Personal loan Emirates NBD & Dubai Islamic Bank are two of the best personal loans in UAE  from Dubai based banks.

Hence, it is often a rather difficult decision when it comes to choosing between the two for yourself. Do not worry, we have got you covered. In this article, we have evaluated the key features of each of the two personal loans and compared their interest rates, minimum salary requirements and a few other criteria to help you with your decision. Read on…

 

Read More:-  How to Use a Personal Loan to Improve Your Life ?

 

Personal Loan Emirates NBD

Emirates NBD

Personal Loan Emirates NBD

The minimum salary requirements of Emirates NBD Personal Loans make this personal finance solution extremely attractive to applicants from all economic segments.

  • What is the interest rate for Emirates NBD Personal Loan?

The flat interest rate for Emirates NBD Personal Loan is 7.90% while the reducing interest rate is 14.99%. The salary transfer personal loans for Expatriates in Emirates NBD are offered at a flat rate of 2.9% and reducing rate of 5.49%. Yes, you read that right. 

  • What is the minimum salary required for Emirates NBD Personal Loan?

The minimum salary required for Emirates NBD Personal Loan is AED 5,000.

  • Is salary transfer mandatory for Emirates NBD Personal Loan?

No, a salary transfer is not mandatory for Emirates NBD Personal Loan.

  • What are the added benefits of Emirates NBD Personal Loan?

 Additional benefits of Emirates NBD Personal Loan include:

  • The maximum loan amount can be extended up to AED 2,000,000 for Expatriates
  • You are offered a free bank account with no minimum balance requirement along with this personal loan
  • What are the documents required for Emirates NBD Personal Loan?

The borrower will need to submit the following documents to procure Emirates NBD Personal Loan:

  • Emirates ID
  • Passport Copy (with UAE Residence Visa for Expats)
  • Bank statement of last 3 months of the Salary Credit Account.
  • Salary Certificate
  • Loan/ Card Statements or Liability letter
  • Salary Transfer Letter on Approval

What are the basic requirements to get Personal Loan Emirates NBD?

  1. Your salary should be transferred to Emirates NBD bank, It can be done post-approval also.
  2. Your employer must be on the Emirates NBD’s Approved List of Employers.
  3. Basic literacy and a UAE Residency Status.
  4. Your age must be a minimum of 21years.

What New: Emirates NBD Flexi Loans with variable interest rates.

The flexible-interest loan that adjusts to your changing world, Unlike ordinary personal loans with fixed interest rates,

a FlexiLoan from Emirates NBD comes with a flexible interest rate that adjusts every one or six months to the UAE’s EIBOR. This makes the loan pricing more transparent for borrowers

Why is it preferable to opt for Flexi loans with variable pricing?

Variable-rate pricing is lower compared to the fixed rate. Since this is charged on the reducing balance, you pay less amount of interest for the first 6 months, when your principal loan amount is high, thus saving more.

What is the interest rate on Emirates NBD Personal Loan today?

Emirates NBD Personal Loan Interest Rates starts from 2.79% Flat** (5.24% reducing)   ( as on 15.12.20)

In Flexi Personal Loans, The interest rate varies every 6 months as it is linked to 6 months EIBOR plus fixed margin.

Special offer on Emirates NBD Personal Loan

The festive season is around the corner and here is something to make your celebrations bigger and more memorable. Apply for a Personal loan Emirates NBD today at low-interest rates and get the chance to win noon vouchers up to AED 5,000. * 

What is the maximum repayment tenor for the Personal Loans Emirates NBD?

The maximum loan tenor for Emirates NBD Personal Loan for Expats is 48 months

 

If my company is listed with Emitates NBD but my salary is transferred to another bank, can I still avail the Personal Loan Emirates NBD?

If your salary is not transferred to Emirates NBD, you still have the provision of availing our Personal Loan by applying for a Non-Salary Assignment Loan

Dubai Islamic Bank Personal Loan

Dubai Islamic Bank Personal Loan is one of the highly acclaimed products in UAE. Apart from Sharia-compliant personal finance, the Dubai Islamic Bank also offers various other personal loan products in UAE at the most competitive profit rates. 

  • What is the interest rate for Dubai Islamic Bank Personal Loan?

The interest rates range from 11% to 20%. The flat interest rate for Dubai Islamic Bank Personal Loan is 4.90% while the reducing interest rate is 8.99%.

  • What is the minimum salary required for Dubai Islamic Bank Personal Loan?

The minimum salary required for Dubai Islamic Bank Personal Loan is AED 3,000.

  • Is salary transfer mandatory for Dubai Islamic Bank Personal Loan?

Yes, a salary transfer is mandatory for Dubai Islamic Bank Personal Loan.

Read More:- Top 5 UAE Personal Loan Providers of 2020

What are the added benefits of Dubai Islamic Bank Personal Loan?

Benefits of the personal loan offered by Dubai Islamic Bank are:

  • The maximum loan amount is of AED 4,000,000 for UAE Nationals and AED 2,000,000 for Expatriates
  • This personal loan comes with a long tenor period of 48 months
  • This personal loan has a very low minimum salary requirement

What are the documents required for Dubai Islamic Bank Personal Loan?

Given below is the list of required documentation to avail a personal loan by Dubai Islamic Bank:

  • Passport Copy (with UAE Residence Visa for Expats)
  • Copy of Emirates ID
  • Salary Certificate and Transfer letter from the employer
  • Account Statement of last 3 months in case of salary transfer to another bank 

Read More:- Debt Consolidation With A Personal Loan: Pros and Cons

With such a wide range of banks and financial institutions offering personal loans in UAE, it is important to make an informed decision when you are in need of a personal loan. Both Dubai Islamic Bank and Emirates NBD offer personal loans at competitive interest rates and high loan amounts. Weigh their features against each other to know which one of them might be apt for you. We hope that this article was of help to you in this regard. Good luck!