Best Banks in UAE for personal Loan

December 13, 2022 Banking, Loan Comments Off

Obtaining a personal loan for some kind of private need is not an issue at all in the United Arab Emirates. This region of the world belongs to the advanced technological world where every kind of latest innovation you can see. UAE is putting the flag in every field of life, even huge alterations and modifications are also existing in the banking sector here. The bank is considered such a place, that is available at any time to resolve financial issues via it’s loan services. People want to know about the best banks in UAE for a personal loan and also want to know about their functions. Best banks means all those banks that are always ready to provide you their top-level personal loan services with simple terms and conditions. These banks should be able to give you loan with affordable rates and reasonable periods for repayment. Emirates Loan is a great way to attain personal loan assistance. With the help of this platform, an individual can get the best bank services and all the personal loan relevant information. So, do not waste your time and grab this opportunity to make your lives easier than before. This article will help you to find out the best banks with their best services within the range of UAE.

Goals and Roles of Best Banks in UAE for personal Loan

The major goal of the best bank is to provide stress-free financial assistance. So that no kind of burden will be created by such assistance. That’s why most of the expats are also trying to figure out the best banks in the UAE. They search on daily basis about the best banks in UAE for personal loans.
The best bank has the quality of anytime availability for all the people equally. Whenever you need to get a personal loan due to some kind of private issue, it should be available for you.
The best bank has the feature that, it will not compromise with any of it’s financial products. Accuracy and authenticity will be the goal of such best bank in UAE.
The best bank will not create any problem relevant to expatriates. It will equally behave with all the citizens including expats.
The best bank will give you personal loans via online sources also. Whenever you need to get the services but are not able to come to the bank. So, the bank will allow to give you online personal loan assistance on the spot.
Another major quality of the best bank is the humble staff members, they should behave well in front of every single individual. Because it will create a good impression on the customer and leads to the good popularity of the bank in UAE.
The best bank will not tease any of their clients in terms of installments, it will give a proper time for the reimbursement. After that, it can use legal ways to get the repayment, rather than adopting an illegal way or give any kind of threat. Emirates Loan will give you such an amazing bank’s list that will make your life simpler and stress-free in every aspect.

Emirates NBD

This bank is on the top level and giving services since the beginning of 2007 with some major amendments. This bank is offering personal loan assistance for all, the locals can get up to 4 million AED but the expats can get almost 2 million AED. The ratio for both citizens is about half percent due to various kinds of justifications including residential issues of expats. There are many other products except personal loans that are famous for this amazing bank. It has also contained a huge number of ATMs in the whole country. Emirates NBD also lends money through their online means, their official websites are serving the whole nation via online form-filling services.

Emirates NBD offers types of Personal Loans

Salary Transfer Loans for Emiratis

Loan amount up to AED 4 Million
First payment deferment up to 90 days
7 days return option
Free Zero balance account
First-Year Free Credit Card with Eligible Miles / Points
Free First year Setup fee on Overdraft (OD)
Avail up to 2 non-consecutive deferments in a loan cycle
Loan tenure up to 48 months (60 months. for Ministry of Defense employees)
Increase your loan eligibility with an additional source of income

Salary Transfer Loans for Expats

Attractive fixed interest rates starting from 3.03% per annum flat
Loan amount up to AED 4 Million
First payment deferment up to 90 days
7 days return option
Free Zero balance account
First-Year Free Credit Card with Eligible Miles / Points
Free First year Setup fee on Overdraft (OD)
Avail up to 2 non-consecutive deferments in a loan cycle
Loan tenure up to 48 months (60 months. for Ministry of Defense employees)
Increase your loan eligibility with an additional source of income

Scholar Plus Education Loan

Loan amounts of up to AED 300,000
Loan tenure up to 48 months
Free Credit life insurance
Free Global Cash card
Preferential rates on currency conversions including USD and Pound Sterling (limited to foreign currency accounts)
Avail up to 2 non-consecutive deferments in a loan cycle

Scholar Plus Education Loan for executives

Loan amounts of up to AED 300,000
Loan tenure up to 48 months
Free Credit life insurance
Free Global Cash card
Preferential rates on currency conversions including USD and Pound Sterling (limited to foreign currency accounts)
Avail up to 2 non-consecutive deferments in a loan cycle

Loans for NRIs – Loan against/for NRE Fixed Deposits

Borrow up to 90% of your fixed deposit amount
Interest rate starting at 2.90% p.a flat
The maximum tenure of 48 months

Dubai Islamic bank

The formation of this bank occurred in the year 1975. This was the first-ever bank that introduced the Islamic banking system to the nation. The main objective of this Islamic bank is to deliver assistance based on Islamic rules. The targeted audience of this bank was such people that were not interested to pay interest or high interest of any kind. This bank assists them without high-interest rates. Therefore, it is considered one of the best banks in UAE for personal loans. It will give you high-level financial solutions according to the sharia laws of Islam. It will also give the facility for the children so that they can also open their bank account and can save their money. People can also take assistance from it’s online websites, all the info related to loans can be taken from its online web pages.

Key Features

additional finance
1st instalment in up to 120 days *
Up to 4 million finance

Abu Dhabi Commercial Bank

This bank is also giving personal loan services with manageable installments. The rates are also low because of the Islamic banking system. This bank is usually famous for commercial and retail assistance. Many business owners are taking the advantage of personal loans from this bank. Whether they are doing business on a small level or a high level. Women are also equally involved in their clients that are doing some kind of business. This bank is also popular due to it’s investment and business management plans. All these plans will be given on easy terms and conditions.

Key Features

Interest rate starting from 4.99% interest rate per annum
Salary overdraft with flexible eligibility criteria
Touchpoints for every AED 1,000 of loan amount

Criteria to get a personal loan in UAE

Valid ID

The first and foremost thing that every bank will ask from you is your valid ID. If you have a valid emirate I’d with you, it means you will not only get this personal loan. But the instant loan service will be also taken by just ID. Because it is considered the most fundamental component during the whole process.

Bank statement

Another major thing is the bank statement, it will show your old credit history also with a few other major things. Your credit history will act as a guarantee for taking a personal loan in UAE. If you have a clear good history, that means you will get early approval for the loan.

Visa and passport

If a candidate belongs to another country and is not a permanent resident of the UAE. So, the candidate should come along with two major components, the visa, and the passport. Because without checking both these things, the bank will not allow you the personal loan.

Licenses

If you own a vehicle of any kind or a car, so make sure you have a valid license of driving. Bank will also ask you to attach the driving license with the application form. Similarly, if you are running a business within the range of UAE, so bring along the trading license also with you.

Minimum salary/salary certificate

To get a personal loan in UAE, the bank will check your salary certificate also. This single piece of paper will define your status regarding paying the monthly installments. The minimum range of salary for getting a personal loan is 5000 AED. Whether you are a business owner or doing the job, it will apply to all equally.