Personal loans in Dubai can be availed for various purposes. Although the rejection rate for personal loans in Dubai is very high, you can overcome that with the right knowledge and evaluation. You can do this with the help of extensive research on the various companies that provide personal loans in Dubai.
In this article, we have listed some of the best loan companies in Dubai which provide loan to individuals from within the country and expats from various parts of the world who live and work in Dubai.
Before you apply for a personal loan in any of the loan companies in Dubai, you have to consider the following options:
- Interest rates of banks in the market
- Your Credit history
- The loan tenor and its effects
- Early repayment charges
Best personal loan providers in Dubai
1. Dubai Islamic Bank
One of the best personal loan providers in Dubai is the Dubai Islamic Bank. It is known for being the first Islamic bank that provides personal loans for low salaries. It is also one of the few Banks in Dubai that provides upfront Cash payment. With no early settlement fees, customers get up to 48 months to repay the loan.
For Expats
- Flat Rate: 6%
- Minimum Salary: AED 10K
- Reducing Rate: 11%
- Max Loan Amount: AED 2000K
- Early Settlement Fee: 1%
- Arrangement Fee: AED 1050
For UAE nationals
- Flat Rate: 6.06%
- Minimum Salary: AED 10K
- Reducing Rate: 11%
- Max Loan Amount: AED 3000K
- Early Settlement Fee: 1%
- Arrangement Fee: AED 1050
2. ADIB
The Abu Dhabi Islamic Bank or ADIB is one of the best personal loan providers in Dubai. It is headquartered in Abu Dhabi and it has over 100 branches in various regions all across the UAE. with affordable interest rates and lucrative loan amount, this one is definitely one of the top ones in the list of the best personal loan providers in the region.
For Expats
- Flat Rate: 3.85%
- Minimum Salary: AED 8K
- Reducing Rate: 6.99%
- Max Loan Amount: AED 1000K
- Early Settlement Fee: 1%
- Arrangement Fee: 0%
For UAE Nationals
- Flat Rate: 3.72%
- Minimum Salary: AED 8K
- Reducing Rate: 6.75%
- Max Loan Amount: AED 3000K
- Early Settlement Fee: 1%
- Arrangement Fee: 0%
3. RAK Bank
The Ras Al Khaimah National Bank or RAK Bank, as it is popularly known in the UAE, offers a wide range of financial services. Whether you are a UAE national or an expatriate, you are going to find lucrative personal loan options in this government joined ventured bank.
For Expats and UAE Nationals
- Flat Rate: 3.3%
- Minimum Salary: AED 3K
- Reducing Rate: 5.99%
- Max Loan Amount: AED 1500K
- Early Settlement Fee: 1%
- Arrangement Fee: 1%
4. HSBC
Hong Kong and Shanghai Banking Corporation or HSBC provides a huge range of financial services in the UAE. Personal loans are among the many flagship offerings of HSBC.
For Expats and UAE Nationals
- Minimum Salary: AED 7.5K
- Reducing Rate: 7.49%
- Max Loan Amount: AED 750K
- Early Settlement Fee: 1%
- Arrangement Fee: 1%
5. ADCB
Abu Dhabi Commercial Bank or ADCB is one of the biggest banks in the UAE. If offers personal loans to expatriates and UAE nationals at attractive rate of interest. You can get a good amount of loan from this bank with simple eligibility requirements.
For Expats
- Flat Rate: 4.75%
- Minimum Salary: AED 5K
- Reducing Rate: 8.6%
- Max Loan Amount: AED 1500K
- Early Settlement Fee: 1.05%
- Arrangement Fee: 1.05%
For UAE Nationals
- Flat Rate: 2.89%
- Minimum Salary: AED 10K
- Reducing Rate: 5.25%
- Max Loan Amount: AED 4000K
- Early Settlement Fee: 1.05%
- Arrangement Fee: 1.05%
6. CBD
Commercial Bank of Dubai or CBD is a major personal loan provider in the UAE. With its branches spread over thirteen primary locations in the UAE, CBD is set to grow as a large player in the finance world. If you are looking for personal loan at a reasonable interest rate, this could be the right choice.
For Expats
- Flat Rate: 3.03%
- Minimum Salary: AED 8K
- Reducing Rate: 5.5%
- Max Loan Amount: AED 1500K
- Early Settlement Fee: 1%
- Arrangement Fee: 1%
For UAE Nationals
- Flat Rate: 3%
- Minimum Salary: AED 8K
- Reducing Rate: 5.5%
- Max Loan Amount: AED 3000K
- Early Settlement Fee: 1%
- Arrangement Fee: 1%
7. Emirates NBD
Emirates NBD is one of the largest banking organizations in the UAE. It offers a lot of different financial services to customers. Among all its flagship services is the personal loan service. Emirates NBD offers lucrative personal loan offers to expatriates and UAE nationals. Here are some of the details about this loan.
For Expats
- Flat Rate: 2.77%
- Minimum Salary: AED 10K
- Reducing Rate: 5.24%
- Max Loan Amount: AED 1000K
- Early Settlement Fee: 1%
- Arrangement Fee: 1%
For UAE Nationals
- Flat Rate: 2.9%
- Minimum Salary: AED 5K
- Reducing Rate: 5.49%
- Max Loan Amount: AED 4000K
- Early Settlement Fee: 1%
- Arrangement Fee: 1%
Documents required
Now that we have covered the various loan providers in Dubai, let us take a look at some of the documents you would require to get a loan in Dubai.
- UAE National ID
- Residency Visa for expat
- Letter of salary transfer
- Six months bank statement
Reasons for loan application rejection
While getting a loan in Dubai is considerably easy, there are certain reasons which account for the rejection of loan applications. Knowing these reasons can help you get a loan in Dubai without having to go through rejection. Below mentioned are some of the most common reasons why your application might get rejected. When you know these reasons, you can get prepared in advance and probably get a loan in the first attempt.
So here are the reasons:
- Your employment status
- Your company not listed
- Minimum salary eligibility
- Your debt repayment capacity
- Your credit score
Here is some more advice that might help you get through the application. These could increase your odds of getting the loan in the first attempt.
- Verify all information before submitting
- Known your credit score
- Apply in your credit capacity
Now, all you have to do is compare all the loans before finalizing.
We hope you have already done that using the list above. We would also like to let you know that there are various other loans that you can apply to in Dubai. Just visit the other pages on this website and compare the loan options.
If you are interested in knowing How to Get a Loan in Abu Dhabi, check out this article.
