to get a loan in the UAE:
The first step in obtaining a suitable loan with the lowest interest rate for a personal loan in the UAE is to shop around at various lenders to compare UAE loans before selecting the one that best matches your needs.
Personal loan rates in Dubai and other Emirates in the UAE may differ from one source to another, as can the loan terms and conditions.
Various loan lenders use two sorts of interest rates which are flat rate and reducing rate of interest. As a result, the maximum ROI cap for a loan is:
Flat Rate: 63 % - 22.22 %
Reduction rate: 24% - 39.99%
After the loan is disbursed, some lenders will automatically register the borrower for additional products like payment protection or credit insurance. To receive the best personal loan in the UAE, double-check the insurance terms.
Personal loans meet a variety of demands and are simple to obtain, making them accessible to the majority of people, which explains the rising demand for them. Individuals with a higher salary are more likely to repay their loan in full than those with a lower salary, so a borrower's income is important in deciding the rate of interest that will be applied to their loan.
Salary is also significant because most banks have a minimum wage requirement. Most banks in the UAE, for example, offer personal loans to those with an AED 5,000 salary. Banks ensure that the borrower has a set minimum income that permits them to repay the loan on time in this manner.
Avoid rejection of a personal loan application by considering the following dos and don'ts:
|
What to Consider |
What to Avoid |
|
Maintain a consistent work history |
Don't give a resume with a bad work history |
|
Maintain a solid credit score because obtaining a personal loan in the UAE without a credit check is impossible |
Don't speed through the application process. A single blunder can result in a loan being denied |
|
Make your payments on time |
Don't lower your credit score because it has a negative influence |
|
Look for a consistent revenue stream |
Make sure you don't miss out on any of the installments |
|
Attempt to keep your debt to income ratio modest |
Do not overlook eligibility requirements such as age, minimum wage transfer, and so on |
|
Before asking for a new loan, pay off any previous debts |
Do not apply for a new loan until the previous one has been paid off |
Are you considering taking out a personal loan? There are so many options available on the market that it can be overwhelming at times. Here are some ways to assist applicants with personal loan comparisons in the United Arab Emirates:
Check out Dhanguard's Compare Personal Loan Page to see what kind of personal loans they offer.
Examine each loan's interest and profit rates to find one that fits comfortably into your budget.
To receive a bank loan in the UAE, check the bank's minimum wage requirements.
Determine whether the installments are affordable using the bank's EMI calculator or a generic one.
Determine whether applicants will be required to transfer their wages in order to obtain a personal loan in the United Arab Emirates.
Examine the simplicity with which you can return the loan and the length of time you have to do so.
Before making a decision, look for options such as deferred payment, credit shield, and early settlement.
Once you've gone through all of these stages and selected which personal loan is ideal for you, find out how to secure a personal loan in the UAE.
Personal loans that are taken from banks are automatically insured at a nominal fee and in the event of any premature demise the partner insurance company covers the entire loan amount, protecting the family from any financial risk.
Assets are not required as security against your personal loan.
Normally, the only advance costs pertaining to a personal loan are dispensation and insurance fees.
According to the issuer's policy, some lenders enable the borrower to 'defer' or postpone a month's payment once every few months. To take advantage of these benefits, the borrower must make timely payments. Deferred payments do not reduce the principal amount, and hence will not lower the lowering personal loan interest rate in UAE.
Top-up or add-on personal loans are renewable loans that can be used to supplement an existing loan after the borrower has paid a certain number of payments. Top-up personal loans in the UAE are used to reward loyal, non-delinquent borrowers by providing longer tenors or reduced interest rates, depending on the bank's policy.
No, unless the bank expressly states otherwise or the student has a guarantor, a student cannot apply for this loan. The loan's eligibility restrictions include a minimum monthly salary and a maximum age range of 21 to 65 years. Some lenders may require a salary transfer and confirmation of employment with a lender-approved organization. However, some lenders offer personal loans in the UAE without requiring a company listing. As a guarantor, you can always apply for a student/education loan.
It would be up to you to decide. You should be informed that you must pay the loan's EMI from the beginning of the month, followed by the disbursal. You can take out a loan if you're confident that you'll be able to pay the monthly EMIs at the very least.
If you're having trouble paying your loan EMI, contact your bank to see if there's anything you can do. If you try to avoid the problem, it will only get worse. Banks will issue warnings before dispatching debt collectors. If you do not respond, they may designate you as a defaulter and may even take you to court for the unpaid personal loan in UAE. As a result, it is preferable that you call the bank and explain your circumstances. They may be able to lower your EMIs in some cases.
Almost all personal loans include a life insurance plan for applicants. This insurance coverage protects the borrower from having to make payments in the event of a fatal disease, permanent incapacity, or death. Some personal loans in Dubai also include life insurance plans that pay back the entire loan amount to the policyholder's family members in the event of the policyholder's death.
A personal loan can be used to pay off credit card debt. By consolidating the debt, the loan might assist in the payment of the credit card bill. When compared to credit cards, it has lower interest rates. Even if the applicant has a personal loan minimum wage of AED 2,000, you can return the loan in easy monthly installments over the following few years.
Personal loans can be a terrific method to cover bills or can be a source of potential financial assistance when you are in utter need to obtain on .. Read More
While a personal loan can be a helpful tool for financing larger or unexpected needs, it is not always the best decision. Consider your financial c .. Read More
A hard inquiry is recorded on your credit report when you seek for credit and a lender analyses your credit report. Hard inquiries stay on credit r .. Read More
