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Private Money Lenders in Abu Dhabi 

By
Kareem
-

One can not expect when they might need money for an emergency or for wanting to buy something. In those cases, having some excess cash becomes very important for leading life in a more fulfilling way. 

But we can rarely arrange for excess money at the drop of a hat. We must borrow it from somewhere. Now we can go to banks for help, however, their interest rates might not cater to everyone along with their many rules. This is why private money lenders in Abu Dhabi are so commonly found and utilized for their services. 

Thus, in this article, we shall discuss some private lenders in Abu Dhabi who can become helpful when in need. 

Private Money Lenders in Abu Dhabi 

Now, before listing out some establishments from which you can get money, we must inform you that private money lending in all of UAE, including Abu Dhabi, is illegal. Thus, we advise you to choose this option only if you are in grave need of funds and, for some reason, can not go to a bank for a loan. 

1. Abu Dhabi Finance

Abu Dhabi Finance is a mortgage lender in Abu Dhabi, United Arab Emirates. They have a 4.1 rating on Google from 9 reviews. 

Call Here – +971 800 233

2. Finance House

Finance House is a financial institution in Abu Dhabi, United Arab Emirates. They have a respectable 3.6 rating on Google from 75 reviews. You can get a loan of up to AED 100,000. 

Call Here – +971 600 511114

Website – https://www.financehouse.ae/

3. Reem Finance

Founded in 2007, Reem Finance is a leading financial solutions partner licensed by the Central Bank of the UAE. They have a respectable 4 rating on Google from 8 reviews. 

Call Here – +971 2 691 8400

Website – https://www.reemfinance.ae/en/

4. Equity Finders Real Estate Mortgages

Equity came into existence in 2016, and at that time, it was one of the first mortgage companies in Abu Dhabi. With more than 700 happy clients, this company has set a loyal customer circle in UAE. They have a perfect rating of 5 stars on Google from 55 reviews. 

Call Here – +971 2 626 6440

Website – https://equityfinders.com/

FAQs

1. Can I borrow money from a private lender?

Yes, you can borrow money from private lenders. But before contacting them, there are certain things that one must keep in mind.

  • Easier Qualifications– If you go to a bank, chances are, there will be many rules and regulations that you must follow before you can apply for a loan. Private money lending services include easier qualification requirements compared to official institutions.
  • Risk Factor- As private money lending is illegal in UAE, it becomes very risky for anyone thinking of choosing that option. So if you need money fast and do not care about the risks, you can definitely go for private loan services.
  • Simple Paperwork- Getting private loans is easier compared to getting loans from a bank. They do not require as much paperwork as legal entities, and thus, you receive money at short notice.
  • A Good Alternative- We would advise you to go to a legal establishment to apply for loans, but many times that becomes impossible due to various factors. When that happens, private money lenders are a good alternative from whom you can get the money quickly without any hassle.

2. Is private lending legal in UAE?

No, private lending is not legal in UAE, and it is a punishable offense. According to articles 458 and 459 of the UAE law, anyone associated with this sector can face imprisonment for one year or more and a fine of 50,000 AED.

3. Who is eligible for a personal loan in Abu Dhabi?

Anyone who is a UAE national or an expat resident between the age of 21 and 65 with a minimum income of 10,000 AED can get a personal loan in Abu Dhabi.

4. Is it good to use private lenders?

In UAE, private lending is not legal, which is why it is not generally good to utilize their services. But in case you absolutely must use them, you can go for it.

Wrapping It Up

We hope this article will help anyone who needs private money lending services in Abu Dhabi. See all the challenges involved with this sector and only then go for it. 

How to Get an Interest-Free Loan in UAE?

By
Kareem
-

Interest-free loans can prove to be quite useful when it comes to financial stability. They not only facilitate repayments but also help you build positive credit habits.

In this article, we will discuss simple ways to get an interest-free loan in the UAE.

Interest-Free Loan in UAE

1. Al Maryah Community Bank

Al Maryah Community Bank is the UAE’s first digital bank that offers an interest-free loan through their ‘Raha Debt Takeover’.

The ‘Raha Debt Takeover’ helps account holders manage their debts by consolidating them into one loan, allowing convenient repayment over three months.

By opting for the ‘Raha Debt Takeover’ scheme, account holders get a chance to win a zero-interest loan.

Participants must enter the raffle or lucky draw organized by Al Maryah Community Bank LLC at 454 Shakhbout Bin Sultan St, Al Mushrif, Abu Dhabi, United Arab Emirates.

Here are some of the terms and conditions that participants need to be aware of:

  1. Apart from being a resident of the UAE, the participant must have an account with Al Maryah Community Bank.
  2. UAE Nationals must have a minimum salary of AED 10,000 along with minimum employment tenure of 6 months.
  3. Expatriates living in UAE must have a minimum salary of AED 15,000, along with a minimum employment tenure of 1 year.
  4. All participants must ensure that their previous month’s salary is reflected in their Al Maryah Community Bank account.
  5. Any participant who has previously won the raffle is not allowed to participate again.
  6. Participants should maintain a good credit score that complies with the bank’s credit policies.
  7. Employees of the bank are not allowed to participate in the raffle.
  8. Participants must ensure that their Customer Debt Service Ratio (DSR) does not exceed the 50% threshold specified by the Central Bank of the United Arab Emirates (CBUAE). If the DSR exceeds the limit set by CBUAE, the participant will not be offered the loan products.

Things to keep in mind:

  • Monitor your inbox and mail as winners will be notified of their details within 3 days after the draw has taken place.
  • Participants must abide by all the terms and conditions laid out in the Personal Loan Agreement, including timely repayment of the loan to avoid penalties and charges.
  • The bank reserves the right to disqualify, suspend, or terminate participation under certain circumstances. Check out the Al Maryah Community Bank’s official website for more information.

2. Emirates Islamic Bank

Established in 2004, Emirates Islamic Bank follows the highest standards of Islamic Banking as per Sharia principles.

As they adhere to these principles, laid down by the Quran, Sunnah, and Hadith, they do not charge interest on personal finance.

Here is a list of documents required to apply for Personal Finance from Emirates Islamic Bank:

  • Filled application form
  • Bank statements from the last three months
  • A valid passport and its copy (required for verification); a valid UAE residence visa and its copy for expatriates (required for verification)
  • Salary certificate
  • Valid Trade License if you are self-employed
  • Liability Letter
  • Account Opening Form

Who is eligible for Emirates Islamic Bank Personal Finance?

  • You must be 21 years and above to apply for Personal Finance.
  • Your minimum salary should be AED 10,000 (for both UAE Nationals and expatriates).
  • Your age should not exceed 65 years at the time of maturity if you are a UAE National
  • Your age should not exceed 60 years at the time of maturity if you are an expatriate.
  • You must have at least one month’s salary credited into your Emirates Islamic account.
  • Tenure of 48 months for standard debt settlement; Tenure of 300 months for special debt settlement.

3. Financial Institutions Offering Lowest Interest Rates on Personal Loans

  1. Emirates NBD Personal Loan

    • Minimum salary required: AED 5,000
    • Interest Rate: Starting from 2.81% p.a.
    • Reducing Interest Rate: 5.29% p.a.

  2. RAKBANK Personal Loan

    • Minimum salary required: AED 3,000
    • Interest Rate: Starting from 5.49% p.a.
    • Reducing Interest Rate: 19.99% p.a.

  3. Abu Dhabi Commercial Bank

    • Minimum salary required: AED 5,000
    • Interest Rate: Starting from 4.99% p.a.
    • Reducing Interest Rate: 6.00% p.a.

Frequently Asked Questions

  1. Is there interest on loans in UAE? The interest rate on loans can depend on the account holder’s income and loan amount. However, the interest rate on loans in UAE can range from 3.99% p.a. to 7.71% p.a.
  2. Which bank gives personal loans with the lowest interest rate in UAE? Some of the banks that offer personal loans with the lowest interest rate include Emirates NBD Personal Loan, RAKBANK Personal Loan, and Abu Dhabi Commercial Bank, among others.
  3. Which loan has no interest? Several banks in UAE follow Islamic Banking rules, as specified by Sharia Law. According to this law, a bank cannot charge interest from its customers.

Conclusion

We hope that this article is helpful for those navigating the numerous loan options available in the financial market.

We urge our readers to carefully read all terms and conditions before committing to any loan to avoid fraudulent and malicious activities.

Can you get maternity insurance if you are already pregnant in Dubai?

By
Kareem
-

Pregnancy is a beautiful and mesmerizing procedure responsible for creating a new life. But pregnancies can be pretty expensive when we consider the hospital bill. 

The expenses also do not stop only with the birthing of a child itself. One must also consider the costs in case of normal or C-section delivery, pre or post-natal expenses, expenses related to the newborn baby, and more.

This is why getting maternity insurance is so important. However, can you get maternity insurance if you are already pregnant in Dubai? Let us find that out.

Can you get maternity insurance if already pregnant in Dubai?

No, you cannot. When applying for maternity insurance in Dubai, one must go through a waiting period of six months.

Sadly, any pregnancy that arises within 40 days of the policy’s starting date will not be covered by any insurance. 

What services does pregnancy insurance cover in Dubai?

Usually, comprehensive pregnancy insurance covers almost everything that comes with maternity care. These include –

1. Prenatal Care

Because of the new enhanced maternity insurance laws, insurance companies now cover at least eight prenatal appointments. Not only that, but they also pay for three prenatal scans, blood tests, regular health check-ups, etc.   

2. Hospital Fees

The hospitalization fees are the most burdensome, which can amount to a huge sum of money. Thankfully, maternity insurance in Dubai covers that as well.

The procedure usually does not matter, as insurance should cover both normal and C-section deliveries. If there are any complications or terminations during the process, that is also taken care of.

3. Postnatal Care

The mother does not automatically become healthy after giving birth. They need extensive care even after going through labor.

Hence with insurance, you will not have to worry about those much-needed post-natal checkups.

4. Expenses of The Baby

Taking care of newborns is also expensive as they need frequent checkups, thanks to their vulnerability. But do not fear, as most maternity insurance policy covers newborn expenses for at least 30 days or even up to 3 months. 

FAQ’s

1. What is the waiting period for maternity insurance in Dubai?

The waiting period for maternity insurance in Dubai is 6 to 12 months. But once you get over that time, insurance will cover all the necessary expenses that come with childbirth.

2. Which insurance is best for pregnancy in UAE?

i) Takaful Emarat Health Insurance

Takaful Emarat Silver Health Insurance Plan – 

  • AED 7,000 coverage with 10% co-insurance
  • Covers in-patient and out-patient maternity service
  • The waiting period is only 40 days
  • AED 10,000 for C-Section delivery

Takaful Emarat Platinum Health Insurance Plan –

  • AED 20,000 coverage with 10% co-insurance
  • Medicines coverage up to AED 10,000
  • Free check-ups with ante-natal ultrasounds
  • Global coverage
ii) Adamjee Health Insurance

Adamjee Family Care – Silk Road –

  • Covers in-patient and out-patient maternity service with 10% co-insurance
  • Free health check-ups
  • The waiting period is only 40 days
  • Coverage of up to AED 10,000 for normal delivery
  • AED 10,000 for C-Section delivery
  • Maternity-related emergencies of up to AED 150,000

Adamjee Family Care – Emarald – 

  • Coverage of up to AED 10,000 for normal delivery
  • AED 10,000 for C-Section delivery
  • Covers out-patient maternity service with 10% co-insurance

3. How much does it cost to give birth in UAE without insurance?

Without any maternity insurance, the cost of giving birth can rise from 22,000 AED to 30,000 AED for normal delivery and even more for C-Section delivery.

4. Is it free to give birth in Dubai?

No, it is not free to give birth in Dubai. You will need maternity insurance, or the hospital bill can be immense. 

Wrapping It Up

We hope we were able to provide essential info regarding the maternity insurance policies of Dubai. Please go through the points carefully and apply for them if you need such services as soon as possible.

Cheapest Health Insurance In Abu Dhabi

By
Kareem
-

We all live a life full of uncertainties. Thus we need to stay prepared for every and any form of problem that comes our way.

This is why health insurance is vital, as you must have it to escape the financial burden if a medical issue demands loads of money or lasts for a long time. 

But which health insurance is good for you and your family? It is indeed hard to decide, considering how many options are there to choose from.

Therefore, we will discuss the cheapest health insurance in Abu Dhabi that give great benefits at a reasonable price.

Cheapest Health Insurance In Abu Dhabi

When it comes to being affordable, there are some insurance companies in Abu Dhabi that you can opt for. Here we present some of them. 

1. Salama Health Insurance

The essential benefits plan or EBF of Salama Health Insurance is for residents with less than AED 4,000 of earnings in a month. This plan benefits you and covers your immediate family members or domestic help. 

2. Orient Health Insurance

Orient has over 40 years of experience providing health insurance to the people of UAE at decent rates. They give the option for individual and group health insurance. 

3. Union Health Insurance

This is one of the most famous insurance companies in all of Abu Dhabi. Anyone earning AED 4,000.00 or less with a visa can apply for their services.

4. AXA Health Insurance

AXA Health Insurance also comes into the picture when discussing the cheapest insurance policies. With them, you get easy access to world-class treatment from more than 3,000 providers from all over UAE. 

5. Sukoon Insurance

The starting annual cost for their insurance policy is only AED 560. Plus, you get emergency services, and they even cover lab tests. 

6. National Health Insurance Company

The annual cost for starting this insurance is AED 615 for domestic help and AED 800 for dependents. It also offers local medical insurance with worldwide benefits. 

FAQ’s

1. What is the minimum health insurance coverage in Dubai?

In Dubai, the most basic insurance plan covers up to AED 150,000. The services that get covered include surgeries, diagnoses, etc.

The expenses, however, cannot surpass AED 500 for a single encounter or AED 1,000 for a year. 

2. Which health insurance is approved in UAE for a visa?

The HALA insurance company provides aid during any medical emergency or additional expenses related to it during the period of the Visa of up to AED 150,000.

3. How many types of health insurance are there in UAE?

There are four types of standard health insurance you can select from while staying in UAE. 

  • Basic Health Insurance
  • Comprehensive Health Insurance
  • Shariah Compliant Health Insurance
  • Health Insurance with Direct Access to Hospitals

4. Is health insurance free in UAE?

Both the private and public sectors make up the UAE healthcare system. Hence, even though UAE nationals enjoy free universal healthcare, foreign expats must invest in health insurance.

Wrapping It Up

We hope we could reveal all about the cheapest insurance policies in Abu Dhabi. You can research the insurance companies we have mentioned and select the one you like for yourself and your family. 

How to Invest in UAE Stock Market Online?

By
Kareem
-

Investing in stock markets can be overwhelming for first-timers as one must understand the workings of that world from the inside out. And things can seem more complicated when you have to do it online.

But we can not escape from the fact that hardly a few things are done exclusively offline nowadays.

So it is natural that someone interested in investing in the stock market should know how to do it online. 

If you are from UAE, there are a few ways you can go about this process. 

How to Invest in UAE Stock Market Online?

Follow these easy steps to invest in the UAE stock market online. Any person from any nationality is eligible to invest in both DFM and Nasdaq Dubai.

1. National Investor Number (NIN)

First of all, you need to apply for the National Investor Number (NIN). You can do this directly on the DFM website or app or through your broker.

2. Select a Registered Online Stock Broker

Pick the best online stockbroker company in UAE and get started. The stockbrokers provide a platform to buy, sell, and trade stocks.

You can use their app or website to start investing immediately. You can visit their website and invest through the stockbrokers there. 

Check this list of stock brokers recognized by DFM.

These stockbrokers will act as the middlemen and deal with the company’s stocks for you.

And the best part is that you can invest in any national or international company while being in UAE from the comfort of your home or office. 

List of the Best Stockbroker Apps

1. xCube

xCube offers great benefits to its users. You can open a free account with the minimum hassle of documentation and trade at zero commissions.

2. World Investments

Screenshot image 1

World Investment is an integrated platform providing a multitude of services including securities trading, risk management, wealth management advisory, and more.

They offer custom-made solutions to their clients.

3. FAB Securities

FAB Securities is a UAE-based, specialized financial service firm, active since 2000. It provides investors with services such as Equity Trading, Margin trading, Direct Market Access, Internet Trading, and Mobile Trading.

4. Interactive Brokers

This company is originally founded in 1978 and is considered one of the most renowned discount brokers in the USA.

Compared to others, they ask for a low commission fee which is helpful to many. They have also won the Best Online Broker Award in 2021.

5. eTORO

eTORO has led the social trading platform ever since 2007. Some of the biggest names in the industry like the Exchange Commission (CySEC), the Australian Securities and Investment Commission (ASIC), and the Financial Conduct Authority (FCA), regulate this firm.  

Frequently Asked Questions

1. How can I invest in the UAE stock market?

To invest in the stock market in UAE, you will have to go to a brokerage firm. First, you must ensure that this firm is licensed on the DFM.

Then you open an account with that firm. And once you obtain an investor number, you can open a trading account and start trading.

2. Is online stock trading legal in UAE?

Yes, online trading is completely legal in UAE. And you can do online trading with the help of the companies that we have mentioned above. 

3. What is the best stock to invest in UAE?

It is pretty hard to say what kind of stocks one must invest in to be successful, as nothing is constant in this industry.

The best strategy while dealing with stock is to put your eggs in multiple baskets i.e. build a varied portfolio of different stocks.

4. How to invest 10,000 AED in UAE?

With 10,000 AED in your account, there are ample options for you to choose from for investing. Make sure you diversify your portfolio and invest in a combination of big and small stocks.

In the past, no one could think of investing in the stock market with a simple amount of 10,000 AED.

But nowadays, with the economy’s growth, many websites and portals offer investors a chance to invest that amount.

5. What are the other investment options?

– Real Estate

Real estate, in itself, is very famous in UAE because of how the desert land has changed into a major business hub over the years.

Thankfully, the stock market, which was not accessible to many in the past, is more affordable than ever.

– Mutual Funds

Mutual funds are famous not just in UAE but all over the world. The reason behind its success is its reliability and how affordable it is to maintain for everyone.

Because mutual funds do not require a huge sum of money, you can also easily invest 10,000 AED. Plus, the fact it carries low risk in UAE is also why you should opt for this.

Wrapping It Up

Hopefully, with this article, investors will have a clear idea of how they can invest online in the UAE. But before investing anywhere, we advise you to research a lot and then take a step.

Private Money Lenders in Bur Dubai

By
Kareem
-

We all know how expensive Dubai is for anyone to live in. Thankfully, Bur Dubai is relatively cheaper than downtown Dubai, and living can be more affordable here.

But still, there are times when we might need some extra cash for various reasons. It can be buying something for yourself or sending money to someone. In that case, getting a loan becomes a necessary thing. 

Sadly, banks ask for a higher rate of interest and might even deny their offer altogether if you do not meet their terms and conditions. In that case, private money lenders in Bur Dubai come to the rescue. 

Though we must mention private money lending without a license is illegal in all of the UAE. But if you still need funds and are in a situation where only private lenders will help you, check that option out at your own risk. 

List of Private Money Lenders in Bur Dubai

1. Unique Commercial Brokerge L.L.C

This is a loan agency with a 5 rating on Google. 

Phone: +971 4 255 6667

Phone: +971 55 656 6541

2. Taskmaster Commercial Broker L.L.C

This is another loan agency with a 4.9 rating on Google. 

Phone: +971 4 255 6667

Website: https://taskmastergulf.com/

3. MoneyDila 

This loan agency has a 4.8 rating on Google. 

Phone: +971 4 332 0030

Website: http://www.moneydila.com/

4. Finserve Financial Broker

This is another loan agency with a 4 rating on Google. 

Phone: +971 4 255 6667

Website: https://finserveuae.com/

Tips Before Contacting Private Money Lenders in Bur Dubai

1. Do Ample Research

When you are going for private money lending companies, make sure you research them vehemently. You can either search for them on Google and read the reviews there or visit their website directly.

If you feel something is fishy, then drop that company. In cases like these, you will have to stay extra cautious as you can not seek help from officers if you fall into a trap because private money lending is completely illegal in Bur Dubai.

2. Beware of Scams

If your money lender promises to give you instant loans consisting of a large sum of money without any paperwork, it might be a scam.

In that circumstance, the lender might impose hidden interests that are too much to pay.

3. Read all the Documents

When your money lender asks you to sign a document, see if there are any loopholes in the agreement. If you cannot understand what is written there, ask an expert to help you with it.

4. Pay Back ASAP

One of the most important reasons why people avoid private money lenders is that people can get brutally harassed by them if they miss a payment. So you should pay back any money you owe as soon as possible.

Frequently Asked Questions

1. Where can I borrow money ASAP in Dubai?

  • Abu Dhabi Commercial Bank.
  • Commercial Bank of Dubai.
  • Doha Bank.
  • Dubai Islamic Bank.
  • Emirates NBD.
  • HSBC.
  • United Arab Bank. 
  • RAK Bank.

2. Can you borrow money from a private lender?

Yes, you can. But remember that this is not legal in many places, such as Dubai. Plus, borrowing money from private companies can come with many dangers. 

This is why it is better to go to official banks for this type of transaction. 

3. Is private lending legal in Dubai?

No, private money lending is not legal in Dubai, and it is a punishable offense according to the penal law of UAE (Article 458 and Article 459).

If someone gets caught engaging in private money lending services, they might get fined around 50,000 AED. They can also face imprisonment for a year or more.

Wrapping It Up

We hope we could provide the necessary information about private money lenders in Bur Dubai. It is a risky business, so opt for it only if you have no other option left. 

Best private money lenders in Dubai on the platform Dubizzle

By
Kareem
-

Dubai, a city of grandeur and entrepreneurial spirit, boasts a dynamic financial ecosystem that caters to a myriad of needs. Among the diverse financial services, private money lending has carved a significant niche for itself.

This article delves into the realm of private money lenders in Dubai, with a special emphasis on the renowned classifieds platform, Dubizzle.

Private Money Lending through Dubizzle

Private money lending is a financial practice where individuals or small entities offer short-term loans at high-interest rates.

Unlike traditional banks, these lenders typically don’t delve into a borrower’s credit history, making them a viable option for those urgently needing cash or those with a less-than-perfect credit score.

However, the convenience they offer often comes with high-interest rates and strict repayment terms.

Dubizzle, a leading online classifieds platform in the UAE, has become a hub for private money lenders. It allows lenders to advertise their services, providing potential borrowers with a wide range of options.

However, the high volume of listings and lack of regulation can make navigating this platform challenging.

Top Listings of Money Lenders on Dubizzle

1. Personal Loan

This lener offers the loan for both listed and non-listed companies at the following conditions:

  • 7 days process non or listed companies
  • Lowest profit ratio is 3.24 %
  • Loan of up to 2.5 Million
  • 1st installment after 150 days only
  • New or take-over loan.

2. Old car Loan and personal loan

This loan has been posted about one month ago. They offer loans for cars, personal loans, rent or business.

3. Loan for salaried individuals.

They offer loans for individuals with a 5000 or more salary and offer a limit of 20,000 to 50,000 along with other benefits like a cashback offer for every grocery purchase, and restaurants & hotels, free airport lounge access, etc.

Do remember that salaried individuals can easily get loans from banks also.

4. Loan Against Rent Receivables

If you are a residential or commercial property owner and receive rent on a monthly, quarterly, or yearly basis, you can get a loan here. They claim to have 10 years of experience in the mortgage.

They also provide services of mortgage refinancing loans and new mortgage loans for purchasing property.

Note: Before finalizing loans for these private sources be sure to have the contact details, address, or other forms of identification to be able to trace the individuals.

Listings on Dubizzle of even verified users can be deleted very easily and late you may be left with no way to trace them. For example, these listings are no longer live.

Personal loan available

Is private lending legal in UAE?

The act of lending money by an individual is punishable under Article 458 of the UAE Penal Law. The offender shall be punished by imprisonment for a period of not less than 1 year and a fine of not less than AED 50,000.19-Sept-2022.

Caution When Using Dubizzle

When searching for a private money lender on Dubizzle, it’s crucial to exercise caution. While many lenders operate legitimately, the platform has seen its share of scams.

Borrowers should conduct thorough research on each lender, scrutinize their reputation, keep their conversations on the platform only, stay away from external money transfers, and read reviews from previous clients.

It’s also essential to understand the loan terms in detail before committing.

Despite the risks, private money lenders on Dubizzle can be a lifeline for those in financial distress.

They offer flexibility that traditional financial institutions often can’t match, such as expedited loan processing, often within 24 hours, and less stringent requirements.

Dubizzle can also be a great platform to find agents who can help you navigate the intricacies of the loan application process and hep you arrange documentation, find the right loan agency or bank for your needs etc.

Exploring Other Financial Options

However, borrowers should also consider other options. Banks and credit unions may offer lower interest rates and more favorable terms. Financial advisors can also provide guidance on managing debt and improving credit scores, potentially reducing the need for high-interest loans.

While private money lenders on Dubizzle offer a valuable service, they should be approached with caution. Prospective borrowers should conduct due diligence, understand the loan terms, and consider all available options.

With careful planning and prudent decision-making, individuals can successfully navigate the complex landscape of private money lending in Dubai.

Remember, private money lending is a tool, not a solution. It’s a quick fix for immediate needs, but it’s not a long-term financial strategy. Always consider your financial situation, your ability to repay the loan, and the potential risks before deciding to borrow from a private money lender.

Does Rakbank give a personal loan in UAE with a 3000 salary?

By
Kareem
-

Living in UAE can be an expensive business for many, considering how extravagantly people can live there. Not just that, but according to Mercer Cost of Living 2023, Dubai and Abu Dhabi are the 18th and 43rd priciest places to live in.

But this does not mean only the wealthy reside here; many people come from an ordinary background whose salary might amount to 3000 AED.

In that case, questions like whether the renowned Rakbank gives a personal loan in UAE with a 3000 salary come around very often. Read on to find out the answer to that.

Does Rakbank give a personal loan in UAE with a 3000 salary?

The answer is yes. Rakbank gives out loans to UAE National customers with a salary of AED 3,000. 

Rakbank Personal Loan Specifications

The specialized personal loan scheme comes with many attractive specifications. They are –

  • They give loans to salaried UAE National customers with a salary of AED 3,000. 
  • Interest Rates start from 4.99% to 19.99% with a reducing rate p.a. 
  • The loan can amount to up to 20 times your salary. 
  • You can combine all your previous loans under one to pay the dues hassle-free.
  • You can also avail of Salary Advance, allowing easy access to your funds via digital banking.
  • You can defer your installment twice a year.
  • You get the ability to get a Top-up loan only after a year.
  • Get a free RAKBANK Debit Card and a checkbook.
  • Avail your RAKBANK Credit Card with no annual fee ever and low-interest rates. 
  • For applying instantly, they even offer customers with AECB Score >=651 to avail of an Auto Loan at a 2.85% p.a. flat rate. 

What are the Risks & Limitations of this personal loan?

Every loan comes with its fair share of risks and limitations. Here is also certain clauses that you must keep in mind before applying for the loan. 

  • You will not have more than two installment deferrals in one year.  
  • You will also not get installment deferrals if the payments are irregular, if there are (DDS) returns in the last 12 months, or if your request does not follow the risk policies of the bank. 
  • If your salary is less than 75% of what you usually earn for three months in a row, or if you don’t receive your salary for three months continuously, you will have to pay an additional 2% interest per year on top of the original rate until the loan is settled.

Frequently Asked Questions

1. What is the minimum salary for a RAKBANK loan?

Normally, all the major banks in UAE do not provide loans to someone with a salary of less than AED 5,000. But due to excessive demands, a few banks like Rakbank give loans to people with a minimum wage of AED 3,000 as well.

2. Can I get a loan with a 2000 AED salary?

No, banks in UAE do not give personal loans to anyone with a salary of 2000 AED. 

3. How can I get a loan in Dubai with a 4000 salary?

Very few banks give out loans with 4000 salaries in Dubai, but as the demands are increasing, some banks offer loans at this amount nowadays.

To apply for it, you need some documents. They are – 

  • You will have to submit the loan application form after carefully assessing it. 
  • Essential documents like a passport, VISA, etc, to confirm your identity. 
  • A passport and UAE Residence Visa for expatriates. 
  • A salary certificate or a salary transfer letter. 
  • Bank account statements.
  • Trade license for self-employed people.

5. What is the limit of a RAKBANK loan?

The maximum limit of a Rakbank personal loan is 20 times the salary of the individual applying for the loan. The limit becomes 15 times the salary for Armed Forces Staff. 

Wrapping It Up

Rakbank is one of the oldest banks in the UAE, and it has many schemes to help people in need.

Thankfully, it is also one of the few organizations that provide personal loans to low-income individuals at decent interest rates. 

So, if you need a loan with a salary of AED 3,000 in UAE, they are the ones to look for. 

How to Get a Loan in UAE with a Low Salary

By
Kareem
-

Sometimes we find ourselves in dire need of finances, whether to fulfill our needs and desires or bear some expenses. Living in a cosmopolitan and dynamic UAE offers a plethora of financial opportunities.

With meticulous planning and understanding, individuals can unlock numerous financial possibilities and secure a loan in UAE, even with a modest income.

This article sheds light on the benefits, eligibility criteria, and the best banks to consider for personal loans in the UAE, especially for those earning a salary as low as AED 3000.

How to Get a Loan in UAE with a Low Salary?

Salary is an important criterion for getting a loan in the UAE. Banks generally have a cut-off limit of 3000 or 4000 AED salary for granting loans.

However, you can still get a loan at lower salaries. Here are a few tips to get loans if you have a low salary and it is difficult to find places where you are eligible for loan disbursement.

1. Research loan possibilities:

You must keep doing your research. If you are constantly wondering how to get a loan in UAE for a low salary, then you will come across that UAE’s banks and financial institutions offer a wider range of personalized loan products.

Research the products based on interest rates, repayment terms, etc. Look for loan products with flexible eligibility criteria.

For example- Finance houses like Dunia Finance Or Gulf Finance house offer loans for those with lower salaries with high-interest rates.

2. Work on your credit score:

Your credit score is pivotal in the loan application process as it shows your ability to repay the debts. If you have a higher credit score, then it enhances your credibility as a borrower.

This is how you can have the loan on your favorable terms. Improving the credit score demands some effort and punctuality from your side.

From paying the bills on time to catering debts, maintain a healthy credit utilization ratio to avoid multiple loan applications within a shorter time.

3. Guarantor options and collateral:

If your salary is low and is alone unable to meet the lender’s requirements, then you can proceed with other alternatives, such as considering collateral.

You can also have the guarantor co-sign the loan. Collateral is nothing but an asset of value or security which you can pledge to the lender, such as a vehicle or a property.

On the other hand, a guarantor is an identity with a solid financial position that guarantees to repay the loan if you cannot.

Both options offer a layer of security for the lender, and they feel more inclined and convinced to proceed with your loan application.

4. Peer-to-peer lending:

P2P lending platforms over the years have gained popularity in the UAE in recent years. These peer-to-peer online platforms let you connect with individual lenders, bypassing traditional financial institutions.

From offering lenient eligibility criteria to competitive interest rates, these platforms have come out to be resourceful and more useful than ever.

It is well-suited and viable for individuals with modest salaries.

5. Form a relationship:

This is another key strategy for an effortless loan is to build a connection with the banks and financial institutions, which can always work to your advantage.

The query of how to get a loan in UAE with a low salary becomes much more answerable and workable when you have established stronger ties with financial entities.

If you have a history of responsible financial behavior, your chances of loan approval will be enhanced, even if your earnings are lower than the standard requirements.

6. Stronger loan profile and application:

When proceeding with the loan application, ensure that your application is complete and accurate. Any misleading or false details in your application can hinder the approval process.

Make sure to attach your application with all necessary legal documents, such as income proof, identification, and bank statements, to avoid delays in the approval process.

A well-sorted and prepared application showcases your commitment and trustworthiness as a borrower.

Eligibility for Personal Loans in UAE

Eligibility UAE Nationals Expats
Age 21-60 21-65
Minimum Salary AED 3000 AED 3000
Salary Transfer Required (Depends on the bank) Required (Depends on the bank)
Company Listed Required (Depends on the bank) Required (Depends on the bank)

Wrapping Up

Obtaining a loan in UAE with a modest income can demand meticulous planning, effort, and research.

It is a cakewalk when you follow protocols and strategize to unlock the many financial possibilities in store for you.

Always remember to proceed with a safer loan amount that you can repay and act as a responsible borrower for a better financial future.

Frequently Asked Questions

Q1. Which bank in UAE gives loans for low salaries?

Featuring multiple currencies, Emirates NBD is one of the finest leading banks in UAE. This bank offers a salary account with a minimum salary requirement of around AED 3000.

Q2. Can I get a loan with a 2000 AED salary?

Banks and financial institutions in UAE do not offer loans to those with a monthly salary of AED 2,000. As an applicant, you must fulfill the minimum requirement of the loan eligibility criteria.

Q3. What is the lowest salary account in UAE?

The lowest salary account in UAE is AED 3,000.

Q4. What is the minimum salary for a 1lakh loan?

You must earn a minimum of ₹25,000 monthly to be eligible for the loan.

Q5. Which bank in UAE does not require a minimum salary?

You can acquire all the banking benefits with HSBC without paying your salary into the account. There is no burden of maintaining the minimum balance account even.

Q6. What is the minimum salary for ADBC personal loan?

The monthly fixed salary for ADBC personal loan criteria is AED 5,000 or above.

Q7. What is the minimum salary for Emirates NBD personal loan?

Depending on the nationality and the type of loan, the minimum salary for Emirates NBD personal loan ranges from AED 5,000 – AED 25,000 per month.

Q8. What is the minimum salary for Mashreq?

It requires a minimum salary transfer of AED 10,000.

Q9. What is the minimum salary for HSBC UAE?

It comes with a minimum monthly salary requirement of AED 10,000.

Q10. Can I open a bank account in UAE without Job?

Several banks and financial institutions offer bank account opening to non-working individuals. In such cases, most of the banks levy charges or come with a requirement of minimum balance.

Is it possible to get a business loan without a bank statement in the UAE?

By
Kareem
-

Are you wondering if getting a business loan without a bank statement in UAE is possible? Let us find out more in this article. We will also explore the other essentials of getting a business loan. 

Is it possible to get a business loan without a bank statement in the UAE?

Banks look at multiple factors while giving out loans to businesses in the UAE. While some look out for your credit score, others will need you to have collaterals while some require essential documents to obtain a business loan.

One such document is a bank statement. All banks in the UAE require you to share your bank statement in order to get a business loan. This can be your personal or business bank statement. The period of the bank statement may differ from bank to bank. The average bank statement required ranges from 6-12 months. 

But there are some alternatives to getting a business loan without having a bank statement. Let us explore some of the exceptions to the general rule requiring bank statements.

Ways to get a business loan without a bank statement

There are different initiatives started to promote SMEs and help in the growth of business. These organizations do not require bank statements for giving out loans but have other stringent requirements.

  1. Khalifa Fund for Enterprise Development

You need to apply for membership to the Khalifa Fund, to be eligible to apply for a loan from this institution. The documents required for membership are:

  • Emirates ID, Family Book, Introductory Statement, Passport, Passport Photos, Trade Licence, & Trade Name Reservation Certificate.

The fee for a license less than 2 years is 500 AED and for those greater than 2 years is 2000 AED.

2. Mohammed Bin Rashid Fund

The Fund was established with the goal to fund SMEs to encourage innovative ideas. The documents required are

  • A copy of the passport, A copy of the Family Book, a Detailed resume, an Establishment program model, and an Executive Summary/Action Plan for the project.

They offer funding loans and Bank Guarantee loans to eligible small and medium-scale enterprises.

3. Islamic Financing – Mudarabah or Mudaraba

These are some rare exceptions to the general rule of requiring Bank Statements for all business loans. 

Other ways to get Business Loans

If you do not qualify for the above methods, you can also look to get funding without bank statements through-

  1. Crowdfunding 
  2. Private investors

FAQs

1. Why do banks require a bank statement to process a business loan in the UAE?

Bank statements are tools used to verify the credibility of loanees. They help banks determine the following: 

  • The loanee’s income and activities.
  • Whether or not the loanee will be able to pay back the loan
  • If the loanee has existing loans.

2. What should this bank statement comprise?

A bank statement should comprise, all information about the business/ Loanee’s personal bank accounts and financial activities. These could be debit and credit transactions. The period of the bank statement may differ from bank to bank. The average bank statement required ranges from 6-12 months. 

3. Can I get a business loan without income proof?

No, proof of income is required for you to get a business loan.

4. How will I know if I am eligible for a business loan in the UAE?

You can apply for a business loan in the UAE if:

  • You are over 21 years of age.
  • Your business has been operating for over 1-2 years
  • You are meeting the minimum Annual turnover required as per the Bank you are applying to for the loan
  • You have personal or business bank statements for the past 6-12 months
  • You own a business account in at least one bank in the UAE

5. What are the basic documents I will require to secure a business loan in the UAE?

The basic documents you will require to secure a business loan in the UAE is:

  • Bank statements for the past 6-12 months
  • A copy of the borrower’s passport
  • A completed application form for a business loan from the Bank you are applying to.
  • A Memorandum of association (MOA), Power of Attorney & a Partnership Agreement
  • The original and a copy of your trade license.

Takeaway

Business loans are extremely tough and unlikely to be disbursed without a bank statement. Very limited situations as listed above will qualify you for such a loan.

Emirates NBD vs. HSBC: Detailed Comparison

By
Omar Mohan
-

Emirates NBD and HSBC are the largest and most prominent banks in the United Arab Emirates (UAE) and the Middle East region. Both banks offer various financial services, including personal, corporate, investment, and private banking.

However, several differences between the two banks set them apart from one another. In this article, we will take a closer look at Emirates NBD and HSBC and compare them in terms of their history, products and services, and overall performance.

Emirates NBD vs. HSBC

History

Emirates NBD was founded in 1963 as the National Bank of Dubai. The bank was created to help support the economic development of the UAE and has since grown to become one of the country’s largest and most respected banks.

In 2007, the bank merged with Emirates Bank International to form Emirates NBD, now the most extensive banking group in the UAE by total assets.

On the other hand, HSBC has a much longer history dating back to 1865, when it was established in Hong Kong.

The bank was originally known as the Hong Kong and Shanghai Banking Corporation and was created to support trade and commerce between Asia and Europe. Over the years, HSBC has grown to become one of the world’s largest and most respected banks, with operations in over 60 countries.

Products and Services

Emirates NBD and HSBC offer their customers a wide range of products and services. Both banks have a strong presence in retail banking and offer various personal banking services, including savings accounts, current accounts, credit cards, personal loans, and mortgages.

Emirates NBD also has a strong presence in the corporate banking sector and offers various services to businesses of all sizes, including working capital loans, trade finance, and cash management services.

The bank also has a significant investment banking division that offers various services, including investment advice, capital market services, and private equity.

HSBC also has a strong presence in the corporate banking sector and offers various services to businesses of all sizes, including working capital loans, trade finance, and cash management services.

The bank also has a significant investment banking division that offers various services, including investment advice, capital market services, and private equity.

Overall Performance

Emirates NBD and HSBC are among the most financially stable and well-managed banks in the UAE and the Middle East region.

In terms of overall performance, both banks have reported strong financial results in recent years, with both reporting strong profits and growth in assets.

Emirates NBD has reported a net profit of AED 7.4 billion ($2.02 billion) for 2020, an increase of 7% compared to the previous year. The bank’s total assets have also grown by 9% to AED 467 billion.

HSBC has also reported strong financial results for 2020, with a net profit of $13.3 billion. The bank’s total assets have also grown by 4% to $2.7 trillion.

Conclusion

Emirates NBD and HSBC are among the largest and most respected banks in the UAE and the Middle East.

Both banks have a long history of providing high-quality products and services to customers and have reported strong financial results in recent years. However, there are some differences between the two banks, such as Emirates NBD is more focused on the UAE market while HSBC has a more global presence.

Ultimately, both banks are well-positioned to continue providing high-quality products and services to customers in the years to come.

Emirates NBD and HSBC are both large international banks with a presence in the United Arab Emirates.

FAQs

1. What services do Emirates NBD and HSBC offer?

Both banks offer various financial services, including personal and business banking, credit cards, loans, and investment options.

2. What are the differences between Emirates NBD and HSBC?

One potential difference is that Emirates NBD is based in the UAE and may focus more on serving the local market, while HSBC is a global bank with a presence in many countries. Also, Emirates NBD may offer different products and services tailored to the UAE market.

3. Are there any fees associated with banking with Emirates NBD or HSBC?

Both banks may charge fees for certain services, such as account maintenance or foreign transaction fees. Reviewing the fees associated with a particular account or service before signing up is essential.

4. How can I open an account with Emirates NBD or HSBC?

Both banks have a presence in the UAE and can be opened an account by visiting one of their branches and providing the required documents. You can also open an account online or via mobile banking if the bank provides such services.

5. What are the customer service options for Emirates NBD or HSBC?

Both banks may offer various customer service options, such as phone, email, and in-person support at a branch. Additionally, both banks may offer online and mobile banking services that allow customers to manage their accounts and access account information.

 

Are Emirates NBD and Emirates Islamic are same?

By
Omar Mohan
-

Emirates NBD and Emirates Islamic are the leading banks in the United Arab Emirates (UAE). Both banks are part of the Emirates NBD Group, one of the largest banking groups in the Middle East. Despite being part of the same group, there are some critical differences between Emirates NBD and Emirates Islamic.

Are Emirates NBD and Emirates Islamic are same?

Emirates NBD is a full-service commercial bank that offers its customers a wide range of banking and financial services. The bank has a strong presence in the UAE and is active in other countries in the Middle East and North Africa (MENA).

Emirates NBD offers a variety of products and services to its customers, including personal and corporate banking, investment banking, and wealth management. The bank is also known for its strong digital banking capabilities and has been recognized for its innovative use of technology in banking.

Emirates Islamic, on the other hand, is an Islamic bank that operates by the principles of Islamic finance. The bank does not charge or pay interest on its products and services. Instead, it works on the principle of profit and loss sharing.

Emirates Islamic offers its customers a wide range of products and services, including personal and corporate banking, investment banking, and wealth management. The bank also strongly focuses on providing Islamic finance solutions to its customers.

While both banks are part of the same group, they cater to different customer segments. Emirates NBD is more focused on providing traditional banking services to its customers, while Emirates Islamic caters to customers who prefer to conduct their banking by Islamic principles. Both banks have a strong reputation for providing high-quality banking services and have been recognized for their innovative use of technology in banking.

Similarities between Emirates NBD and Emirates Islamic

One of the key similarities between Emirates NBD and Emirates Islamic is that both banks have a strong presence in the UAE and are active in other countries in the MENA region.

Both banks also strongly focus on providing digital banking services to their customers. This includes offering mobile and online banking services and using technology to improve the customer experience.

In terms of financial performance, both banks have performed well in recent years. Emirates NBD reported a net profit of AED 6.8 billion in 2020, while Emirates Islamic reported a net profit of AED 1.5 billion in the same year. Both banks have a solid capital base and are well-positioned to continue to grow and expand in the future.

In conclusion, while Emirates NBD and Emirates Islamic are part of the same group, they are distinct entities that cater to different customer segments. Emirates NBD is a full-service commercial bank that offers a wide range of banking and financial services to its customers.

At the same time, Emirates Islamic is an Islamic bank that operates by the principles of Islamic finance. Both banks have a strong reputation for providing high-quality banking services and have been recognized for their innovative use of technology in banking. As part of the same group, the two banks can support each other and create various solutions for their customers.

FAQs

Q: Are Emirates NBD and Emirates Islamic the same bank?

A: Both banks are part of the Emirates NBD Group, one of the largest banking groups in the Middle East.

However, they are distinct entities that cater to different customer segments. Emirates NBD is a full-service commercial bank, while Emirates Islamic is an Islamic bank that operates in accordance with the principles of Islamic finance.

Q: What products and services do Emirates NBD and Emirates Islamic offer?

A: Both banks offer a wide range of products and services to their customers, including personal and corporate banking, investment banking, and wealth management.

Emirates NBD also offers traditional banking services, while Emirates Islamic focuses on providing Islamic finance solutions to its customers.

Q: Are both banks active in the UAE and other countries in the MENA region?

A: Both banks have a strong presence in the UAE and are active in other countries in the Middle East and North Africa (MENA) region.

Q: What is the difference between the financial performance of Emirates NBD and Emirates Islamic?

A: Both banks have performed well in recent years. Emirates NBD reported a net profit of AED 6.8 billion in 2020, while Emirates Islamic reported a net profit of AED 1.5 billion in the same year. Both banks have a solid capital base and are well-positioned to continue to grow and expand in the future.

Q: Are both banks known for their digital banking capabilities?

A: Both banks strongly focus on providing digital banking services to their customers. This includes offering mobile and online banking services and using technology to improve the customer experience.

The Deem Platinum Credit Card Review: Is It The Best Choice For You?

By
Omar Mohan
-

Credit cards can be a great way to earn rewards and manage your finances. With so many credit cards on the market, choosing the right credit card can take time and effort. We’ve reviewed the Deem Platinum Credit Card. Learn about its rewards program, fees, and if it’s the best choice for your needs!

What is the Deem Platinum Credit Card?

The Deem Platinum Credit Card is a rewards card that offers points on travel and dining purchases and all other purchases. You can redeem your points for travel, gift cards, cash back, and more. There’s no annual fee, and your points never expire.

Benefits of the Deem Platinum Credit Card

Here are some of the top benefits of the card:

  1. No annual fee. This is a big one – with so many cards charging annual fees these days, it’s refreshing to find one that doesn’t.
  2. Earn 5x points on travel and dining purchases. If you love to travel and eat out, this is a great way to earn rewards points that can be redeemed for free travel or other valuable perks.
  3. You earn 10% cash-up points on booking hotels and access to 25 international lounges.
  4. 10% cash-up points at departmental stores. You’ll still earn rewards points on all your other spending, which can add up quickly if you use your card regularly.
  5. 5% cash-up points on online shopping and entertainment.

If you think this card is right for you, read the full terms and conditions before applying.

Security Features – Deem Double Secure

The Deem Platinum Credit Card offers several security features to help keep your account safe. These features include:

– Secure online shopping: Your transactions are automatically protected when you shop online with a participating retailer.

-Deem double secure extends your credit outstanding to you or your nominee in case of unfortunate critical accident or death.

– Theft protection for 180 days from the day of purchase: Deem provides complimentary identity theft protection and resources to help you recover if you become a victim of identity theft.

Customer Service

The customer service representatives are knowledgeable and always ready to help, and they will work with you to resolve any issues you may have. The customer service team is available 24/7, so you can always get help when you need it.

FAQ

1.    Is Deem Platinum Credit Card secure?

Yes, Deem Platinum Credit Card is secure, and Deem double safe protects you in case of unfortunate events.

2.    Am I eligible to buy a Deem Platinum Credit Card?

You can apply to check if you are eligible. You should be earning upwards of AED 10,000 per month. If you are not eligible for the deem Platinum card, you can check out the basic Deem credit card.

3.    How do I buy a Deem Platinum Credit Card?

You can apply for the Deem Platinum Credit Card here.

4.    What are the fees for Deem Platinum Credit Cards?

There are no annual fees.

Final Thoughts

The Deem Platinum Credit Card offers users an array of features and benefits that make it an excellent choice for those looking to maximize their rewards. With no annual fee, generous cashback rates, and attractive sign-up bonuses, the Deem Platinum Credit Card is well worth considering if you’re in the market for a new credit card. Furthermore, with its wide range of travel benefits and excellent customer service team, the Deem Platinum Credit Card will surely provide you with an unforgettable experience.

 

Personal loans for Employees of Non-Listed Companies

By
Omar Mohan
-

Personal loans are a popular financing option for individuals in the United Arab Emirates (UAE) looking to meet their financial needs, whether for home renovation, educational expenses, or a dream vacation. However, for non-listed companies’ employees, obtaining a personal loan can be a bit more challenging. In this article, we will look at the options available for a personal loan in UAE for non-listed company employees with a salary of AED 3000. We will also compare the interest rates, features, and eligibility criteria of top banks in the UAE.

Benefits of Personal Loans for Non-Listed Companies Employees

  • Personal loans allow individuals to access the necessary funds to cover unexpected expenses. This can include medical bills, home repairs, or even a family vacation.
  • Personal loans also offer a convenient way to consolidate high-interest credit card debt into a single, lower-interest loan.
  • Personal loans are relatively easy to obtain. Unlike other types of loans, such as mortgages or car loans, personal loans do not require collateral.
  • The personal loan application process is generally quick and straightforward, with many lenders able to approve loans within 24 hours.

Risks of Personal Loans for Non-Listed Companies Employees

  • If the borrower cannot make the required loan payments, they may be at risk of default, which can have serious financial consequences.
  • The interest rates on these loans can be higher than other types of loans.
  • Borrowers should be sure to understand the loan terms before agreeing to them.

Features

The following are the key features of personal loans offered by top banks in UAE for non-listed company employees with a salary of AED 3000:

  • High loan amount: Banks offer personal loans of up to AED 1 million for UAE nationals and up to AED 500,000 for expatriates.
  • Flexible repayment tenure: Customers can choose from a range of repayment tenures, from 1 to 5 years, depending on their financial needs and capabilities.
  • Minimum income requirement: The minimum income requirement for non-listed company employees is AED 3,000 per month.
  • Quick approval and disbursal: The personal loan application process is quick and efficient, with loans being approved and disbursed in a matter of days.

Eligibility Criteria

To be eligible for a personal loan in UAE for non-listed company employees with a salary of AED 3000, customers must meet the following criteria:

  • Minimum age: 21 years
  • Maximum age: 65 years
  • Minimum income: AED 3,000 per month
  • Minimum work experience: 2 years
  • Good credit score

How to Find the Best Personal Loan Options?

  • Compare interest rates, fees, and repayment terms from different lenders.
  • Have a clear understanding of one’s financial situation and ability to repay the loan before applying.
  • Research the various personal loan options available to them.

Table: Comparison of Personal Loan Options

The following table compares the interest rates of top banks in UAE for non-listed company employees with a salary of AED 3000:

BankInterest Rate
Emirates NBD6.49% – 8.49%
Abu Dhabi Commercial Bank7.49% – 8.49%
Dubai Islamic Bank7.99% – 8.99%
Mashreq Bank6.99% – 8.99%
RAKBANK6.99% – 8.49%

In conclusion, personal loans for non-listed companies’ employees in the UAE are a convenient and accessible way to finance various expenses. They can be an excellent option for those not eligible for other types of loans and require a minimum salary of AED 3000. However, it is essential to understand the risks associated with these loans and to thoroughly research different options before applying.

FAQs

  1. Can I get a personal loan in UAE if my company is not listed?

Yes, getting a personal loan in UAE is possible even if your company is not listed. However, the approval process may be more difficult as the lender may require additional documentation to verify your income and creditworthiness. Additionally, the interest rate may be higher for unlisted companies.

2. Which bank gives personal loans easily in the UAE?

It is difficult to say which bank gives personal loans easily in the UAE as the approval process can vary depending on the individual’s credit history and income. However, some banks that offer personal loans include Emirates NBD, Abu Dhabi Commercial Bank, and Dubai Islamic Bank.

3. Can I get a personal loan without a salary slip in UAE?

It is possible to get a personal loan without a salary slip in UAE, but it may be more difficult. Lenders typically require proof of income to approve a loan; a salary slip is one way to provide this information. However, other forms of income verification, such as bank statements, can also be used.

4. What is the minimum salary required for a personal loan in UAE?

The minimum salary required for a personal loan in UAE can vary depending on the lender. However, most banks typically require a minimum salary of AED 5,000 to AED 8,000 per month.

5. What is the Process of getting a loan in the UAE if my company is not listed?

Getting a loan in the UAE if your company is not listed is similar to getting a loan if your company is listed. You will need proof of income and creditworthiness, such as bank statements, salary certificates, and other financial documents. Additionally, you may be required to provide additional documentation, such as a trade license or registration certificate, to verify your business. However, the approval process may be more difficult, and unlisted companies’ interest rates may be higher.

  1. Is a salary transfer required for a personal loan in UAE as a non-listed company employee with a salary of AED 3000?

It depends on the bank. Some banks may require a salary transfer as a condition for availing of a personal loan, while others may not. It is best to check with the bank directly to understand their loan policies regarding the salary transfer.

  1. What is the processing time for a personal loan in UAE as a non-listed company employee with a salary of AED 3000?

The processing time for a personal loan in UAE as a non-listed company employee with a salary of AED 3000 varies by bank. However, most banks have a quick and efficient loan application process, with loans being approved and disbursed in a few days. It is best to check with the bank for an estimated processing time.

Comparing Emirates NBD Cash Advance and Loan on a Card: Which is Right for You?

By
Omar Mohan
-

Emirates NBD offers customers the option of a cash advance or a loan on a card. Learn the differences between the two and which option may be best for your financial needs. Understand the terms and conditions, interest rates, and fees before deciding.

Emirates NBD is a leading bank in the United Arab Emirates that offers a variety of financial products and services to its customers, including cash advances and loans on a card. These two options are similar in some ways but have distinct differences that may make one more suitable for a particular individual or situation.

Cash Advance

A cash advance is a short-term loan that allows the borrower to withdraw cash from an ATM or over the counter at a bank. Emirates NBD customers can take out a cash advance on their credit card by using it at an ATM or by requesting a cash advance at a bank branch.

  • The cash advance amount is usually a percentage of the credit limit on the card, typically around 50%.
  • The interest rate on a cash advance is generally higher than the rate on purchases made with the card.
  • There is usually a cash advance fee, a percentage of the amount withdrawn.
  • Repayment is usually required within a short period, such as two weeks.

However, cash advances also come with several disadvantages. One of the main drawbacks is that they are typically more expensive than other types of loans. Banks often charge a higher interest rate on cash advances and additional fees. This can make it more difficult for customers to pay off the loan in a timely manner. Additionally, cash advances are not typically reported to credit bureaus, which means they will not improve a customer’s credit score.

Table 1: Comparison of Cash Advance and Loan on a Card

FeatureCash AdvanceLoan on a Card
AmountPercentage of the credit limitVariable
Interest rateHigherLower
FeesCash advance feeProcessing fee
Repayment periodShort-termLong-term

Loan on a Card

A loan on a card is a long-term loan taken out using a credit card. Emirates NBD customers can apply for a loan on a card by visiting a bank branch or through the online banking platform.

  • The loan amount is usually a variable based on the borrower’s creditworthiness.
  • The interest rate on loan on a card is generally lower than the rate on a cash advance.
  • There is usually a processing fee for taking out a loan on a card.
  • Repayment is usually required over a longer period, such as several months or years.

However, it should be remembered that loans on cards typically require a more extensive application process than cash advances. Customers may need to provide additional documentation, such as proof of income and employment, as well as other financial information. Additionally, loans on a card may also have a longer processing time, which means customers will have to wait longer to receive the loan.

Conclusion

Both cash advances and loans on a card have their own advantages and disadvantages. A cash advance is a good option for those who need cash quickly and can pay it back within a short period. On the other hand, a loan on a card is a better option for those who need a larger amount of money and can pay it back over a longer period. Ultimately, the choice between a cash advance and a loan on a card will depend on the individual’s specific financial needs and situation.

It is always advisable to read the terms and conditions, interest rates and fees, and charges of any loan or cash advance before making any decision. Additionally, it is important to consider one’s ability to repay the loan, as failure to do so can negatively impact credit score and lead to financial difficulties.

FAQs

  1. What is the Emirates NBD cash advance fee?

Emirates NBD, one of the leading banks in the UAE, charges a cash advance fee for its credit cardholders who withdraw cash using their credit card. The fee is a percentage of the amount withdrawn, typically around 3%. Additionally, a minimum fee of AED 50 may also be charged. It’s always recommended to check with the bank for the exact charges as they may vary based on the credit card type, account type and other factors.

2. What is the loan on a card?

A loan on a card is a feature offered by some banks that allow credit cardholders to convert their available credit limit into a personal loan. This feature is offered to eligible cardholders, and the loan amount can be used for a variety of purposes, such as consolidating debt, making large purchases, or covering unexpected expenses. The loan-on-card feature typically comes with a lower interest rate compared to a cash advance.

3. What is cash advance in Emirates NBD?

Cash advance in Emirates NBD is a feature that allows credit cardholders to withdraw cash using their credit card at an ATM or bank branch. The cash withdrawn is then added to the cardholder’s credit card balance, and interest is charged on the amount withdrawn. Cash advances typically have a higher interest rate than regular credit card purchases.

4. What is the significant difference between a cash advance and loan on card?

The major difference between a cash advance and a loan on a card is the purpose and interest rate. A cash advance is intended for short-term cash needs, such as emergencies, and typically carries a higher interest rate than regular credit card purchases. On the other hand, a loan on a card is intended for larger expenses or consolidating debt and comes with a lower interest rate. Additionally, a cash advance is a one-time withdrawal, whereas a loan on a card is a separate loan that needs to be repaid in installments.

5. What is the process of getting a loan on a card in Emirates NBD?

The process of getting a loan on a card in Emirates NBD varies depending on the type of card you hold and if you are eligible for the feature. However, typically, cardholders can request a loan on a card through the bank’s online banking platform or by visiting a branch. They need to provide information such as loan amount, repayment tenure, and other required documents. The bank then evaluates the request and approves or declines it based on its creditworthiness.

Dubai Islamic Bank Loan Calculator – Estimate Your Monthly Payments

By
Omar Mohan
-

Use the Dubai Islamic Bank loan calculator to estimate the interest rate, monthly payments, and total loan cost. Find out how much you can borrow and how much you’ll need to pay each month. The calculator is free to use and available online on the Dubai Islamic Bank website.

Dubai Islamic Bank (DIB) is one of the leading Islamic banks in the United Arab Emirates (UAE) that offers its customers a wide range of financial products and services. One of the most popular products that DIB offers is its loan calculator, which allows customers to quickly calculate the loan amount and repayment schedule for their desired loan. This article will take a detailed look at the DIB loan calculator, including its features, benefits, and how to use it.

Features of Dubai Islamic Bank Loan Calculator

DIB’s loan calculator offers a range of features that make it an easy and convenient tool for customers to use. Some of the key features of the loan calculator include the following:

Easy to use: The DIB loan calculator is designed to be user-friendly and easy to use, with simple inputs and clear results.

Flexible loan options: The loan calculator allows customers to choose between different loan options, including personal loans, car loans, and home loans.

Customizable repayment schedule: Customers can customize the repayment schedule based on their desired loan amount and tenure.

Real-time results: The loan calculator provides real-time results, allowing customers to instantly see the loan amount and repayment schedule.

Benefits of Dubai Islamic Bank Loan Calculator

DIB’s loan calculator offers a range of benefits to customers, including:

Convenience: The loan calculator allows customers to quickly calculate the loan amount and repayment schedule for their desired loan, saving time and effort.

Flexibility: The loan calculator allows customers to choose between different loan options and customize the repayment schedule based on their needs.

Transparency: The loan calculator provides real-time results, giving customers a clear understanding of the loan amount and repayment schedule and helping them make informed decisions.

How to Use Dubai Islamic Bank Loan Calculator?

Using the DIB loan calculator is simple. Follow these steps to use the loan calculator:

Step 1: Select the loan type: Choose the loan type you are interested in, whether it is a personal loan, car loan, or home loan.

Step 2: Input loan amount and tenure: Enter the desired loan amount and the tenure for which you wish to take the loan.

Step 3: View the results: The loan calculator will provide the results, including the loan amount, monthly repayment, and total interest.

Step 4: Customize repayment schedule: You can customize the repayment schedule based on your needs and preferences.

Dubai Islamic Bank’s loan calculator is a convenient and easy-to-use tool that allows customers to quickly and easily calculate the loan amount and repayment schedule for their desired loan. With its user-friendly interface, flexible loan options, and customizable repayment schedule, the loan calculator is valuable for customers making informed decisions about their loans.

Frequently Asked Questions

1. What is the interest rate for a Dubai Islamic Bank loan?

The interest rate for a Dubai Islamic Bank loan can vary depending on the type of loan and the individual’s creditworthiness. It is best to contact the bank directly or use its loan calculator to estimate the interest rate for a specific loan.

2. How much personal loan can I get in Dubai?

The amount of personal loan you can get in Dubai will depend on factors such as your creditworthiness, income, and the type of loan you are applying for. It is best to contact the bank directly or use the bank’s loan calculator to get an estimate of the loan amount you may be eligible for.

3. What is the minimum salary to get a loan in the DIB?

The minimum salary required to get a loan from Dubai Islamic Bank may vary depending on the type of loan and the individual’s creditworthiness. It is best to contact the bank directly or use the bank’s loan calculator to estimate the minimum salary requirement for a specific loan.

4. Is DIB interest-free?

Dubai Islamic Bank offers a range of interest-free loan products, such as Murabaha, based on the Islamic principle of cost-plus financing. However, not all loan products offered by DIB are interest-free. It is best to contact the bank directly or use the bank’s loan calculator to confirm if a specific loan is interest-free.

5. How can I use the Dubai Islamic Bank loan calculator?

The Dubai Islamic Bank loan calculator can estimate the interest rate, monthly payments, and total loan cost. To use the calculator, you must input the loan amount, loan term, and type of loan. The calculator will then provide an estimate of the interest rate and monthly payments, as well as the total cost of the loan.

6. Can I calculate my monthly loan payments using the Dubai Islamic Bank calculator?

Yes, the Dubai Islamic Bank loan calculator can be used to estimate your monthly loan payments. You will need to input information such as the loan amount, loan term, and interest rate to do so. The calculator will then provide an estimate of your monthly payments.

7. Are any fees or charges associated with using the Dubai Islamic Bank loan calculator?

No fees or charges are associated with using the Dubai Islamic Bank loan calculator. It is a free tool the bank provides to help customers estimate the cost of a loan.

8. How accurately does the Dubai Islamic Bank loan calculator provide the results?

The Dubai Islamic Bank loan calculator results are estimates and may not be 100% accurate. The actual interest rate, monthly payments, and total loan cost may vary based on the individual’s creditworthiness and other factors.

9. Is the Dubai Islamic Bank loan calculator available online?

Yes, the Dubai Islamic Bank loan calculator is available online on the bank’s website. Customers can access the calculator at any time to estimate the cost of a loan.

Dubai Islamic Bank Car Loan Calculator: A Comprehensive Guide

By
Omar Mohan
-

Dubai Islamic Bank (DIB) is a leading Islamic bank in the United Arab Emirates that offers its customers a wide range of financial products and services. One of the options available to customers looking to purchase a car is a car loan, and DIB offers an online car loan calculator to help customers make an informed decision about their car loans. This article will provide a comprehensive guide on using the DIB car loan calculator and its benefits.

How to use the DIB car loan calculator?

The DIB car loan calculator is easy to use and can be accessed on the bank’s website. Customers can use the calculator to estimate repayment, interest rate, and other loan details.

To use the calculator, customers need to enter the following information:

  • Loan amount: The total amount of the loan, including the down payment.
  • Loan tenure: The length of the loan in months.
  • Interest rate: The annual interest rate for the loan.
  • Down payment: The amount of money paid upfront as a down payment.

Once the information is entered, the calculator will estimate the monthly repayment amount, the total interest to be paid, and the total repayment amount.

Benefits of using the DIB car loan calculator

The DIB car loan calculator offers several benefits to customers, including:

  1. Estimating monthly repayments: The calculator can help customers evaluate their monthly repayment amount, which can assist them in budgeting and planning.
  2. Comparing loan options: By entering different loan amounts, tenures, and interest rates, customers can compare other loan options and choose the one that best suits their needs.
  3. Estimating total interest: The calculator can also estimate the total interest paid over the loan tenure, which can help customers make an informed decision about their loan.
  4. Estimating total repayment: The calculator can estimate the total repayment amount, which can help customers understand the overall cost of the loan.
  5. Easy to use: The DIB car loan calculator is user-friendly and easy to navigate, making it accessible to all customers.

Example:

Let’s consider an example of a customer who wants to purchase a car for AED 100,000, and planning to make a down payment of AED 20,000, and wants to take a loan for AED 80,000. He wants to take the loan for five years with an interest rate of 3%.

ParametersValue
Loan amountAED 80,000
Loan Tenure60 months
Interest Rate3% p.a.
Down PaymentAED 20,000

Using the calculator, the customer can see that the estimated monthly repayment amount is AED 1,517, the total interest to be paid over the loan tenure is AED 12,140 and the total repayment amount is AED 92,140.

In conclusion, the DIB car loan calculator is helpful for customers looking to purchase a car. It can assist customers in estimating their monthly repayment, total interest, and total repayment amount, comparing different loan options, and making an informed decision about their car loan.

FAQs

1. What is the Dubai Islamic Bank car loan calculator?

The Dubai Islamic Bank car loan calculator is an online tool that allows individuals to estimate their car loan payments based on the loan amount, interest rate, and loan term. The calculator can help individuals determine their monthly payments, total interest, and total loan cost, allowing them to make informed decisions about their car purchases.

2. How do I use the Dubai Islamic Bank car loan calculator?

Using the Dubai Islamic Bank car loan calculator is easy. Enter the loan amount, interest rate, and loan term, and the calculator will automatically calculate your estimated monthly payments, total interest, and total loan cost. You can also adjust the loan amount, interest rate, and loan term to see how these factors affect the monthly payments.

3. Is the Dubai Islamic Bank car loan calculator accurate?

The Dubai Islamic Bank car loan calculator is designed to estimate car loan payments based on the information provided. However, the actual loan terms and payments may vary depending on factors such as creditworthiness and the lender’s policies. It is essential to consult with a loan officer at Dubai Islamic Bank for accurate information.

4. Are any fees associated with using the Dubai Islamic Bank car loan calculator?

No, the Dubai Islamic Bank car loan calculator is a free online tool the bank provides to assist customers in making informed decisions about their car loans.

5. Can I use the Dubai Islamic Bank car loan calculator to estimate payments for other loans?

The Dubai Islamic Bank, a car loan calculator, is designed to estimate car loan payments. If you are interested in other loans, such as personal loans, please consult a loan officer at Dubai Islamic Bank to discuss your options.

6. What is the interest rate for a Dubai Islamic Bank loan?

The interest rate for a loan from Dubai Islamic Bank can vary depending on the type of loan and the individual’s creditworthiness. Typically, personal loans have a fixed interest rate of around 4-5% per annum. However, it is essential to note that rates may also be influenced by factors such as the loan amount, the applicant’s income, and the length of the loan term.

7. What minimum salary is required to get a loan from Dubai Islamic Bank?

The minimum salary requirement to apply for a loan from Dubai Islamic Bank will vary depending on the type of loan and the applicant’s creditworthiness. However, it is generally around AED 5,000 per month for personal loans.

8. Is Dubai Islamic Bank loan interest-free?

Dubai Islamic Bank offers interest-free loan products, such as Murabaha and Ijarah. These types of loans are based on the principles of Islamic finance and are structured differently from traditional loans.

9. How much personal loan can I get in Dubai?

The amount of personal loan you can get in Dubai will depend on factors such as your creditworthiness, income, and the purpose of the loan. Typically, personal loans can range from AED 10,000 to AED 4,000,000. However, it is essential to note that the maximum loan amount can vary depending on the lender’s policies and the applicant’s creditworthiness. It is also important to remember that the loan amount should be based on your repayment capacity.

eToro For UAE And Dubai: Detailed Review

By
Omar Mohan
-

Are you an investor looking to get started with stock market trading in the UAE or Dubai? If so, you owe it to yourself to get up to speed on all the options available – including eToro, one of the leading online trading platforms. In this article, we provide a comprehensive review of eToro for UAE and Dubai readers so that you can make an informed decision about investing with this platform.

What is eToro?

As one of the most popular online trading platforms, eToro has gained a large following in the UAE and Dubai.

eToro is a social trading and investment platform that allows users to connect with other investors and copy their trades. The platform is available in over 140 countries and has over 27 million registered users.

eToro is an Israeli-origin online broker and social trading platform that allows users to trade various assets, including stocks, indices, commodities, currencies, and even crypto assets.

Benefits of Trading with eToro in UAE and Dubai

The platform is designed for experienced and inexperienced investors and offers several features and tools to help users make better-informed investment decisions.

For UAE and Dubai residents, eToro offers several advantages, including:

The ability to trade a variety of asset classes: With eToro, you can trade stocks, commodities, currencies, and more. This allows you to diversify your investment portfolio and increase your returns.

A social trading community: eToro’s social trading community allows you to connect with other investors worldwide and learn from their experiences. You can also copy the investments of other successful investors on the platform.

User-friendly platform: eToro’s platform is designed to be user-friendly and easy to use. Even if you’re new to investing, you should be able to navigate the platform with ease.

Features of the eToro Platform

  • One of the unique features of eToro is its CopyTrader system and its social trading functionality, which lets users copy the trades of other successful traders on the platform. This makes it easy for even novice investors to get started with online trading.
  • Another critical feature of eToro is its innovative Smart Portfolios or CopyPortfolios feature. CopyPortfolios allow users to invest with a predetermined strategy. This feature is an excellent way for investors to get exposure to a diversified range of assets without manually selecting and managing each investment.
  • Finally, eToro offers a mobile trading app that allows users to trade on the go. The app is available for iOS and Android devices and offers all the same features as the desktop platform, making it easy for investors to stay connected to their portfolios while on the go.
  • Most importantly to users in UAE,  eToro is its Islamic account option, which complies with Sharia law.
  • Whether you’re a beginner or an experienced trader, eToro is an excellent option for those looking to trade online in the UAE or Dubai.

Security and Regulations

Security and regulation are two of the most important considerations for online trading. eToro is a regulated broker by the SEC, FINRA, and other entities.

eToro complies with strict financial regulations and requirements, which means that your money is always safe and secure. Moreover, all client funds are segregated from company funds and held in Tier-1 banks.

Regarding security, eToro uses the latest SSL encryption technology to protect your personal and financial information.

So, you can rest assured that your money is in good hands when you trade with eToro.

FAQs

1. Can I withdraw money from eToro in UAE?

Yes, customers can withdraw money at any time. Provided the amount withdrawn is above $30 and on payment of the $5 withdrawal fee.

2.    What is the minimum deposit for eToro in UAE?

The minimum deposit for eToro in UAE is $200.

3.    Can I use eToro in Dubai and UAE?

Yes, eToro is available and adheres to the laws in the UAE and Dubai.

4.    How to Open an Account on eToro?

To open an account on eToro, you need a valid email address, the legal age to trade, and a passport or driver’s license. You’ll need to deposit some money into your account before starting trading.

The process for opening an account on eToro is relatively straightforward. To get started, go to the eToro website and click on the “Sign Up” button. You’ll be prompted to enter your name, email address, date of birth, and country of residence. Once you’ve entered your information, click the “Create Account” button and follow the instructions.

5.    How is the customer support on the platform?

Customer support is among the most critical aspects of choosing an online trading platform. eToro offers a comprehensive customer support service that includes live chat, email, and phone support.

eToro’s customer support team is available 24/7 and always ready to answer any questions about the platform. The team is also highly knowledgeable about the financial markets and can provide you with valuable insights and advice.

In addition to its customer support service, eToro has a comprehensive FAQ section on its website that covers all aspects of the platform, from account opening to trading and withdrawals.

6.    What are the fees and commissions on eToro?

While eToro does not charge any commissions on trades, it does charge a small spread on each trade.

It includes an inactivity charge, a withdrawal charge of flat $5, a currency conversion fee, and the spread of difference between buy and sell where the brokers make money.

The spreads on eToro are generally very competitive compared to other online brokerages.

7.    Can I trust eToro in UAE?

Looking at the company’s history, it adheres to strict financial regulations. In addition, eToro is registered with the Financial Conduct Authority (FCA) in the UK.

While eToro is a reputable and reliable company, there have been fraud reports and other user problems.

Overall, eToro is considered a reliable company, but as with any investment platform, there is always some risk involved. Before investing money with eToro, do your research and due diligence to ensure it is the right platform.

Final Thoughts

eToro is a great online trading platform for those in the UAE and Dubai looking to invest confidently.

It offers a range of assets, including stocks, cryptocurrencies, ETFs, and more, that can be traded easily on its user-friendly interface. With all these features plus some unique tools and features, it’s easy it’see why eToro is one of the most popular platforms today.

4 Best Credit cards in UAE for people with 5000 AED salary?

By
Omar Mohan
-

In the past few years, credit cards have become the most convenient payment method. Now that more and more people are getting used to making payments instantly by swiping a convenient plastic card, making payments without a credit card may become unimaginable in the future.

If you also wish to make your payments with just one tap or a swipe, you should consider getting a credit card. A credit card would upgrade your lifestyle and help you save on your fancy restaurant bills, travel tickets, etc.

Please note that if your salary is above 5000 AED, you can read our article on the best overall credit cards in the UAE.

Eligibility to hold a credit card

To be eligible to hold a credit card, the banks check several factors:

The most important factor considered by banks these days is your minimum salary. If you are considering applying for a credit card, make sure your salary is 5000 or more 5000 AED.

Best Credit cards for 5000 AED Salary

Here is a list of credit cards that require a minimum salary of 5000 AED:

1) Mashreq cashback card

Key Features

  • One of the essential features of this credit card is it does not have any minimum spending thresholds. In a nutshell, you can get cash ups on your expenses from as little as AED 1/-
  • Any retail cashback made with this card will be eligible for amazing cashback. 
  • All retail purchases made on the card will be eligible for cashback. 
  • Utility bills can be paid with ease. Telephone, electricity, and water bills can be made through the different payment channels of the bank. These payment channels are Mashreq online, call center, mobile banking, nearest branches, etc.

Minimum Salary

AED 5,000

Rate

3.45%

Reward Features

  • Get Unlimited Cashback on all transactions
  • Grab a 5% Cashback on dining spends in the UAE
  • 2% Cashback on international transactions
  • 1% Cashback on other local bills or expenses
  • Pure savings done without any complications.

Benefits

  • Travel Insurance
  •  Purchase Protection
  •  Extended Warranty

2) Emirates Islamic flex credit card

Key Features

  • Get a welcome bonus Amazon voucher worth AED 500.
  • Have access to 200 airport lounges or restaurant offers around the world.
  • Be eligible to earn EI Smartmiles on both domestic and international spending.
  • Earn and redeem unlimited miles.
  • Get instant EI SMartmiles redemption at over 300 airlines and 180,000 hotels.
  • Be able to shop with EI Smart Miles anywhere, anytime.
  • Shop from a wide range of shopping options with an online marketplace. 
  • 8% discount on hotel bookings made at Hotels.com.
  • Visa Luxury Hotel collection offers.

Minimum Salary

AED 5,000

Rate

3.49%

Reward Features

Earn unlimited miles and redeem with no blackout dates:

  • Earn 1.25 EI SmartMiles per AED 1 on domestic spending.
  • Earn 2.25 EI SmartMiles per AED 1 on international spending.

Benefits

  • Golf offers
  •  Cinema Tickets
  •  Dining Offers
  •  Balance Transfer
  •  Purchase Protection
  •  Extended Warranty
  •  Contactless Tech

3) Citi Simplicity credit card

Key Features

  • Citi simplicity doesn’t apply any annual fee, late payment fee, cash advance fee, or over-limit fee.
  • You will get access to select airport lounges across the middle east. 
  • Get discounts on travel, restaurant bills, and movie tickets locally and across 95 countries.
  • Make the payments of any big purchases into smaller ones with ‘Pay light.’

Minimum Salary

AED 5,000

Rate

3.50%

Reward features

This credit card doesn’t offer many discounts, but it can be an excellent option for paying debts.

Benefits:

  • Dining Offers
  • Balance Transfer
  • Airport Lounge Access
  • Easy Installment Plan
  • Cash Loan
  • No Cash Advance, Late or Overlimit fee
  • Free for life

4) Emirates Islamic RTA credit card

Key Features

  • Get an Amazon gift card worth AED 500.
  • Get 10% cashback on fuel spending.
  • 10% cash back on transport payments.
  • You will get 2.25% cash back on international spending.
  • 1.25% cash back on all other spends.
  • Visa Luxury Hotel collection offers.
  • Have access to over 200 airport restaurant offers across the globe.
  • Avail discounts on a multitude of Golf courses across the world.
  • Get complimentary movie tickets each month and avail of them on any day of the week.
  • Grab an 8% discount on hotel bookings made at Hotels.com.
  • Get 15% off on Emaar Entertainment attractions.
  • Get purchase protection. 

Minimum Salary

AED 5,000

Rate

3.49%

Reward Features

  • Earn up to 1.25% cashback per AED 1 on domestic expenses.
  • Earn up to 2.25% cashback per AED 1 on international transactions.
  • Earn 10% cash back on fuel bills.
  • Earn 10% cash back on RTA transport payments. 

Benefits

  • Golf offers
  •  Cinema Tickets
  •  Dining Offers
  •  Balance Transfer
  •  Purchase Protection
  •  Extended Warranty

These were some of the best credit card options with a salary as low as 5000 AED. But before applying for a credit card, you should consider doing in-depth research about the company you would use for. 

How to buy a property in Abu Dhabi as an expat?

By
Omar Mohan
-

How about having a house in Abu Dhabi? Imagine soaking in the sun and having opulent sheikhs as your next-door neighbors. Well, that can only happen if you have a property in Dubai and provided you choose to make it your home.

Can Expats buy property in Abu Dhabi?

If you also dream of buying real estate in the capital of the United Arab Emirates, then here is good news for you.

Expatriates are allowed to hold properties in the designated area. However, you should remember that a foreign national is not allowed to bear a freehold in certain areas.  Also, the property ownership rules are far different from the rules for emirate citizens. To get these benefits, you will need to become a citizen of the UAE by marriage for example.

If you are keen to buy a property in Abu Dhabi, then here are a few laws you must be aware of the following:

1. Musataha investment partnership:

Through Musutaha contracts, you get the entitlement to use and alter the construction or layout of the estate for a specific period. Under this investment partnership, you can own the real estate unit for up to 50 years.  As far as the renewal period of the real estate is concerned, it is made in agreement with the concerned party for the same period.

2. Ownership deed:

Under the ownership deed, the expats are given the ownership of residential units for 99 years. Also, the expatriates who own these lands get the right to fully dispose of the houses, villas, or apartments they buy.

3. Long-term lease:

The long-term lease will not be less than 25 years. 

4. Usufruct:

Expatriates can own residential properties for over 99 years. This usufruct contract enables the expats to hold the property without changing it. 

Amended provision in Abu Dhabi real estate law

Those expatriates who have bought their real estate under ‘Musataha’ or ‘Usuruct; contracts for more than 10 years will hold the right to dispose of their properties. Moreover, the landlords won’t be able to mortgage the property without the consent of ‘Musataha or ‘Usuruct; holders.

FAQs

1. Can expats buy property in Abu Dhabi?

Yes, now expats can buy real estate in nine areas of Abu Dhabi. Foreign nationals can buy properties in the following areas:

  • Yas island
  • Saadiyat
  • Mariya
  • Lulu 
  • Al Raha Beach
  • Sayh AL Sedairah
  • Al Reef 
  • Masdar city.

2. Is it worth buying property in Abu Dhabi?

Investing in a property in Abu Dhabi is like buying any other property around the world. Your real estate in a country like Abu Dhabi can gain you a net come of 7%. Apart from this, there are other ways you can benefit from your real estate in Abu Dhabi. Another way could be to sell the property, once the price shoots after a few years down the line.

3. Is Abu Dhabi tax-free for expats?

There are no personal income tax levies in the United Arab Emirates. So, there are no individual tax registration or reporting obligations. 

 

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