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ADCB Personal Finance

ADCB Personal Finance

Abu Dhabi Commercial Bank (ADCB)

SALARY TRANSFER

Yes

FIXED RATE

3.33%

MONTHLY SALARY

AED 8,000

REDUCING RATE

0.00%

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 8,000

Fixed Rate

3.33%

Reducing Rate

0.00%

Max Loan Amount

1,250,000

Key Features

Profit rates starting from 3.33% p.a. High finance amount of up to AED 1.25 million for expatriates, and AED 2 million for UAE nationals Finance tenure up to 4 years Takaful coverage (including optional family and job loss cover) First year free credit card Simple documentation and quick approvals

Things To Be Aware Of

  • Maximum Loan Amount
  • AED 1,250,000 (Expats)
  • AED 2,000,000 (UAE nationals)
ADIB Debt Settlement

ADIB Debt Settlement

Abu Dhabi Islamic Bank (ADIB)

SALARY TRANSFER

Yes

FIXED RATE

3.58 %

MONTHLY SALARY

AED 8,000

REDUCING RATE

6.50 %

  • 100% Processing Fee Waiver

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 8,000

Fixed Rate

3.58 %

Reducing Rate

6.50 %

Max Loan Amount

1,000,000

Key Features

  • A special profit rate starting from 6.5% p.a.
  • First installment payment grace period up to 90 days
  • 100% processing fee waiver

Things To Be Aware Of

ADIB Personal Finance

ADIB Personal Finance

Abu Dhabi Islamic Bank (ADIB)

SALARY TRANSFER

Yes

FIXED RATE

3.72%

MONTHLY SALARY

AED 8,000

REDUCING RATE

6.75%

  • Free pre-approved ADIB VISA Cashback Card for the first year
  • First installment payment grace period up to 90 days

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 8,000

Fixed Rate

3.72%

Reducing Rate

6.75%

Max Loan Amount

1,000,000

Key Features

  • Free pre-approved ADIB VISA Cashback Card for the first year
  • First installment payment grace period up to 90 days
  • Two free installments postponements every year
  • Takaful cover protection with competitive rates

Things To Be Aware Of

  • Required Length of service 6 Months
Al Hilal Bank Personal Finance

Al Hilal Bank Personal Finance

Al Hilal Bank

SALARY TRANSFER

Yes

FIXED RATE

3.25 %

MONTHLY SALARY

AED 10,000

REDUCING RATE

5.90 %

  • Competitive Profit Rate

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 10,000

Fixed Rate

3.25 %

Reducing Rate

5.90 %

Key Features

  • A wide range of Shariah compliant products
  • Fast and simple approval process
  • Competitive Profit Rates
  • High Finance Amount and Flexible Tenures
  • Low minimum salary requirement
CBD Digi Personal Loan

CBD Digi Personal Loan

Commercial Bank of Dubai (CBD)

SALARY TRANSFER

Yes

FIXED RATE

8.64 %

MONTHLY SALARY

AED 10,000

REDUCING RATE

15.99 %

  • 100% digital application on the CBD mobile app.
  • Paperless loan processing using only your Emirates ID
  • No salary transfer required
  • Amount credited instantly

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 10,000

Fixed Rate

8.64 %

Reducing Rate

15.99 %

Max Loan Amount

150,000

Key Features

  • High loan amounts for UAE nationals and residents
  • Competitive reducing interest rates starting from 15.99 to 18.99% reducing per annum
  • Flexible repayment period up to 48 months
  • Current account with minimum balance requirement waived
  • Interest rates are subject to individual profile and CBD credit analysis

Things To Be Aware Of

  • Employer should be listed with CBD
CBD Personal Loan

CBD Personal Loan

Commercial Bank of Dubai (CBD)

SALARY TRANSFER

Yes

FIXED RATE

3.03 %

MONTHLY SALARY

AED 8,000

REDUCING RATE

5.50 %

  • Competitive Interest Rates
  • Loan upto 20X of your monthly salary

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 8,000

Fixed Rate

3.03 %

Reducing Rate

5.50 %

Max Loan Amount

750,000

Key Features

  • High loan amounts for UAE nationals and residents
  • Competitive interest rates starting from 5.50% reducing per annum
  • Flexible repayment period up to 48 months
  • Current account with minimum balance requirement waived
  • Interest rates are subject to individual profile and CBD credit analysis

Things To Be Aware Of

  • Employer should be listed with CBD
Dubai Islamic Liabilities Settlement Finance

Dubai Islamic Liabilities Settlement Finance

Dubai Islamic Bank (DIB)

SALARY TRANSFER

Yes

FIXED RATE

0.00%

MONTHLY SALARY

AED 5,000

REDUCING RATE

0.00%

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 5,000

Fixed Rate

0.00%

Reducing Rate

0.00%

FAB Non Salary Transfer Personal Loans for Expats

FAB Non Salary Transfer Personal Loans for Expats

First Abu Dhabi Bank (FAB)

SALARY TRANSFER

No

FIXED RATE

15.49 %

MONTHLY SALARY

AED 15,000

  • Attractive loan amounts up to AED 800,000
  • Interest rates starts from 15.49% reducing per year
  • Minimum documentation
  • Chance to win a Rabdan One
  • Comprehensive Life Insurance coverage

Salary Transfer Required?

No

Minimum Monthly Salary

AED 15,000

Fixed Rate

15.49 %

Max Loan Amount

800

Joining offers

Apply for a FAB Personal Loan, top up your existing loan, or move your loan to FAB for a chance to win the powerful and aerodynamic Rabdan One, the first UAE-made electric vehicle. Plus, you could be one of the 51 customers to win prizes worth a grand total of AED 150,000 in FAB Rewards.  

Key Features

  • Get high loan amounts of up to AED 800,000 with flexible payment terms of up to 48 months
  • Enjoy market leading interest rates starting from 15.49% fixed per year
  • A salary transfer to a FAB account is not required, and you can pay your instalments from the bank account into which you receive your salary each month
  • A personal loan is available even if your employer is not on FAB’s Approved List of Employers
  • Benefit from comprehensive life insurance coverage

*All interest rates quoted are effective rates on the loan’s outstanding balance.

*Rates shown are minimum available and may vary depending on income, credit bureau score, and lender’s approval criteria.

A Flat interest rate is calculated on the entire loan amount throughout the loan tenure. In this case, the interest rate or lending rate is fixedf for the duration of the loan and will be calculated at the start of the loan.

Interest accrual on each installment= (Loan principal x Loan tenor x  interest rate per annum)/ total number of installments

A Reducing rate is calculated based on diminishing principal amount. Every month when you pay your EMI your principal reduces. Interest is calculated only on the reduced principal amount at the time of EMI Payment. 

Interest payable on each installment= Outstanding loan amount x interest rate applicable for each installment

MASHREQ Debt Consolidation Loans

MASHREQ Debt Consolidation Loans

Mashreq Bank

SALARY TRANSFER

Yes

FIXED RATE

0.00%

MONTHLY SALARY

AED 5,000

REDUCING RATE

0.00%

  • Lower collective payments on debt consolidation

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 5,000

Fixed Rate

0.00%

Reducing Rate

0.00%

Key Features

  • Lower monthly payments
  • Increased disposable income
  • Reduced interest payments over lifecycle
  • Higher Loan amount:
    – AED 1 Million for Expats and AED 3 Million for UAE Nationals
RAKBANK Non Salary Transfer Loan

RAKBANK Non Salary Transfer Loan

RAKBANK

SALARY TRANSFER

Yes

FIXED RATE

5.99 %

MONTHLY SALARY

AED 5,000

REDUCING RATE

10.86 %

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 5,000

Fixed Rate

5.99 %

Reducing Rate

10.86 %

Max Loan Amount

1,250,000

Key Features

  • High Personal Loan amounts at low interest rates
  • Quick approvals
  • Competitive interest rates
  • Flexible repayment periods of up to 48 months for expatriates and UAE nationals (60 months for Armed Forces Staff)

Product Overview

Personal Loans in UAE are offered to customers for a variety of reasons including education, travel, medical and many more.  There are two types of personal loans, one which requires a salary transfer and one which doesn’t.

Loans are offered for a minimum period of 6 to a maximum of 48 months expats and 60 months for UAE Nationals.

Most of the banks assign Loan APR (Annual Percentage Rate) based on the profile of the customer and his/her employer. A few banks use bureau score to assign interest rates.  

UAE loan APR rates range between from 5% to 35% in general.

Illustration: 

If a customer borrows a loan of AED 20,000 and earns an income of AED 10,000. With a repayment period of 48 months, the EMI would be AED 470 at an effective interest rate of 13.99% per annum.           

Total repayment that would have been paid at the completion of the loan would be AED22,540, The borrower would be paying AED 2,540 as interest.  

Please use Soulwallet’s Loans EMI Calculator for further simulations.

Arrangement Fee: 1% of the finance amount

Things To Be Aware Of

UNION NATIONAL BANK UAE Nationals Loan

UNION NATIONAL BANK UAE Nationals Loan

Union National Bank (UNB)

SALARY TRANSFER

Yes

FIXED RATE

2.48%

MONTHLY SALARY

AED 10,000

REDUCING RATE

4.50%

  • Competitive interest rates
  • Free UNB Credit card

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 10,000

Fixed Rate

2.48%

Reducing Rate

4.50%

Max Loan Amount

500,000

Key Features

  • Competitive interest rates starting at 4.50% per annum
  • High loan amount
  • Flexible repayment period based on loan type
  • Consolidate all your debts in one payment