This bank offers competitive interest rates and the rates reduce with every duly repayment done by the individual. The loan tenure has an important part to play in deciding the interest rates for UAB personal loan repayment.
|Type of Loan||Interest Rates||Maximum Loan Amount|
|Personal Loans for UAE Nationals||Starting from 5.49% p.a.||AED 2.5 Million|
|Personal Loans for Expatriates||Starting from 5.49% p.a.||AED 2 Million|
|Cash Flow Loan||Starting from 3.99% p.a.||AED 400,000|
Overview of United Arab Bank Personal Loan
United Arab Bank established in the year 1975 being a joint venture between the French International Societe Generale and some UAE investors is reliable and well-known bank for its financial products. UAB provides people with a wide variety of financial products and services to its customers. These include products in the field of trading finance, corporate banking, retail banking, and even treasury services to name a few. This particular personal loan has several advantages including reducing interest rates as well low minimum income requirement and high loan amounts. There are two schemes available as personal loans, for expats and UAE nationals separately.
How to calculate EMI on your United Arab Bank Personal Loan
EMI’s for UAB Personal loans can be calculated using the EMI calculator tool that is available on the bank website. The interest rates offered on UAB personal loans are dependent on the salary f the individual and the designation of the individual. The interest rates offered on UAB personal loans start from 5.49% p.a. and are calculated on a reducing basis.
Factors affecting United Arab Bank Personal loan interest rates
There are some important elements which helps decide the UAB personal loan interest rates:
- Employment history: Stability in terms of finance is very important for the bank to note as it helps decide whether the individual can actually afford paying the EMIs regularly. Also individuals working in reputable companies have a higher chance of loan approval. In fact, for this loan you need to have your company listed in UAB’s list of companies they provide their services to.
- Loan tenure: The loan repayment is critical for determining the personal loan interest rate. If the applicants choose long tenure for loan repayment, the rate of interest automatically reduces by the reducing calculation with every successful EMI paid.
- Monthly Income: The minimum income per month is only AED 5000, however, higher your income the lower your rates might be considering that you have better of chances of affordability of the loan. However, chances of loan approval are higher with higher income.
- Credit Score: One of the most important things in not only interest rate but also loan application approval is the credit score. The interest rates get lower and the chances of loan approval are also much higher.
Key things to know about United Arab Bank personal loan interest rates
- The loan has a maximum amount of up to 20 times the applicant’s salary.
- Loans availed for the purpose of rent or tuition has interest rates starting from 3.99% p.a.
- Loan repayment period can be a maximum of up to 48 months.