The banks in the United Arab Emirates give out around 1.3 trillion dirhams (355 billion dollars) as loans each year. This is largely given to the immigrants, who earn a steady salary and have a valid residential permit.
For those of you who have been looking for loans to help out family or make important payments, the country of UAE is one of the most liberal ones. The country is also known for its small interest rates, which is helpful to the takers rather than the banks.
Depending on your salary and bank, you can pay a certain amount on a monthly basis and over the course of a particular time period. This timing can vary depending on the size of the loan and your ability to pay the maximum amount.
These easy payment personal loans in Dubai can be multiple times your salary, and this is entirely dependent on the bank. The duration of payment, however, is fixed and is usually in the range of 2 to 5 years. Different banks have various kinds of offers and schemes; here is an overview to help you make your decision better.
| Personal Loans | Minimum Income | Loan Amount | Maximum Term |
|
RAKBANK RAKislamic personal finance |
3000 AED |
1.25 million AED |
4 years |
|
Emirates NBD personal loan for expats |
5000 AED |
1 million AED |
4 years |
|
Citibank salary transfer loan |
8000 AED |
2.5 million AED |
4 years |
|
Standard Chartered Saadiq personal finance |
30000 AED |
1 million AED |
4 years |
|
CBD Bank Absher personal finance for UAE nationals |
8000 AED |
2.5million AED |
4 years |
|
United Arab Bank personal loan for expats |
7500 AED |
2million AED |
4 years |
RAKBANK RAK Islamic Personal Finance
A bank with a rich history in the country, they are known to give loans to everybody and up to 20x their salary.
The minimum salary requirement for a person to be eligible for loans is 3000 AED.
There are two rates offered by the banks namely fixed interest and reducing interest. The former is used for short-term loans, i.e. duration less than 18 months and the latter is used for long-term loans.
The bank can give out an amount of 1.25 million AED, and one has to meet the salary criteria to get the loan. The bank gives out maximum term up to only 48 months or 4 years.
The scheme also offers a holiday period where the loanee does not have to pay the amount for a month; this can be availed once six months of payments have been completed.
For anyone looking for a quick loan to help them, RAKBANK offers a great range of schemes and offers.
Click here to apply for the RAKBANK RAK Islamic Personal Finance
Emirates NBD personal loan for expats:
For the immigrants and the residents here on work permits, it might be harder to find a suitable loan scheme.
The salary requirements are low and can be recessed in 7 days. This is beneficial to new employees, who want to apply early in order to help out with monetary issues back home. The minimal requirement is for a person to earn just over 5000 AED monthly.
There is a flat rate of 2.63% and a reducing rate of 4.99%. If you plan to apply for a big loan, it is smart to opt for the reducing rate as it helps curb interest rates in the long run.
There is also a holiday period where you can skip two non-consecutive instalments per year. This loan scheme allows you to apply even if you are self-employed.
Click here to apply for Emirates NBD personal loan for expats
Citibank salary transfer loan:
One of the most well-renowned banks in the world offering loans in a country which has some of the lowest rates.
This loan offer is one of the best you can find. It is offered to salaried individuals earning over 8000 AED in a month. The reducing rate is generally fixed around 6.99% but can vary according to the profile of the individual.
The flat rate as per a four-year calculation is around 3.73%. This loan is strictly for salaried employees, and the maximum term is 4 years.
For individuals looking for a quick loan to help, this option by Citibank seems to be popular for good reasons.
Click here to apply for Citibank salary transfer loan
Standard Chartered Saadiq personal finance:
This loan option is one of the more big ones available; customers can take up to 1 million AED in loans. The minimal salary requirement for such a loan is 30000 AED and comes with a 7.05% reducing rate and a 3.76% fixed rate.
The maximum term for such a borrowing is 4 years. If you want a rather big loan to finance getting your house, buying your dream car; this option is the best for you. You also avail a holiday period of two installment payments after a 12-month period.
There is no minimum balance requirement once you decide to get to the finance period. There is also a top-up facility given by the bank to help you if out if you need it.
Click here to apply for Standard Chartered Saadiq Personal Finance
CBD Bank Absher personal finance for UAE nationals:
For the citizens of the UAE looking to get a loan, the CBD bank has a great choice for you. With just a minimum salary of AED 8000 required to take this loan, you can take up to 20 times the salary.
Since it is offered to the citizens of the country, the maximum amount is far greater than what any other bank can offer.
If you can afford it, the bank will allow you to take nearly 2.5 million AED. For the ambitious ones among you looking to purchase a bungalow and other such luxuries, this loan is perfect.
The reduced rate of just 5.50% is a boon, however, depending on your profile and credit score it can jump to nearly 11%.
The flat rate is also a lowly 3%, great for any short-term loan you are looking to take. There are holiday options, it can be taken for the duration of 4 years and is only available to salaried employees.
Click here to apply for CBD Bank Absher Personal Finance
United Arab Bank personal loan for expats:
This alternative from the UAB is another one for the expatriates. It requires just a minimum salary of just 7500 AED and the reducing rates are just under 5.25%.
The flat rate is the lowest among any offering and comes in at just under 2.87% per annum. For those of your fortunate enough to have a big salary, you can take loans of up to 2 million AED.
If you want to settle here and get a big house and raise a family, loans of such magnitude are perfect.
You get additional benefits such as top-ups for any other expenses, free credit cards for the first year and a revolving overdraft facility. You can also get a holiday period on your payment once you have completed the first 12 months.
Click here to apply for United Arab Bank Personal Loan for Expats
These loan options are some of the many that are available. Personal loans can be used to alleviate pressures back home and for to help you lead out a more comfortable life here. With the low rates of interest, there is no better place to take it than the United Arab Emirates.
