Personal Finance (FAQ)

Choosing a right personal loan for yourself is very important. Our Personal Finance Search engine allows you to compare personal Finance of different banks of UAE based on different features like minimum salary requirement, Islamic finance etc.

Points to Consider before taking final decision

  • 1.Processing Fees

    Bank charges processing fees which can go up to 2% of the finance amount Most banks have minimum and maximum limit for processing fees amount. Banks add processing fees in the finance amount which ultimately increases your finance amount.
  • 2. Minimum Salary Requirement

    There is a minimum salary requirement with each personal loan. Before selecting finance make sure that you are applying for the product which has minimum salary requirement less than your monthly salary.
  • 3. Finance Required

    Every personal finance product has with a maximum finance amount limit. You can filer banks by maximum finance filter as per your requirement.
  • 4. Personal Finance Calculation

    You can use our personal finance calculator under Personal Loan Tab which will help you to determine the exact outgoing and finance amount you are eligible for.
  • 5. Islamic/Conventional Finance

    Banks in UAE offers both Islamic and conventional personal finance. Islamic finance is Sharia-compliant finance. You can choose finance as per your requirement.
  • 6. Salary Transfer

  • Banks ask for salary transfer which gives them assurance of the repayments of the loan. Most of the banks only allows you to apply for personal finance if you transfer your salary to their bank. Some banks and financial institutions are also offering non-salary transfer finance, but interest rate will be higher in those case.
  • 7. Flat Rate Vs Reducing Rate

    One of the crucial factor to select a personal finance is Interest rate. There are type of interest rate flat rate and reducing rate. Flat rate is calculated on initial principal amount throughout the tenure of the loan and reducing rate is calculated on the outstanding balance of the loan. So before selecting the loan kindly check which rate is advertised by the bank. You can use our search filter to compare different finance by checking reducing rate and equivalent flat rate.
  • 8. Early Settlement/ Prepayment Charge

    If you want to shift or repay your finance before the completion of the finance tenure, then banks charges you a early settlement fees on the outstanding amount. You can check the early settlement fees of each finance in our personal finance website page.
  • 9. Tenure

    Maximum tenure available for personal finance is 60 months, some banks are offering higher tenure for UAE nationals.
  • 10. Buyout to another Bank

    You can buyout your current ongoing personal finance to a bank offering lower interest rates. Some banks offer zero processing fees for buyout cases which will decrease your overall outgoing. You can either keep the same outstanding amount or can increase the finance amount with the new bank as per your requirement. But before shifting your finance check all the charges involved in shifting the finance.
  • 11. Personal Finance Insurance

    Some banks made compulsory to take insurance with the personal finance. It’s always in your interest to insure yourself.
  • 12. Non-Listed Company

    If your company is not listed with banks, then it’s very difficult for you to take personal finance. You can call on our contact number, we will recommend you the options of banks which offer non-listed company personal loan.
  • 13. Self Employed

    If you are self-employed then there are very limited options available for you of higher rates. You can search self-employed personal finance from our personal finance search filter.
  • 14. Top Up Personal Finance

    You can apply for top-up finance on your current ongoing finance with your bank.