Personal loans in UAE are one of the most popular modes of financing option. A personal loan, in basic terms, is an unsecured loan that does not require any guarantor or collateral to avail it. It comes in handy when the borrower has personal needs that are urgent or immediate in nature. Even though personal loans are easily available in UAE, it is extremely important to opt for a lender that is trustworthy and offers you a great borrowing experience. MoneyMall, has enlisted some best UAE banks for Personal loans that not only provide loans at minimal interest rates but also comes with several additional benefits. Read on…

Read More:- A Beginner’s Guide To Personal Loans in UAE

List of Top 10 Personal Loans in UAE for July 2020

Abu Dhabi Islamic Bank Personal Loan – Islamic Finance

ADIB Personal Loan Islamic Finance

ADIB Personal Loan offers a flat profit rate of 3.72% for UAE Nationals and 3.85% for Expatriates. Moreover, the minimum monthly salary required is only AED 8,000 for both UAE Nationals and Expats. If that is not enough to convince you, ADIB also offers quite a few additional features for its borrowers, some of which are as follows:

• Free pre-approved ADIB VISA Cashback Card
• First instalment holiday period of up to 90 days
• Two free instalment postponements every year

Abu Dhabi Commercial Bank Personal Loan

ADCB Personal Loan

ADCB provides attractive personal loans in UAE options to both Expats and UAE nationals. Flexible, low-cost loans are offered for expatriates residing in UAE. The interest rates start at 4.99% and range all the way up to 14%. The minimum salary requirement is AED 6,000. Some other benefits of ADCB personal loan are:

• Long repayment period
• Free credit life insurance
• Free ADCB credit card

Read More:-  Best Personal Loans in UAE for 2020

Dubai Islamic Bank Personal Loan – Islamic Personal Finance

DIB Personal Loan Islamic Finance

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. The interest rates range from 11% to 20%. DIB provides one of the lowest salary requirement of AED 3,000. Benefits of this personal loan are:

• Maximum loan amount of AED 4,000,000 for UAE Nationals and AED 2,000,000 for Expatriates
• Long tenor period of 48 months
• Low minimum salary requirement

RAKBANK Personal Loan

RAKBANK personal loan

RAKBANK provides personal loan amounts at low-interest rates, with flexible repayment tenure up to four years for expatriates and UAE Nationals. Interest rates start from 5.99% and the minimum monthly salary requirement in AED 5,000. Additional benefits of RAKBANK personal loan are:

• Top up loan available after 1 year
• Free RAKBANK Debit Card and personalized chequebook
• Free RAKBANK Credit Card with no annual fee and low-interest rates

Emirates Islamic Bank Personal Loan Islamic Finance

Emirates Islamic Personal Loan Islamic

Emirates Islamic Bank offers personal loans at an interest rate that is as low as 3.99%. The bank asks for a minimum salary of AED 10,000 per month while providing the following features:

• Flexible and extended repayment periods of up to 4 years
• A simple and quick approval process
• High finance amount of up to AED 4,000,000 for UAE Nationals and AED 2,000,000 for Expats

Read More:- 5 Low-Interest Personal Loans In UAE You Must Know About

First Abu Dhabi Bank Personal Loan

FAB Personal Loan

The interest rates of FAB Personal Loans can go as low as 3.99%. It can even drop down to 2.09% if the borrower is new to employment loans. In addition to a minimum salary requirement of AED 10,000, here are the other attractive features of this personal loan:

• Simple documentation and fast-track approvals
• Comprehensive personal life insurance cover
• Flexible repayment terms

Emirates NBD Personal Loan

Emirates NBD Personal Loan

The salary transfer personal loans in UAE for Expatriates in Emirates NBD is offered at a flat rate of 2.9% and reducing rate of 5.49%. Yes, you read that right. The minimum salary requirement stands at AED 5,000 only. Additional features include:

• Maximum loan amount extended up to AED 2,000,000 for Expatriates
• Free bank account with no minimum balance requirement
• The maximum repayment term of 36 months

Read More:- How To Check Your Personal Loan Status In UAE?

Commercial Bank International Personal Loan

CBI Personal Loan

The flat interest rate for CBI Personal Loans in UAE starts at 3% only and the reducing rate starts at 5.44%. The minimum salary required is AED 8,000.

Other advantages of this personal loan are:

• Finance up to AED 1,000,000
• Free credit card
• Insurance coverage for permanent disability and death

HSBC Personal Loan

HSBC Personal Loan

HSBC Bank provides loans based on reducing balance. i.e. the interest is calculated on a monthly basis on the remaining principal amount. The interest rates start from 5.99% per annum only. The minimum salary required is AED 7,500. Other benefits of HSBC personal loan are:

• No credit life insurance required
• Applications can be made online and approved within 10 minutes
• Quick processing

Read More:- Personal Loans VS Business Loans in UAE

 Mashreq Personal Loan

Mashreq Personal Loan

The Mashreq Personal Loan for expatriates is offered at a flat interest rate of 3.57% and a reducing rate of 6.49%.

AED 7,000 stands as the minimum salary requirement. Additional benefits are:

• Loan amount up to AED 1,000,000
• Simple and easy documentation
• Low salary requirement and the long repayment period

This completes our list of the 10 best personal loans in UAE. Keep in mind that it is essential that you compare the interest rate of a particular bank with its processing fee as well as other features offered by the bank. Weigh them all together to come to a decision to opt for a personal loan that suits your needs.