There’s a plethora of Personal Loans offered by Banks. Be sure that you apply for the right one.
1. Salary Transfer Loans for expats. A salary transfer loans guarantees payment of EMI to the Bank and hence comes at a lower interest rate.
On the basis of interest rate and loan amount offering, some of the best loans are:
- Emirates NBD Loans for Expatriates with loan eligibility up to 800,000 and interest rates starting at 4.99% p.a.
- Tamweel Finance with interest rates starting at 4.99% p.a.
2. Salary Transfer Loan for expats if the employer is not in the approved list of Companies. Getting a Personal Loan is almost impossible for individuals working with employers not in the “Approved List of Companies” of Banks. Two great loans in this category are:
Emirates NBD Personal Cash Loan & Salam Finance- Un Listed Companies ( Dubai Islamic Bank) with loan offering up to AED 200,000 and interest rates starting at 8.99%
3. Non-Salary Transfer Loan The EMI for Non-Salary Transfer Loans is paid with post dated cheques. This kind of loan carries a higher interest rate than a salary transfer loan. Some of the Banks offering a good rate in this category are:
- Citibank Personal Loans are available at a special rate of 17.99% p.a. and approvals can be done in 1 day.
- FGB Easy Loans are available for amounts up to 125,000 at competitive interest rates.
4. Loans for UAE Nationals. Loans for UAE Nationals have a much higher loan amount offering and can be linked to salary transfer or post dated cheque repayment method.
- Emirates NBD UAE National Loans offer loan eligibility upto AED 3,000,000 at rates starting at 4.99% p.a.
- Emirates Islamic Bank and HSBC also offer loans at competitive rates to UAE Nationals.
5. Loans to consolidate Debt. You can save up to 26% in interest payments by simply closing your credit cards by transferring the outstanding balance to a Personal Loan.
Al Khair Liabilities Settlement is a debt consolidation product for individuals stuck with large credit card bills and/or multiple personal Loans.The Credit Cards getting consolidated are paid directly by Abu Dhabi Islamic Bank at substantially lower interest rates than that applicable on Credit Cards leading to large savings. The loan carries no processing fee.This is a salary transfer loan available to individuals working with employers in the approved list of the Bank.
6. Loans for individuals new to country or employment. Most banks lend to individuals who have been in employment for 3-6 months. Only a few banks in UAE can offer a loan to individual who are new to country or employment.
- HSBC Personal Loan can be available to individuals even before the first salary is credited to the account
- Mashreq New to UAE/ New to Employer is the other loan available in this category
Still confused? Ask our experts - we are happy to help you make the right decision.