Personal Loan for UAE Nationals with Repayment

At times, an individual can fall short of emergency or savings funds to meet expenses like paying for a new appliance or paying off medical bills. This could be concerning and may leave you vulnerable. Securing a personal loan, however, can help you cover the costs without draining your savings. 

A personal loan is an unsecured loan that can be utilised for personal financial obligations like weddings, international trips, higher education, starting a new business, and so forth. 

In the UAE, you can get a personal loan for UAE nationals with repayment option. The loan amount can be 20 times your monthly income and can be over a flexible repayment term of 48 months. This write-up will provide information about personal loans for UAE nationals with flexible repayment options, eligibility criteria, documents, and more.

Top Banks that Offer Personal Loan for UAE Nationals with Repayment

Here are the top banks offering personal loans for UAE nationals with flexible repayment features –

1. Emirates Islamic Bank – Personal Finance for UAE Nationals

Emirates Islamic Bank is one of the most sought-after financial institutions in the UAE that offers Islamic personal loans for UAE nationals with low-profit rates, flexible repayment options, and a quick loan approval process. UAE nationals can get a loan amount of up to AED 4 million for a repayment term of up to 4 years. EIB personal loan for UAE with repayment can be used for funding a vacation, home renovation, debt consolidation, or making a personal purchase.

Features and Benefits for EIB Personal Loan for UAE Nationals

• Shariah-compliant product
• Starting profit rate of 2.65%
• Profit rate can differ based on the salary
• Maximum finance amount of AED 4 million
• Minimum salary required – AED 10,000
• Flat Rate – 2.89%
• Reducing Rate – 5.29%
• Flexible repayment tenure that can be extended up to 4 years
• No over-limit or extra charges
• Suitable for debt consolidation using an easy payment plan with the same instalment amount every month
• Available with certificate of Takaful/ insurance cover
• Exclusive policy terms on buyout loans
• Includes salary transfer

Documents Required for EIB Personal Loan for UAE Nationals

• Filled-in application form
• Bank statement for the last 3 months
• Salary transfer letter (for salaried individuals)
• Liability letter (for buyout cases)
• Trade licence (for self-employed individuals)
• Emirates ID

Eligibility Criteria for for EIB Personal Loan for UAE Nationals

• Minimum monthly income of AED 10,000
• Age limit for the loan – 21 years to 65 years
• Term of Service – At least 1 month’s salary credit into Emirates Islamic Bank’s account

2. Citibank – Personal Loan Without Salary Transfer

You can get a personal loan amount of up to 8 times your salary with Citibank personal loans. These personal loans for UAE nationals have a flexible repayment term between 6 and 48 months. The interest rate for Citibank personal loans for UAE nationals starts from 6.99%, while the bank offers in-principal approvals within 10 minutes. 

The entire loan approval process, right from the documentation and its approval, can get covered in just 24 hours. You can easily apply for a personal loan for UAE nationals online from the comfort of your home.

Features and Benefits for Citibank Personal Loan Without Salary Transfer

• Simple, swift, and hassle-free loan application process
• Ease of applying online using your ID
• Cash on your terms – flexible repayment methods with tenure from 6 months to 48 months
• Top up on your loan after 9 months
• In-principal approval within 10 minutes
• No-salary transfer required
• Interest Rate – Flat rate from 7.70% to 15.2%; reducing rate from 14% to 27%
• Minimum documentation required
• Early settlement fee – 1% of the due principal
• Minimum monthly salary – AED 8,000
• Maximum loan amount – AED 175,000 or up to 8 times your salary
• Arrangement fees – It is a one-time charge that is 1% of the loan amount. The minimum fee would be AED 500, while the maximum would be AED 2,500

Documents Required for Citibank Personal Loan Without Salary Transfer

• A copy of Emirates ID
• Employment and income proof in terms of salary slips and bank statements for the last 3 months
• A filled-in personal loan application form

Eligibility Criteria for Citibank Personal Loan Without Salary Transfers

• Minimum age – 21 years
• UAE nationals and residents
• Minimum monthly income – AED 8,000
• Employment Tenure – At least 3 months

3. HSBC – Personal Loan

HSBC personal loans for UAE nationals can be secured with a repayment tenure ranging from at least 6 months to up to 48 months. You can borrow up to AED 500,000 as a loan amount easily through a quick online application process. Moreover, you can request a top-up on these personal loans. 

These loans generally have a longer tenure, competitive interest rates payable, and higher loan amounts. The minimum salary required for this type of loan is AED 10,000. With HSBC personal loans for UAE nationals, you can reduce your monthly repayments and the overall amount to be paid by adjusting the amount you borrow.

Features and Benefits for HSBC Persnonal Loan

• Maximum loan amount – up to AED 500,000
• Flexible repayment tenure – 6 months to 48 months
• Credit life insurance not required – you can secure the loan without having to pay for additional insurance
• In-principal approval within 10 minutes, if you apply for the loan online
• Top-up option to accommodate your financial requirements
• Interest rate payable based on your profile
• Salary transfer – included
• Minimum monthly salary – AED 10,000
• Reducing Rate – starting from 6.99% (final approval is subject to the bank’s internal credit policy)
• Flexible repayment methods
• Minimum documentation required
• You must have a current account with HSBC and credit your income to that account

Documents Required for HSBC Persnonal Loan

• Copy of passport
• Emirates ID
• Liability letter
• Salary certificate

Eligibility Criteria for HSBC Persnonal Loan

• Age limit – 21 years to 65 years
• Minimum monthly salary – AED 10,000
• The applicant must have a current account with HSBC
• High credit Score

To Conclude

Several financial institutions in the UAE offer personal loans for UAE nationals with repayment. However, to easily get the loan, you would be required to comply with the eligibility requirements, including possessing the minimum monthly income. To easily get the best personal loan for UAE nationals in the most seamless manner, you can come to policybazaar.ae.

Policybazaar UAE is a third-party aggregator website that offers personal loans at the most competitive interest rates payable. You can use our easy-to-use portal to find a personal loan for UAE nationals with flexible repayment tenures and with excellent terms. 

To access the personal loan options, simply click on the personal loan tab on the home page of policybazaar.ae and fill in the lead form. Once through, you will be automatically directed to the quotes page with top personal loan options from the leading financial institutions in the UAE.

If you get stuck as to which loan will meet your requirements, you can connect with our customer care team via WhatsApp, email, or the provided mobile number. 

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