How To Get A Cheap Personal Loan In The UAE?

Even with many other credit facilities available in the UAE market, till date personal loans hold the edge over many other credit options. A personal loan not only consolidates any kind of debt but also does not require any collateral to acquire it, making it easy and problem free to utilize.

Top 5 Banks offering the Cheapest Personal Loan in UAE

Here below, is a consolidated list of five banks that provide the cheapest personal loan in uae. 

1. EMIRATES ISLAMIC BANK PERSONAL LOANS

  • A very low Interest rate of 2.55% for UAE nationals and 3.03% for expats.
  • They offer a reducing rate of 4.79% p.a. for UAE Nationals and 5.69% p.a. for Expats.
  • Loan amount up to AED 4 Million (UAE Nationals) & AED 2 Million (Expats)
  • The Emirates Islamic Bank provides a hassle-free procedure for personal loans to anyone with a minimum salary of AED 10,000 per month with zero insurance fees.
  • They also have an attractive overdraft facility available which provides you with instant cash support up to 2 times your salary. You are free to use the amount as per your convenience via debit card, cheques, online transfers or standing instruction payments.
  • Lowest Interest are offered to persons willing to transfer their salary to the bank.

2. ADCB PERSONAL LOANS

  • Interest rates start from 6% p.a.
  • They require an assignment of your salary and end of service benefit (gratuity) in favor of ADCB.
  • They promise to process the loan within 3 days of completing the formalities from your end.
  • With a minimal monthly salary of AED 6000, ADCB personal loans provides an array of attractive policies and plans with flexible payment methods and a long repayment period.
  • They also provide services like free ADCB credit cards and free credit life insurance.
  • They also have the overdraft facility of two times the salary available.

3. CITI BANK PERSONAL LOAN

  • Citi bank personal loan require a minimum monthly income of AED 10,000.
  • Interest rates are between 6.99% to 15%.
  • They offer loan tenure up to 48 months without any collateral and a minimum need for documentation.

4. FIRST ABU DHABI BANK

  • The FAB personal loan plans begin at a monthly earning of AED 7000.
  • The minimum interest rate is 2.09%.
  • By providing flexible repayment terms and comprehensive personal life coverage plans, the FAB is one of the largest banks providing cheap personal loans in UAE.

5. DUBAI ISLAMIC BANK PERSONAL FINANCE

  • Offering exceptional profit rates from 11% to 20%, the Dubai Islamic bank accepts one of the lowest monthly salary criteria of just AED 3000.
  • With up to 120 days of the first installment payment, minimal documentation procedures, and a chaos-free process of plans and policies, the Dubai Islamic bank offers one of the best personal loan plans.

Common Documents Required for most Loans

Most of the loans require the following documents before processing your loan. Some banks may also have some unique requirements.

  1. Completed Loan Application.
  2. Valid Passport and Visa.
  3. Previous 3 months bank statement.
  4. Recent salary certificate.
  5. Salary transfer letter.
  6. Details of existing loans and liabilities.

Above here is just am over view of some of the cheapest personal loans in UAE, providing just a short synopsis of the varied features each bank has to offer in their personal loan programs. We have tried to include as many important features from each bank in a minimalistic way.

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