Please fill in the details to receive a call back with more details
SALARY TRANSFER
Yes
FIXED RATE
3.25 %
MONTHLY SALARY
AED 10,000
REDUCING RATE
5.90 %
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 10,000
Fixed Rate
3.25 %
Reducing Rate
5.90 %
Key Features
SALARY TRANSFER
Yes
FIXED RATE
2.17 %
MONTHLY SALARY
AED 5,000
REDUCING RATE
3.94 %
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 5,000
Fixed Rate
2.17 %
Reducing Rate
3.94 %
Max Loan Amount
Key Features
SALARY TRANSFER
Yes
FIXED RATE
2.63%
MONTHLY SALARY
AED 5,000
REDUCING RATE
5.99%
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 5,000
Fixed Rate
2.63%
Reducing Rate
5.99%
Max Loan Amount
Key Features
SALARY TRANSFER
Yes
FIXED RATE
3.18%
MONTHLY SALARY
AED 10,000
REDUCING RATE
5.24%
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 10,000
Fixed Rate
3.18%
Reducing Rate
5.24%
Max Loan Amount
Key Features
SALARY TRANSFER
Yes
FIXED RATE
5.10%
MONTHLY SALARY
AED 5,000
REDUCING RATE
9.25%
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 5,000
Fixed Rate
5.10%
Reducing Rate
9.25%
Max Loan Amount
Key Features
Things To Be Aware Of
SALARY TRANSFER
No
FIXED RATE
8.99%
MONTHLY SALARY
AED 15,000
REDUCING RATE
16.63%
Salary Transfer Required?
No
Minimum Monthly Salary
AED 15,000
Fixed Rate
8.99%
Reducing Rate
16.63%
Max Loan Amount
Key Features
SALARY TRANSFER
Yes
FIXED RATE
4.99%
MONTHLY SALARY
AED 7,000
REDUCING RATE
9.30%
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 7,000
Fixed Rate
4.99%
Reducing Rate
9.30%
Max Loan Amount
Key Features
Attractive loan amounts up to AED 2 Million Competitive interest rates Flexible repayment terms Fast track approvals Comprehensive Personal Life Insurance coverage
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 452 at an effective interest rate of 4.99% per annum.
Total repayment that would have been paid at the completion of the loan would be AED22,104. The borrower would be paying AED 2104 as interest.
Please use Soulwallet’s Loans EMI Calculator for further simulations.
Processing Fee: 1.05% of the finance amount. A minimum of AED 525 to a max of AED 2625.
SALARY TRANSFER
Yes
FIXED RATE
0.00%
MONTHLY SALARY
AED 10,000
REDUCING RATE
0.00%
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 10,000
Fixed Rate
0.00%
Reducing Rate
0.00%
Key Features
SALARY TRANSFER
Yes
FIXED RATE
0.00%
MONTHLY SALARY
AED 10,000
REDUCING RATE
0.00%
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 10,000
Fixed Rate
0.00%
Reducing Rate
0.00%
Max Loan Amount
Key Features
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
Key Features
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
SALARY TRANSFER
Yes
FIXED RATE
1.99 %
MONTHLY SALARY
AED 5,000
REDUCING RATE
4.99 %
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 5,000
Fixed Rate
1.99 %
Reducing Rate
4.99 %
Max Loan Amount
SALARY TRANSFER
Yes
FIXED RATE
2.48%
MONTHLY SALARY
AED 10,000
REDUCING RATE
4.50%
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 10,000
Fixed Rate
2.48%
Reducing Rate
4.50%
Max Loan Amount
Key Features
SALARY TRANSFER
Yes
FIXED RATE
3.03%
MONTHLY SALARY
AED 7,500
REDUCING RATE
5.49%
Salary Transfer Required?
Yes
Minimum Monthly Salary
AED 7,500
Fixed Rate
3.03%
Reducing Rate
5.49%
Max Loan Amount
Key Features
Personal loan is an unsecured loan. This means that an individual doesn’t need to pledge any collateral or guarantor in order to avail the funds. Personal loan can be procured by an individual to meet their various personal financial needs. The loan could be for reasons such as weddings, higher education, medical emergencies, home renovations, for an international trip, or even for debt consolidation. An individual can acquire a maximum of up to 20 times their monthly salary for a personal finance loan amount. This amount can be availed with a repayment period of up to 48 months.
Personal loan in the UAE is available for UAE nationals (Emiratis). The personal loan in UAE and the personal loan amount is decided based on factors such as source of income, credit history, age, employment status of the applicant, etc factors. Keeping the needs of Emirati applicants in mind, personal loans for UAE nationals can be availed with high loan amounts up to AED 5 million. This loan amount can be used for numerous purposes such as investments opportunities, starting a new business, and many more.
United Arab Emirates is home to various top, internationally recognised Islamic Banking organisations. These banking organisations are also offering interest-free, Shariah compliant personal loans. Personal loans for UAE nationals help emirates to fulfil a wide range of benefits. These benefits can range from the lowest interest rates, i.e., starting from 3.99% up to 20% or a smaller requirement of the minimum salary for personal loans in UAE i.e., AED 5000.
Types of Personal Loan in UAE
This multi-purpose type of loan is offered to both expats and UAE Nationals.
Listed below are the different types of personal loans in UAE:
Personal Loan in UAE for Expats – People who are not residents of the UAE but live in the UAE due to their business or jobs are called expatriates. They can enjoy lowest interest rate personal loan available in the UAE.
Personal Loan for UAE without Company Listing – Personal loan can also be obtained by professionals who are working in a non-listed company or a start-up that has a lineup of products which are especially designed for non-listed companies that have recently entered the market.
Personal Loan in UAE without Salary Transfer – There are some providers who do not make the applicant transfer their salary with them to obtain a loan, making the personal loan requirements flexible. Note, while these type of loans do not need a salary transfer, the interest rates are generally higher than the ones with the salary transfer requirements. These type of loans are popular as second loans where in a customer is already availing an existing salary transfer loan
Personal Loan in UAE with Salary Transfer – Most of the loan providers in the UAE expect the applicants to have a salary account with the bank to get an instant personal loan. As mentioned above, these carry attractive interest rates and are very popular in the expat community.
Personal Loan for UAE Nationals – For UAE Nationals, the personal loan requirements are much more relaxed with better multiples, interest rates and so on. These loans are designed to provide the UAE nationals with quick short term liquidity for meeting requirements such as down payments, medical, education, purchase and so on.
Personal Loan in UAE for Self-employed Professionals – Self-employed professionals are those individuals who have their own business. They may apply for a personal loan with certain financial institutions in the UAE and can enjoy the best personal loan rates. The general conditions for these loans vary from bank to bank and requirements can be on the vintage of the company, annual turn over etc.,
Personal Loan Interest Rate in UAE.
Personal loan interest rate is an additional charge that is levied upon the principal loan amount. In UAE there are two types of interest rates that are applicable to personal loan offers in UAE are flat rate and reducing interest.
Personal loan interest rate is an additional charge that is levied upon the principal loan amount. In UAE there are two types of interest rates that are applicable to personal loan offers in UAE are flat rate and reducing interest.
It is always a good idea to compare personal loans online to get the lowest rate for personal loan interest rate in UAE. Soulwallet helps you compare various banks for personal loans, across the benefits offered and helps you conduct a better analysis as per your preference with a set of unique tools. Make a sound financial decision with the help of Soulwallets unbiased and well researched data and opt for the process of elimination to come across the best plan for you. By heartily focusing on the benefits that matter the most to the lifestyle of the applicant, you can trim down the list and come across the best personal loan in UAE.
It is always advised to calculate the personal loan interest beforehand. An individual can use an interest calculator to calculate and compare interest on various personal loans amount that they would be paying.
To calculate interest rate enabling personal loan comparison:
The formula used for the same is – (interest rate/number of payments) * principal amount = interest
You can take the help of comparison sites such as Soulwallet.com, which uses its unique set of tools to give you an accurate number and helps you compare across parameters set by you.
Personal loan eligibility in the UAE is different for every bank that offers personal finance in the UAE.
The following are the most common requirements for the best personal loan in UAE:
UAE National applicants are required to submit the following documents to avail a personal loan in UAE:
Applying for a personal loan in the UAE is extremely easy and straightforward. An individual can apply directly through the bank as well as through an online portal.
Steps to apply and get a personal loan in UAE:
Through bank branches
Through online portal
It is always advisable to compare different options as there are a lot of options for personal loans in the UAE.
Features & Benefits of Personal Loan in UAE
Over the last decade, UAE has witnessed an enormous surge in financial lending.
By considering the following dos and don'ts one can avoid rejection of personal loan application:
Things to Consider
Things to Avoid