For any reason of the need for financial help, the first idea that comes to our mind is to take a personal loan. In the UAE, personal loans are the most efficient for solving the financial crisis in an individual’s life. The market of finance is wider in the country. That’s the reason that most of the groups of loan providers are in this field including banks and online lenders. The company of finance Emirates Loan offers outstanding personal loans with lower interest rates. You will not require to spend much time applying for this debt. Moreover, the applicants enjoy getting the loan with an easier application process and without any additional cost.
As we said that this financial market in UAE is huge. It means many lenders give their services of loans. When borrowers want to take a personal loan, the first question that comes to mind is which lender is perfect to choose. For knowing this question, proper research is required. Therefore, we decided to give you details of the Top 10 personal loans that you can consider in UAE. This article is for your convenience in the selection of a lender.
First of all, you have to know about what exactly the personal loans are. This loan is a sort of borrowing of money. When you repay the borrowed amount, there is also an addition amount of interest rate. The interest rate is fixed or reduced, so you can choose which is good for your budget. Every month, paying installments on time is crucial. There is no limitation in utilizing debt amounts for any specific category.
All of these personal loans are easier to apply and get. For any query, Emirates Loan will help you. You can apply for any of these loans from the bank’s branch or through the financial company. With the reading of this article, you can easily do a comparison between them.
The personal loans of ADCB are ideal for nationals & expatriates. Its package includes flexible tenure & low interest. The interest range is from 4% to 14% annually. The minimum salary must be higher than 6000 AED. Most importantly, the benefits of this loan are getting a free credit card with life insurance. The borrower’s higher salary has a chance of applying for higher amounts. The eligibility criteria are easier to meet.
If you are searching for a Sharia-based bank for the obtaining of this debt, DIB is a perfect one. This bank offers all the services of finance including personal at a competitive interest rate. The tenor is up to 48 months. The criterion for salary requirement is also lower. Your salary must be at least 3000 AED. All the nationals can apply for a maximum of 4000000 AED and expats can apply half of this amount. The interest rate starts from 11%.
The nationals can get up to five million AED as a debt and expats can avail two million AED. You can decide the repayment tenure of personal finance. This loan comes with the coverage of life insurance. Every new individual in the UAE is eligible. The profit rates are lower. Its starting interest rate starts from 2%. It is preferred to apply only to those applicants whose salary is at least 7000 AED.
The leading bank in UAE is ADIB. Expats can easily get the amount of 1 million if they are eligible. For considering this bank, one point that must meet is the requirement of minimum salary. The salary must be more than eight thousand AED. Further, the interest rate is according to monthly salary but generally, it starts from 6%. After receiving the fund, the grace period is 90 days. And, then the repayment period starts. The borrower has a choice of postponing one installment in a year.
Like DIB, the Emirates Islamic Bank is also providing Sharia-based personal finance. Both salaried & self-employed can get the debts at the lowest interest rates of 4%. If you meet all the eligibility criteria, the approval time is just 24 hours. You will get the certificate of insurance coverage also. The approved credit cards come with 100% of discounts on the annual fee.
The personal loans of HSBC bank are with the reducing interest. It means after paying every installment the interest amount for the next installment is decided. You can apply online also and receive the approval in just ten minutes. The processing is quicker without much need for documents. The minimum salary should be 7500 AED for maximum chances of instant approval.
RAKBANK has a unique way of providing services for this kind of debt. It gives a tenure of four to five years. Applicants with a low income of 3000 AED can also apply. You will receive free both debit and credit cards without charges of annual fee. Moreover, the interest rate of credit cards is also lesser. In addition, the personalized checkbook is for any time use of finances in the account.
UNB is a financial institution that offers a wide range of products for personal finance. It covers the borrower’s all requirements including rent, education, etc. This bank provides the option of applying for a loan of 20 times the monthly salary. The minimum salary must be five thousand AED and ten thousand AED for expats and nationals respectively. The low-profit rate is 4% and the higher debt is with a higher rate of only 9%.
All the products of this type of finance are easier to get with competitive interest rates. Many banks only give the debts to listed companies. But, Emirates NBD gives its finance services to non-listed companies and employers. From 1 to 4 years, the applicants will repay the debt. All the borrowers automatically avail of the top-up of loans. The range of interest rates is between 4% to 19%. The salary criteria must be up to five thousand AED on a monthly basis.
From salaried to self-employed individuals, anyone can take this loan. CBI bank also prefers the need for finances of health care professionals. The application process is entirely easier. Furthermore, the higher loan amount is more than 20 times the salary. There is complete insurance coverage on the debts. The reduced rate is 6% and the flat rate is 3%. If your monthly income is 8000 AED, you are an eligible applicant. The receiving of the amount after approval needs just one to two days.
The majority of the people choose this loan that lives in the United Arab Emirates. Every individual has his own particular reason for choosing. The most common reason is for the doing of a home renovation or buying a new home. Further, many times in our lives we need instant finances for the paying of bills or fees. Even, for the planning of vacations, there is a requirement for extra money instead of using the savings. For all these scenarios, taking this kind of loan is an excellent option. Anyone can manage their issues of finances through the help of debts.