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Minimum salary AED 5,000*

ADCB Personal Finance

ADCB Personal Finance

Abu Dhabi Commercial Bank (ADCB)

SALARY TRANSFER

Yes

FIXED RATE

3.25%

MONTHLY SALARY

AED 10,000

REDUCING RATE

5.90%

  • Competitive Profit Rates

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
Flexible Tenures
Low minimum salary requirement

Citi Personal Installment Loan

Citi Personal Installment Loan

Citibank

SALARY TRANSFER

No

FIXED RATE

7.71%

MONTHLY SALARY

AED 8,000

REDUCING RATE

14.00%

Salary Transfer Required?

No

Minimum Monthly Salary

AED 8,000

Fixed Rate

7.71%

Reducing Rate

14.00%

Max Loan Amount

175,000

Joining offers

Customers will be eligible to receive a noon e-Voucher (“Offer” or “Reward”), if a Citibank loan is approved between January 1st 2022 and December 31st  2022

The Reward value you can expect on a Personal Loan: 0% Processing Fees on all loan amounts

The Reward value you can expect on a Personal Loan without Salary Transfer: • 0% Processing Fees on all loan amounts; and

Loan amounts greater than AED 75,000 and less than or equal to AED 125,000 AED 200 e voucher
Loan amounts greater than AED 125,000 and less than or equal to AED 150,000 AED 500
Loan amounts greater than AED 150,000 AED 1000

Pls enquire with the sales officer on the terms and conditions while applying.

Key Features

  • Loans of up to AED 175,000 (No salary transfer to Citi required)
  • Loans of up to 8 times your salary
  • Competitive interest rates
  • Fast Approvals - in 1 day
  • Loan funding in 1 day
  • Tenors from 6 months up to 48 months

 

Citi Personal Loan Without Salary Transfer

Citi Personal Loan Without Salary Transfer

Citibank

SALARY TRANSFER

No

FIXED RATE

7.71%

MONTHLY SALARY

AED 8,000

REDUCING RATE

14.00%

  • No Salary transfer required
  • Minimum Documentation
  • 0% processing fee
  • Receive up to AED 1,000 Noon e-Voucher
  • Get an in-principle decision in 10 minutes

Salary Transfer Required?

No

Minimum Monthly Salary

AED 8,000

Fixed Rate

7.71%

Reducing Rate

14.00%

Max Loan Amount

175,000

Joining offers

Customers will be eligible to receive a noon e-Voucher (“Offer” or “Reward”), if a Citibank loan is approved between January 1st 2022 and December 31st  2022

The Reward value you can expect on a Personal Loan without Salary Transfer:  0% Processing Fees on all loan amounts; and

Loan amounts greater than AED 75,000 and less than or equal to AED 125,000 AED 200 e-voucher
Loan amounts greater than AED 125,000 and less than or equal to AED 150,000 AED 500
Loan amounts greater than AED 150,000 AED 1000

Pls enquire with the sales officer on the terms and conditions while applying.

Key Features

  • Avail a high personal loan amount upto AED 175,000 or upto 8x Salary (No Salary transfer to Citi is required)
  • Zero processing fee
  • Get an in-principle approval in 10 minutes 

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.  

Citi Salarty Transfer loans APR rates range between from 15.99% - 22.99%.

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 546 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 AED26,230, The borrower would be paying AED 6,230 as interest.  

Please use Soulwallet’s Loans Equal Monthly Installments Calculator for further simulations.

 

Deem Personal Loan

Deem Personal Loan

Deem

SALARY TRANSFER

No

FIXED RATE

11.01%

MONTHLY SALARY

AED 5,000

REDUCING RATE

19.99%

  • Easy and Hassle Free Process- Pre approval in 24 hours
  • No Salary Transfer Required
  • EMI can be as low as AED 305 per month for every 10,000

Salary Transfer Required?

No

Minimum Monthly Salary

AED 5,000

Fixed Rate

11.01%

Reducing Rate

19.99%

Key Features

  • Pay your instalments automativcally with our direct debit feature
  • Choose your payment date based on when you receive your salary
  • Flexible repayment period to suit your needs
  • Simple application process

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 609 at an effective interest rate of 19.99% per annum.           

Total repayment that would have been paid at the completion of the loan would be AED29,209. The borrower would be paying AED 9,209 as interest.  

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

Processing Fee: 1% of loan amount, minimum AED 500, maximum AED 2,500

EMIRATES NBD Personal Loans For Self Employed Individuals

EMIRATES NBD Personal Loans For Self Employed Individuals

Emirates NBD

SALARY TRANSFER

Yes

FIXED RATE

10.40%

MONTHLY SALARY

AED 25,000

REDUCING RATE

18.90%

  • Loan available on 6 month avg balance of AED 25,000

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 25,000

Fixed Rate

10.40%

Reducing Rate

18.90%

Key Features

  • High loan amount up to AED 300,000
  • Easy repayment options
  • No collateral or guarantor required
  • 100% cash without end use declaration
  • 7-day Loan Return Option
  • Double Insurance Coverage

Things To Be Aware Of

  • Minimum Length of Business: 2 years
EMIRATES NBD Personal Loans For Self Employed Professionals

EMIRATES NBD Personal Loans For Self Employed Professionals

Emirates NBD

SALARY TRANSFER

FIXED RATE

10.40%

MONTHLY SALARY

AED 20,000

REDUCING RATE

18.90%

  • Loan available on 6 Month Avg Balance of AED 20,000

Minimum Monthly Salary

AED 20,000

Fixed Rate

10.40%

Reducing Rate

18.90%

Max Loan Amount

3,000,000

Key Features

Competitive interest rates starting from 18.99% reducing
Repayment period of up to 48 months
Minimum 1 year length of business
Loan amount up to AED 300,000
7-day Loan Return Option
Double Insurance Coverage

Things To Be Aware Of

  • Minimum Length of Business: 1 year
FAB Islamic Personal Finance

FAB Islamic Personal Finance

First Abu Dhabi Bank (FAB)

SALARY TRANSFER

Yes

FIXED RATE

2.64%

MONTHLY SALARY

AED 6,000

REDUCING RATE

4.78%

  • High Finance Amounts
  • Competitive Profit Rates
  • Flexible Payment Period up to 48 months

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 6,000

Fixed Rate

2.64%

Reducing Rate

4.78%

Max Loan Amount

5,000,000

Key Features

  • Generous loan amounts for UAE nationals and expats
  • Flexible repayment terms of up to 48 months to repay through your FAB account
  • Attractive Profit rates 2.64% p.a.
FAB Landlord Loans

FAB Landlord Loans

First Abu Dhabi Bank (FAB)

SALARY TRANSFER

Yes

FIXED RATE

5.10%

MONTHLY SALARY

AED 5,000

REDUCING RATE

9.25%

  • Competitive Interest Rates

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 5,000

Fixed Rate

5.10%

Reducing Rate

9.25%

Max Loan Amount

2,000,000

Key Features

  • Variable interest rate starting from 9.25% p.a.
  • Generous loan amounts of up to AED 2 million
  • Flexible repayment terms of up to 48 months
  • Repayment from rental income received on properties managed by select banks

Things To Be Aware Of

  • Repayment from rental income managed by select banks
FAB Non Salary Transfer Personal Loans for UAE Nationals

FAB Non Salary Transfer Personal Loans for UAE Nationals

First Abu Dhabi Bank (FAB)

SALARY TRANSFER

No

FIXED RATE

8.99%

MONTHLY SALARY

AED 15,000

REDUCING RATE

16.63%

  • Loans upto AED 1 million
  • Lowest-in-class rates starting from 8.99%* fixed per year
  • Employer need not be on the FAB approved list of companies
  • Pay from current salary transfer account
  • Comprehensive life insurance coverage

Salary Transfer Required?

No

Minimum Monthly Salary

AED 15,000

Fixed Rate

8.99%

Reducing Rate

16.63%

Max Loan Amount

1,000,000

Key Features

  • Loans up to AED one million
  • Flexible payment terms of up to 48 months (or up to 60 months for Ministry of Defence employees)
  • Lowest-in-class rates starting from 8.99%* fixed per year
  • A salary transfer to a FAB account is not required
  • 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
  • Comprehensive life insurance coverage
MASHREQ Non Salary Transfer Personal Loan for Expatriates

MASHREQ Non Salary Transfer Personal Loan for Expatriates

Mashreq Bank

SALARY TRANSFER

Yes

FIXED RATE

14.10%

MONTHLY SALARY

AED 7,000

REDUCING RATE

25.60%

  • No salary transfer or collateral required

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 7,000

Fixed Rate

14.10%

Reducing Rate

25.60%

Max Loan Amount

150,000

Key Features

  • Loan Amounts of up to AED 150,000
  • Competitive rates of interest
  • Comfortable repayment loan tenure of up to 48 months
  • No Salary Transfer or collateral required
  • Simple documentation and quick processing
  • Islamic finance option is available

Things To Be Aware Of

  • Loan Amounts of up to AED 150,000
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 Non-Salary Transfer Loan

UNION NATIONAL BANK Non-Salary Transfer Loan

Union National Bank (UNB)

SALARY TRANSFER

Yes

FIXED RATE

7.72%

MONTHLY SALARY

AED 10,000

REDUCING RATE

14.00%

  • Free bank account
  • No salary transfer required

Salary Transfer Required?

Yes

Minimum Monthly Salary

AED 10,000

Fixed Rate

7.72%

Reducing Rate

14.00%

Key Features

  • Competitive interest rate starting at 14% per annum
  • No salary transfer required

Personal Loans Without Salary Transfer

In the UAE, personal loans are a popular method to meet unplanned expenditure. Due to the low interest rates, customers generally opt for a salary transfer loan from the bank to which their salaries are transferred. These loans are quite convenient and are offered at low interest rates and hence quite attractive for customers. Loan application process in the UAE is quite simple and if prepared with the right documentation and with a healthy credit score one would be able to get the cash into their account with 24hrs.

Banks in UAE offer two types of personal loans:

Personal Loan With Salary Transfer: 

Personal loan in UAE with salary transfer requiresthe loan applicant to maintain an account with the bank by transferring their salary into it every month. ENBD, Mashreq, FAB and Citibank are some popular salary transfer loans in the market.

Personal Loan Without Salary Transfer:

Personal loan in UAE without salary transfer provides the loan applicant to apply for a personal loan without having to transfer their salary into a particular bank account. Citibank, FAB, Rakbank or some banks offering such loans without salary transfer.

One need to have a fixed salary of atleast AED5000 inorder to apply for persona loan, banks might have a higher salary requirement based on their policies.. For those who work as freelance, self-employed, there are other criteria based on years in business, annual revenues, ownesrship percentage etc.,. Generally, a personal loan without a salary transfer is opted for by those who either do not have their company listed by the banks for a salary transfer loan or for those who are looking for a second loan.

 Personal Loans in the UAE Without Salary Transfer

Personal loans in the UAE allow the loan seeker to apply for a personal loan without having to transfer their salary into a specific bank account.

Interest Rate For Personal Loan In The UAE Without Salary Transfer

The rate of interest for non-salary personal loans in the UAE is calculated in 2 different ways, Flat rate and a reducing rate. Let us understand these rates a little better.

Flat Interest Rate

In flat interest rate method, the interest rate is calculated on the total principal amount. The method does not consider the repayment of the principal amount as the tenure progresses. The interest rate and the payable amount for every month remains constant. Often, the flat interest rate is usually higher than the reducing interest rate. This is because, the principal amount considered does not diminish gradually on repayment.

What are the benefits of opting for a flat interest rate?

  • Helps in planning – Since the EMI every month remains constant; one can have a clear estimate of the due and plan their monthly finances easily.
  • Easy and simple calculation – As the interest rate is fixed, one can calculate the flat interest rate on their Personal Loan with absolute ease. In fact, the flat interest rate EMI calculator has simplified that procedure of calculation. It only requires one to put in a set of the necessary information, and the calculator will provide accurate results instantly.

Let us take a look at an example on how flat rate of interest is calculated,

Let us assume one takes a loan of AED. 1,00,000 at a 10% flat interest rate. The interest component for every year would be AED 10,000/-. So in case the customer likes to repay the loan in 3 years, the total of the principal amount and the interest rate would be AED 1,00,000/- + AED, 30,000/- i.e. AED 1,30,000/- The total will be divided by 3 years i.e. a total of AED 1,30,000/- divided by 36 months i.e. AED. 3612 per year. The same in case of a reducing balance approach would be AED. 3227/-.

Reducing Interest rate

Reducing Interest rate is calculated on the outstanding principal amount. So, unlike other calculations, the interest rate calculated in this method is not on the total principal amount but instead the principal amount that is remaining after the repayment of every EMI. And hence, the interest rate applicable reduces as the repayment progresses.

Many borrowers prefer opting for reducing interest rate its flexibility in paying the EMIs

To understand this better let us look at the example below,

Let us assume one has a loan amount of AED. 5,00,000 with an interest rate of 15% which needs to be repaid in 5 years. The EMI in this case would be AED. 11,895/- per month. In the 1st year, you pay a total EMI of AED. 1,42,740 of which AED. 72,596/- goes towards interest and the balance AED. 70,144/- towards interest. Now the interest rate is calculated at 15% only on the balance principal amount i.e. AED. 4,37,404/- . Using this method if one can pay larger amounts as part payment, they can save on overall interest paid.

Top Banks Offering Personal Loans In The UAE Without Salary Transfer

Product Name

Bank Name

Top Reasons

Minimum Salary

Reducing Rate

Max Loan Amount

Processing Fee

Non Salary Transfer Personal Loans for Expats

FAB

Attractive loan amounts up to AED 600,000;Interest rates starts from 13.99% variable per year;Minimum documentation;Employer need not be on the FAB approved list;Comprehensive Life Insurance coverage

AED 15000

7.78

AED 600000

1.05% of Approved Loan Amount (Min AED 525/ Max AED 2625)

Non Salary Transfer Personal Loans for UAE Nationals

FAB

Loans upto AED 1 million;Lowest-in-class rates starting from 8.99%* fixed per year;Employer need not be on the FAB approved list of companies ;Pay from current salary transfer account;Comprehensive life insurance coverage

AED 15000

8.99

AED 10,00,000

1.05% of Approved Loan Amount (Min AED 525/ Max AED 2625)

Non Salary Transfer Loan

RAKBANK

Quick Approvals;Competitive Interest Rates;Easy does it ! Hassle-free loan takeovers from other banks;Simple and Easy documentation

AED 5000

10.86

AED 1,25,0000

1% of loan amount(min. AED 500, max. AED 2,500)

Personal Loan Without Salary Transfer

Citibank

No Salary transfer required;Minimum Documentation;0% processing fee;Receive up to AED 1,000 Noon e-Voucher;Get an in-principle decision in 10 minutes

AED 8000

14

AED 175000

1% (Min 500,Max 2500)

Non Salary Transfer Personal Loan for Expatriates

Mashreq

No salary transfer or collateral required

AED 7000

25.6

AED 150000

1% of loan amount (minimum AED 500 and maximum AED 2500)

Personal Loans Without Salary Transfer Eligibility Criteria

  • Age: In order to be eligible for personal loans in the UAE without salary transfer, the minimum age requirement of the applicant is 21 years old, and the maximum age is 65 years for UAE Nationals, while for expats it is 60 years.
  • Income: To apply for personal loans without salary transfer, the applicant must prove a steady source of income to the banks and financial institutions. The minimum requirement, however, differs for different banks and financial institutions.
  • Company Listing: Banks and financial institutions in the UAE that provide personal loans without salary transfer, generally have a list of approved employers in the UAE. Without a company listing, it may get difficult to avail of a personal loan in UAE. Banks do lend to customers employed in companies which are not listed, however there might be a different requirement of eligibility criteria such as higher income, higher bureau score requirements and so on.
  • Employment Status: An applicant must be salaried or self-employed to be eligible for a personal loan without salary transfer in the UAE.
  • Work Experience: For the applicants whose employer is not listed with any bank can enhance their chances of approval of their loan application if they have a long employment history. Some banks and financial institutions require a minimum work experience of 6 months at the present company they are employed in to be eligible for a personal loan without salary transfer in the UAE.

The process to apply for a loan has become simple and easy to encourage UAE Nationals and expats in gaining a personal loan in the UAE with a non-salary transfer. However, applying for a personal loan does not confirm the loan approval.

Documents Required For Personal Loans Without Salary Transfer In The UAE

Applicants have to meet the eligibility criteria requirements and for that have to submit the following documents to avail personal loan without salary transfer in the UAE:

  • Application form
  • Identification document (Emirates ID, Passport, Visa, Drivers licence, Family book for UAE nationals etc.,)
  • Employment Proof ( Original Salary certificate )
  • Credit History ( Banks will perform a credit check with Etihad Credit Bureau)
  • Bank Statements ( Most of the banks do not need copies instead they use a central system to view your bank transactions based on customers IBAN and consent)

Note: The applicant may require submitting additional documents as per the sole discretion of the respective bank.

Tips for Getting Your Application for a Personal Loan Approved

In order to ensure that the application does not get rejected, applicants should keep certain tips in mind

Ensure that the applicant meets the eligibility criteria that have been stated by the bank. If the applicant fails to meet any of the eligibility criteria, the request will be denied.

Ensure that the applicant has a good credit score to let the banks know the risk associated with providing the applicant with the loan.

Ensure that the applicant would be able to pay back the loan by factoring in your monthly salary and expenditures.

Most banks in the UAE give up to 4 years for repayment.

Applying for loans at multiple banks applications may impact the chances of getting a personal loan.

The process of applying for a loan has become simple and easy in the UAE.. Expats will have to meet the certain eligibility criteria inorder to be approved and financed.

We hope this article has been useful in giving you a better understanding of non salary transfer loan options available in the UAE. While we have highlighted the best options for specific features and criteria offered by these products, we highly recommend that you review all the features in detail before deciding which is the best loan for you.

Detailed features and benefits along with side-by-side comparisons of all these loans can be found at www.soulwallet.com.