Compare Personal Loans UAE
Features with Benefits
Looking for a personal loan in UAE ? Scroll down to see all the possible personal loan options in UAE.
Get the Best Personal Loan Interest Rates in UAE for 2021
When you need a personal loan in the UAE, it can be difficult to figure out which one is the best for you. There are so many banks and lenders that offer different rates, terms, and conditions.
Some loans have higher APRs (annual percentage rates) than others or require collateral from borrowers
The UAE is one of the most competitive markets around, so it can be challenging to make a decision about which bank offers the best personal loans. Hence, it is vital to compare the available options before deciding on the loan.
This is where Compare4Benefit comes into the picture. With years of industry expertise, we help loan seekers make better and smarter decisions, enabling them to purchase the right personal loan.
We have compiled all of the information about the various types of personal loans available and what they entail so that you can make an informed decision on which one to go with.
How Compare4Benefit Helps in Choosing the Right Personal Loan UAE?
At Compare4Benefit, we compare personal loans from the leading banks in UAE based on rates, and terms and conditions. This helps you pick the best option for your loan needs.
And once you have chosen a specific bank’s product, we highlight its key features to help you build your own estimate of what repayment will be like.
So, if you are looking for a personal loan in the UAE with the best rates and terms, we have all of that information available for you here on Compare4Benefit! All it takes is an email address to start your free quote comparison today.
1. Personal Loan UAE for Everyone
Personal loans, also known as unsecured personal loans in the UAE are one of the most popular financial instruments.
Compare4Benefit has been associated with a range of top financial institutions that offer these types of products and help loan seekers choose which one they will go with.
Our team of professionals has created a comprehensive and versatile list of all types of personal loans available in the UAE, using which you can compare them side by side before making a decision on what type of bank and product you want.
Our goal is to make the entire process as easy and convenient for the customer, by providing them with all the information they need to make an informed decision.
2. A Network of Lending Banks
There are many lending banks in the UAE that offer personal loans.
Our team of experts has carefully researched and compiled all their data to provide you with a list where you can compare them side by side, before making your final decision on which bank is best for you.
We have also highlighted some key features and repayment plans associated with these lending banks. This will help you build your own estimate of what the repayments might be like, and how much it could cost in total.
We understand that there are many factors to consider when choosing the best personal loan UAE. That is why we have compiled all of these details into an easy-to-read guide, so you can make a decision confidently and efficiently.
3. Find Personal Loans that suits you
Personal loans in the UAE come with a range of repayment periods and interest rates.
Our team here at Compare4Benefit has compiled all this information, so you can find the right product that suits your needs as per your requirements.
We have highlighted some key features with these lending banks to help you determine what might work best for your occupation or income level. This way, whether you are a salaried individual or self-employed, you will be able to compare and find the best personal loan.
All you have to do is choose your occupation and salary amount, and filter the list according to the interest rate, repayment period, and more. You will see a detailed list of available personal loans based on your chosen preferences.
4. Improve your Ability to Gain Loan Benefits and Features
The type of personal loan you choose will determine the benefits and features it offers. We help you to compare these types, based on your needs, to find what is best for you. We have made a list that includes all major products found in the UAE.
Our team has done extensive research so you can compare them side by side with respect to the interest rates, tenures, amount, and other features to broaden your knowledge.
You can also speak with our customer representatives about how these loans work and what they offer. This will help you choose the best personal loan that is perfect for your needs while saving time and energy, which are quite precious in today’s fast-paced world!
5. Every Type of Information You Need
If you are looking for personal loans in the UAE, then we have all the information available here on Compare4Benefit!
We help you find the best product that suits your needs and requirements by providing a detailed list of types, features, and benefits associated with these lending banks.
Whether it is comparing loan terms or looking into the arrangement fees, processing charges, type of personal loan, interest rates, and more, we will help you access all the right information at your fingertips.
Personal Loan Interest Rates in UAE
Personal loans in the UAE come with a range of interest rates. There are two types of interest rates applicable to personal loans in the United Arab Emirates. We have compiled all these details, so you can find the best option that suits your needs and requirements as per your chosen occupation.
1. Reducing Interest:
Reducing interest is charged on the outstanding principal amount of the personal loan. As the name suggests, this interest reduces every time you pay the installment. Reducing interest can fall in the range between 5.24% and 39.99%.
Hence, it is vital that you always compare personal loans online and shop around to get the best and lowest rate possible.
2. Flat Interest:
As opposed to the reducing interest, this rate of interest is charged on the total loan amount that remains constant throughout the loan tenure. In the United Arab Emirates, the flat interest on a personal loan can range between 2.63% and 22.22%.
You can leverage our Personal Loan Calculator to determine the monthly installment and total payable amount.
5 Best Personal Loans in UAE 2021
Here is the list of top 5 personal loans in UAE 2021
|Personal loan provider||Flat interest rate||Reducing Interest rate||Minimum Salary (AED)||Salary Transfer|
|RAK Bank personal loan||3.18%||5.99%||5000||Yes|
|FAB Personal loan||2.64%||4.99%||7000||Yes|
|Mashreq Personal loan||3.58%||6.49%||7000||Yes|
|Citibank Personal Installment loan||7.8%||14%||8000||Not Mandatory|
|Emirates Nbd Personal Loan||2.63%||4.99%||5000||Yes|
Calculating Your Personal Loan Interest
You can use our interest calculator to compare the interest amount you will be paying. Below we have listed the steps you can take to calculate your personal loan interest rate, which enables you to compare personal loans from different lenders.
The general formula for calculating interest rate is:Interest = (Interest Rate / Number of Payments) X Principal Amount
- 1. Divide the interest rate offered by the lender by the number of payments you have to make in a year.
- 2. Then multiply the resultant with the loan balance, which will be the principal amount of the loan.
- 3. Finally, you need to calculate the new balance. Subtract the interest calculated from the amount you have repaid. Then subtract the result from the principal amount to determine the new balance of your personal loan.
What is the Personal Loan Tenure?
Personal loans in the UAE come with a range of repayment periods. The type and the amount you borrow can determine how long your tenure might be as well.
With that said, a personal loan in the UAE comes with a shorter tenure - minimum 6 months and maximum 4 years. This will depend on the loan provider and the type of personal loan you borrow.
Moreover, the repayment period will depend on the loan provider and the type of personal loan you need. Also, the loan provider may offer you repayment periods based on your occupation.
On the other hand, the lender may charge a personal loan processing fee as well. Usually, in the UAE, the processing fee is 0.95% of the loan amount. Please note that there are no documentation charges for personal loan approval.
Types of Personal Loans in the UAE
There are primarily six different types of personal loans available in the United Arab Emirates. It is important to check all the types before applying for a personal loan because the loans for expats and permanent residents differ significantly. We have compiled a list of the major types that can help narrow down your search and find the best product.
1. Personal Loan UAE for Expats
Expats and foreigners residing in the United Arab Emirates having business and jobs in the country can enjoy the lowest interest rates on personal loans. This is done to attract more and more investors and foreign nationals to the country.
2. Personal Loan UAE without Company Listing
Professionals working in startups or non-listed companies can also take up a personal loan with ease. Banks in the UAE have specifically designed financial products for such categories, making it easier for them to fulfill their needs.
3. Personal Loan UAE without Salary Transfer
There are some lenders in the country that don't require the loan applicants to transfer their salary with them to acquire a loan. This makes taking up personal loans in the United Arab Emirates flexible and a hassle-free process.
4. Personal Loan UAE with Salary Transfer
The majority of lenders in the country expect the applicants to have a salary account with their institution in order to sanction the personal loan. That means if you hold a savings account with a particular bank, then getting a personal loan from that bank becomes simpler.
5. Personal Loan UAE for Permanent Residents
Residents of the United Arab Emirates enjoy more favorable conditions when it comes to applying for a personal loan as compared to expats and foreigners. Aspects like loan application review, processing, documentation, and sanctioning are hassle-free.
6. Personal Loan UAE for Self-Employed
If you are self-employed, you can take up a personal loan for self-employed professionals. This type of loan is for those who own a business in the country. Certain financial institutions offer this type of personal loan at the best interest rates. But it is important to shop around to make an informed decision.
Personal Loan UAE Eligibility Criteria
One of the most important factors in determining eligibility for a personal loan is your residency status. As an expat, you may have to wait longer than local residents to access these loans because they are more difficult and costly to process. So if you are looking for a UAE-based bank that will offer this type of personal loan, it is advised to do your research.
The UAE has a diverse population with many expats living and working in the country on temporary employment visas or long-term resident status. When you are an expat, accessing personal loans can be more difficult than for locals because there is often extra paperwork involved such as passport photocopies and residency documents before approval is granted.
Nevertheless, the following are the most common criteria that you have to fulfill in order to get approved for the loan:
1. Age Limit
The age limit for personal loans in the UAE can depend on your occupation, residency status, and other factors. For a local resident - the maximum age is 65 years old. For an expat or student with an employment visa - you must be at least 21 years of age to apply.
You must have a regular source of income and be employed, self-employed, or retired in order to qualify for the loan. Income is also one of the most important factors when applying for personal loans! The minimum salary requirement is 5000 AED.
3. Employment History
Stable employment history is another important eligibility criterion. If you have been employed in the UAE for at least six months and are on a contract, then you should be eligible for these loans!
Frequently Asked Questions [Personal Loan]Q1. What is a personal loan?
A personal loan is a type of financing that you can use for any purpose. It's perfect if you need to buy a car, pay off your debt, or even renovate your kitchen! The best part about these loans is the low interest rates and flexible repayment periods.
Personal loans are also sometimes called unsecured loans because they're not secured by any collateral. This means that you can borrow money without having to put up property or other assets as security on the loan, which is why these types of finance options have become so popular in the UAE!Q2. What is the minimum and maximum loan amount?
The minimum personal loan amount is AED 25,000 and the maximum personal loan amount is AED 500,000. The monthly installments depend on the total sum of your debt which you are willing to repay.Q3. What documents do I need?
In order to receive a personal loan in the UAE, you will need the following documents:
- Copy of Passport
- Emirates id copy
- Salary Transfer letter / salary certificate
- Bank statement of 3-6 months Q4. What are the tenure options for a Personal Loan in the UAE?
Personal loans in the United Arab Emirates are usually paid back in installments over six months four years.Q5. When can I apply for a top-up loan?
In case there is an increase in your salary or if you have not utilized the entire eligibility or you have completed 12 months of repayment, you can apply for a top-up loan.Q6. What is the benefit of a personal loan over credit card?
We recommend you to go for a credit card for short-term debt. Personal loan is more suitable for people who are looking for a longer repayment tenure to pay back the debt. The primary benefit of a personal loan over credit card is that you will need to pay lower interest rates compared to credit card.Q7. Can I prepay personal in UAE without additional charges?
Yes, you can do that but usually banks charge an early settlement fee from you in most of the cases.
Call for Assistance!
We are always here to help you. If you need any assistance with what type of loan is best for your situation, please do not hesitate to contact us at Compare4Benefit!