Where Can You Borrow Money in the UAE?
Personal Loan up to 8 times your Salary
Minimum Salary 5000 AED
EMI Tenure up to 48 Months
Lowest Interest Rates
Get personal loan at Lowest Interest Rate
To meet your personal financial needs, you can certainly borrow money in the UAE. With a wide array of options available in the country, you can rely on avenues such as personal loans, credit cards, and peer-to-peer lending for your financial needs.
Personal loans, in particular, are a popular choice for financing major life events, consolidating debt, or meeting urgent expenses due to their flexible repayment terms and competitive interest rates. If you wish to borrow money, keep reading for more such key insights!
Borrow Money: Purpose
Here’s why you may need to borrow money from banks:
| Purpose | Description |
|---|---|
| Debt Consolidation | Combining multiple debts into one, often at a lower interest rate, to simplify repayment |
| Home Renovation | Financing repairs or improvements to a home without using savings |
| Education | Covering tuition fees, especially for international studies or advanced education programs |
| Medical Expenses | Addressing unforeseen healthcare costs that insurance may not cover |
| Wedding Expenses | Funding wedding celebrations or related events |
| Emergency Funds | Providing quick access to cash for unexpected situations |
What are the Ways to Borrow Money in UAE?
Some of the common ways to borrow money online and offline are -
Credit Cards
Credit cards offer a convenient way to borrow money for everyday purchases, with repayment usually done monthly. Many cards come with reward programs, cashback, and flexible payment plans.
However, they often carry high interest rates if not paid in full by the due date, making timely repayment crucial.
Overdraft Facilities
Overdraft facilities allow you to withdraw more money than you have in your bank accounts (up to a pre-agreed limit). This option is ideal for managing short-term cash flow issues.
However, just like credit cards, overdrafts often come with fees or higher interest rates. This makes the latter more suitable for temporary, not long-term borrowing.
Personal Loans
Personal loans are among the most popular ways to borrow money in the UAE, offering flexible terms and the ability to cover various financial needs. Whether for a wedding, home renovation, education, or emergency, these loans provide a lump sum that you can repay in fixed monthly instalments over a specified period.
You can choose from both conventional and Sharia-compliant loans (depending on your preferences). Interest rates on personal loans are generally competitive, especially for salaried individuals with stable incomes.
With loan amounts varying based on your income and creditworthiness, this option offers a practical solution for accessing quick funds without depleting savings.
Can I Borrow Money Online?
Yes, you can conveniently borrow money from the digital portal of Policybazaar UAE.
Here’s how:
- Step 1: Navigate to the ‘Personal Loan’ section.
- Step 2: Complete the lead form.
- Step 3: Land on the quotes page and select your preferred product.
- Step 4: Fill out the application form and submit it.
Know why you must choose us for your credit or loan needs!
- We have a multitude of loan options from different banks across the UAE
- Easily accessible assistance from our experts
- Borrow money online with minimal steps and documentation
- Get free access to our website’s articles section for all the related information
How Much Can I Borrow Personal Loans in UAE?
We have mentioned some of the best banks from where you can borrow high loan amounts. Additionally, we have also listed their key features and benefits for your reference -
| Bank Personal Loan | Minimum Salary | Features/ Benefits | Apply Now |
|---|---|---|---|
| Emirates NBD Salary Transfer Loans for Nationals | AED 5,000 |
|
Apply Now |
| Emirates NBD Salary Transfer Loans for Expatriates | AED 5,000 |
|
Apply Now |
| HSBC Personal Loan | AED 7,500 |
|
Apply Now |
| Dubai Islamic Bank Personal Loan | AED 5,000 |
|
Apply Now |
| RAKBANK Personal Loan | NA |
|
Apply Now |
Am I Qualified to Borrow Money via UAE Banks?
Your eligibility for a personal loan depends on the bank you choose — each bank’s requirements vary.
For your reference, we have enlisted the common eligibility criteria below -
- Age : Most banks have a minimum age criteria of 21 years.
- Salary : The minimum monthly salary required for a personal loan (or any other loan or credit card) is AED 5,000. Keep in mind that this is the lowest figure in the minimum salary criteria — banks often have a requirement of above AED 5,000.
- Nationality : All UAE nationals, expatriates, and residents are eligible for personal loans in the UAE. Just remember that many banks have separate loan options curated as per nationality.
- Employment Status : You must be either a salaried employee or a self-employed individual to avail of a personal loan in the UAE.
- credit Score : Most banks and lenders require a credit score of at least 550 for a personal loan. However, just like the salary requirement, this is the minimum requirement — you should try to keep your score above 650-700 for swift approvals and better rates.
If you want to improve your score, read here:
Do I Need Any Documents to Borrow Personal Loans?
Yes, to borrow money, you must submit a set of documents to your bank.
A list of common documents is mentioned below:
1- For Salaried Individuals
| For New Loans | For Switching an Existing Loan | For Loan Top Up |
|---|---|---|
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2- For Self-Employed Individuals
| For New Loans | For Switching an Existing Loan | For Loan Top Up |
|---|---|---|
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Note:
- All the documents must be valid.
- Keep the originals and a copy of each document.
- Your bank may require additional document(s).
In a Nutshell
You can easily borrow personal loans in the UAE. They present a convenient solution for managing financial needs. With competitive interest rates, flexible repayment terms, and high loan amounts, UAE banks offer attractive options. However, it is crucial to assess your financial situation carefully, considering the repayment obligations and associated fees.
Make sure to compare offers so that you can meet the monthly instalments without straining your budget. Responsible borrowing, combined with wise financial planning, can help you manage your debts effectively and avoid potential financial difficulties.
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