Loans for Individuals in the UAE

Discovering the wide range of options for personal financial assistance in the UAE is akin to embarking on a journey through a vibrant marketplace of financial solutions. In a country characterised by its ever-evolving economic fabric, individuals seeking financial support encounter a rich tapestry of lending options.

From traditional banks to innovative fintech platforms, this guide will shed light on the extensive array of borrowing possibilities for UAE residents.

As we traverse this landscape, we will dive into the multifaceted aspects of personal loans, shedding light on eligibility criteria, interest rates, and repayment terms that shape the borrowing experience.

So whether you are a UAE national or an expatriate, our exploration here will equip you with essential insights to make informed decisions and secure the ideal personal loan for your financial aspirations.

Types of Personal Loans Individuals Can Apply for in the UAE

In the UAE, you can get two types of personal loans for individuals - Personal Loan with Salary Transfer and Personal Loan without Salary Transfer. The two categories are discussed in detail below -

Personal Loan with Salary Transfer

A salary transfer personal loan, as the name suggests, requires the transfer of one's income to the lending organisation. This setup not only inculcates confidence in lenders but also grants borrowers access to attractive interest rates, adaptable repayment schedules, expanded loan limits, and more.

Whether it's funding a dream getaway, consolidating debts, handling medical bills, or pursuing advanced education, personal loan/finance with salary transfer serves a myriad of purposes.

Featuring swift approval procedures, streamlined paperwork, and the flexibility to tailor loan sums to match a borrower's earnings, these loans empower individuals to efficiently realise their financial aspirations.

Primary Features of Personal Loan with Salary Transfer

Listed below are the key features of a salary transfer personal loan for individuals -

• Loan/Finance Amount - Individuals seeking a salary transfer personal loan/finance can potentially access substantial funds, with loan limits extending up to AED 5,000,000, subject to the lender's eligibility criteria.
• Bank Account Requirement - To qualify for a salary transfer personal loan in the UAE, applicants must establish a dedicated bank account with the lending institution. This account serves as the conduit for monthly salary deposits.
• Favourable Interest/Profit Rates - One of the most remarkable advantages of salary transfer personal loans is their attractive interest or profit rates. These loans typically offer some of the most competitive rates in the UAE, starting as low as 2.55%.
• No Collateral Needed - As the bank can automatically deduct repayments from the applicant's linked bank account, salary transfer personal loans/finance in the UAE typically eliminate the need for collateral or a guarantor.
• Additional Perks - Specific perks accompanying salary transfer personal loans may vary among providers. These supplementary benefits may include complimentary credit cards, optional or included life insurance coverage, and the convenience of dedicated bank accounts.

Personal Loan without Salary Transfer

Through a non-salary transfer personal loan, you gain convenient access to financial opportunities. With these loans, you can fulfil various immediate needs, whether it is consolidating debts, financing a dream getaway, or handling unforeseen expenses. Another notable aspect of such personal loans in the UAE is the absence of the obligatory salary transfer condition, eliminating the necessity for extensive documentation and streamlining the application process.

These loans typically offer competitive interest rates, flexible repayment options, and swift disbursement, ensuring individuals can promptly secure funds to address their urgent financial matters. Regardless of your employment status, be it self-employed, a freelancer, or working on a commission basis, you can avail of this loan type, all while preserving your existing employment structure.

Primary Features of Personal Loan without Salary Transfer

The following are the salient features of personal loan/finance without salary transfer -

• In the UAE, opting for a non-salary transfer personal loan allows you to access funds surpassing your credit card limit. 
• These loans come with extended repayment periods, stretching up to 48 months. 
• Your eligibility for substantial loan amounts hinges on your monthly income and job tenure. 
• Most banks also offer life insurance coverage matching your outstanding loan balance. 
• These personal loans cater to both expatriates and UAE citizens, with a minimum monthly salary requirement of AED 5,000. 
• As the name suggests, there's no obligation to transfer your salary. This affords you significantly more flexibility in the loan terms.

Top 10 Personal Loans for Individuals in the UAE

Check out the table below for the top 10 personal loans for individuals (salary and non-salary transfer) in the UAE -

How to Apply for the Best Personal Loan for Individuals in the UAE?

Applying for the best personal loan for individuals in the UAE requires a set list of documents, meeting eligibility requirements, and more. This section of the write-up focuses on the steps involved in the loan application process.

Eligibility Criteria to Apply for a Personal Loan in the UAE

Listed below are the basic eligibility criteria to apply for a personal loan/finance in the UAE -

• Minimum Age - 21 years
• Nationality - UAE Nationals and Expatriates
• Minimum Salary - AED 5,000 per month
• Applicants must have a good credit Score

Documents Required to Apply for a Personal Loan in the UAE

Here is the list of documents usually required for personal loan/finance in the UAE -

For Salaried Employees

• Passport copy
• Salary transfer or salary certificate
• good credit score
• Proof of UAE identity card/ Emirates ID
• Bank statements for the last 3 to 6 months

For Self-Employed Applicants

• Duly filled-in loan application form
• Trade licence proof
• Bank statements for the last 3 to 6 months
• Passport copy
• UAE identity proof/Emirates ID
• Power of Attorney
• Memorandum of Association

Apply for a Personal Loan on Policybazaar.ae

Securing a personal loan in the UAE is a breeze with Policybazaar.ae. This user-friendly online platform offers an extensive selection of top-notch personal loan options from major banks and lending institutions across the UAE. In just a few simple clicks, you can effortlessly initiate your loan application process.

To kickstart the procedure, navigate to our website's homepage and access the 'Personal Loan' tab — either directly or by choosing the same option within the 'Banking Products' section in the menu. This will lead you to a form where you can enter details such as your monthly income and contact details. Once you have filled in the necessary details, click on 'View Quotes.'

On the personal loan quotes page, you will discover an array of loan options from the UAE's premier financial institutions and banks. Take your time to explore and compare each option's features and advantages. When you've made your decision, simply click on the 'Apply' button and follow the provided steps to finalise your application swiftly.

Frequently Asked Questions