Personal loans are one of the most popular modes of financing in UAE. A UAE 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. Continue reading to know the 5 best banks for a personal loan in 2020
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UAE Personal Loan
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Which are Top 5 UAE personal loan providers of 2020?
Although there are quite a few financial options for people in UAE, personal finance has become one of the most preferred short-term credits. Personal loans are something that we all require at some point in our lives, whether it is for a renovation, a vacation, or any other purpose. With a number of both internationally recognized as well as domestic banks operating in UAE, it is extremely important to opt for a lender that is trustworthy and offers you a great borrowing experience.
The following banks not only provide loans at minimal interest rates but also come with several additional benefits. Thus, you can opt for any of them according to your own personal needs. Choose from the suggested options and compare them against one another to choose the one that works the best for your requirements. Here are the top 5 personal loan providers in UAE:
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ADCB Personal Loan
ADCB Personal Loan
The ADCB personal loan is one of the most rewarding loans in UAE owing to benefits such as membership in the ADCB rewards program. It is available for both UAE Nationals and Emirates.
What is the interest rate for ADCB Personal Loan?
The flat interest rate for ADCB Personal Loan is 4.75% while the reducing interest rate is 8.86%.
What is the minimum salary required for ADCB Personal Loan?
The minimum salary required for ADCB Personal Loan is AED 5,000.
Is salary transfer mandatory for ADCB Personal Loan?
Yes, a salary transfer is mandatory for ADCB Personal Loan.
Other benefits of ADCB personal loan are:
- Long repayment period
- Free credit life insurance
- Free ADCB credit card
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RAKBANK Personal Loan
RAKBANK Personal Loan allows applicants in UAE to apply for a loan that is up to 20 times their salary.
What is the interest rate for RAKBANK Personal Loan?
The flat interest rate for RAKBANK Personal Loan is 3.30% while the reducing interest rate is 5.99%.
What is the minimum salary required for RAKBANK Personal Loan?
The minimum salary required for RAKBANK Personal Loan is AED 5,000.
Is salary transfer mandatory for RAKBANK Personal Loan?
Yes, a salary transfer is mandatory for RAKBANK Personal Loan.
Other 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
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Dubai Islamic Bank Personal Finance
DIB Personal Loan Islamic Finance
Dubai Islamic Bank Personal Loan is one of the highly acclaimed products in UAE.
What is the interest rate for Dubai Islamic Bank Personal Loan?
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 Finance?
The minimum salary required for Dubai Islamic Bank Personal Finance is AED 3,000 if you hold a salary account with dib
Is salary transfer mandatory for Dubai Islamic Bank Personal Finance?
Yes, a salary transfer is mandatory for Dubai Islamic Bank Personal Finance.
Other benefits of Dubai Islamic Bank personal Finance 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
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ADIB Personal Finance
ADIB Personal Loan
Serving both UAE Nationals as well as expatriates with minimal salary requirements, ADIB Personal Loan is another renowned product.
What is the interest rate for ADIB Personal Finance?
The flat interest rate for ADIB Personal Loan for UAE Nationals is 4.72% while the reducing interest rate is 7.75%. On the other hand, for expatriates, the flat interest rate is 4.82% while the reducing interest rate is 8.74%.
What is the minimum salary required for ADIB Personal Finance?
The minimum salary required for ADIB Personal Finance is AED 8,000.
Is salary transfer mandatory for ADIB Personal Finance?
Yes, a salary transfer is mandatory for ADIB Personal Loan.
Other features for its borrowers of ADIB personal loan are:
- Free pre-approved ADIB VISA Cashback Card
- First instalment holiday period of up to 90 days
- Two free instalment postponements every year
When it comes to personal finance in UAE, Citibank has decades worth of experience.
What is the interest rate for Citibank Personal Loan?
The interest rate for Citibank Personal Loan is reducing. It is 8% – 15% with a salary transfer and 14% – 30% without one.
What is the minimum salary required for Citibank Personal Loan?
The minimum salary required for Citibank Personal Loan is AED 8,000.
Is salary transfer mandatory for Citibank UAE Personal Loan?
No, a salary transfer is not mandatory for Citibank Personal Loan.
Other features are as follows:
- Loan amounts of up to 20 times of your salary
- Monthly instalments starting from as low as AED 220
- Tenors ranging from 6 months and going all the way up to 48 months
This completes our list of the 5 best UAE personal loan providers, If you are looking to opt for a personal loan anytime soon, you are advised to keep in mind that the interest rates of any bank are subject to change with time. The interest rates, as well as the minimum salary required, are fairly low for all of the banks that we have recommended above. Please note that we have referred to monthly salaries throughout the article. 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.
