Personal loan in UAE
Personal loan is anyone’s best bet when it comes to availing immediate finance for personal needs. Personal loans help you finance your personal expenditures as there is no restriction on the utilization of the loan amount. Personal loans are quite popular in UAE and each bank offers different kinds of personal loans. Some banks offer personal loans specially designed for expats while other banks offers personal loan specially designed for the high earning individual.
Each personal loan offered by a bank comes with its own rate of interest and features. No two personal loans are alike. The interest rate can be fixed or can depend on the borrower’s eligibility.
Benefits of personal loans
Listed below are some of the benefits of personal loans.
- Quick approval
- Low eligibility criteria
- High loan amounts
- No need for collateral
- Long tenure periods
- Flexible payment options
- No restriction on the utilization on the personal loan amount
Personal loan interest rates in UAE
|Bank||Name of Personal Loan||Interest Rates|
|ADCB||ADCB Personal Loan for UAE Expats||4.99% to 13.99%|
|ADCB||ADCB Personal Loan for UAE Nationals||4.99% to 13.99%|
|ADIB||ADIB Personal Loan Non Salary Transfer||16% to 18%|
|ADIB||ADIB Debt settlement||6.75% to 9.99%|
|ADIB||ADIB Salary transfer||7.25% to 18%|
|CBD||CBD Personal Loan||4.50%|
|CBI UAE||CBI UAE Personal Loan||5.25%|
|Citibank||Citibank Salary Transfer Personal Loan||4.99% to 14.99%|
|Emirates NBD||Emirates NBD salary transfer loans||2.63% to 4.99%|
|Emirates NBD||Emirates NBD Personal loans for self-employed individuals||2.63% to 4.99%|
|Emirates NBD||Emirates NBD Personal loans for self-employed professionals||2.63% to 4.99%|
|FGB||FGB Personal Installment Loan||24%|
|FGB||FGB Salary Transfer loan||24%|
|Finance House||Finance House Personal Loan||16 to 24%|
|Mashreq||Mashreq Bank Personal Loan||6.325%|
|NBAD||NBAD Personal Loan||Starting at 4.74%|
|NBF||NBF Personal Loan||Starting from 6.25%|
|Noor Bank||Noor Bank Personal Loan||Reducing rate: 4.56% Flat rate: 2.75%|
|United Arab Bank (UAB)||United Arab Bank Personal Loan||Starting at 5.49%|
Personal loan interest rates of the top banks in UAE
Listed below are some of the details of personal loan interest rates in UAE.
- Union National Bank personal loan: Union National Bank loan offers personal loans at competitive rate of interest and long tenure period for UAE nationals. The loan is offered at a very competitive interest rate starting 4.50% p.a. The interest rate starts at 4.50% p.a. and might increase depending on the loan amount and the tenure period of the loan.
- Ajman Bank personal loan: Ajman Bank personal loan offers personal loan/finance staring at an amazing interest rate of 3.99% p.a. reducing balance. The bank offers a very high loan amount for expats and UAE nationals and a repayment tenor that goes up to a maximum of 4 years which is very high for a personal loan. The bank also offers free like takaful and free job loss cover along with the personal loan for salary transfer customers.
- Standard Chartered Bank personal loan: Standard Chartered bank offers personal loans at interest rates as low as 5.99% p.a. reducing value. The customer can borrow up to AED 1,000,000 depending on their monthly salary and term of employment. The loan also comes with a flexible payment option.
Personal loans are a great choice when it comes to immediate financing as they are granted quicker than regular loans. Customers can apply for the loan online either through the official bank website or third party financial websites.