Product of the Month
ADIB - Personal Finance for Expats
3.85%
Flat Rate
6.99%
Reducing Rate
AED 8,000
Minimum Salary
Yes
Salary Transfer
X
Compare Personal Loans
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Provider Minimum Salary Flat Rate Reducing Rate Salary Transfer
FGB - Personal Loans for UAE Nationals FGB - Personal Loans for UAE Nationals Minimum Salary: AED 10,000 Flat Rate: 2.76% Reducing Rate: 5.0% Salary Transfer: No Compare
Emirates NBD - Non Salary Transfer Personal Loan Emirates NBD - Non Salary Transfer Personal Loan Minimum Salary: AED 30,000 Flat Rate: 7.9% Reducing Rate: 14.99% Salary Transfer: No Compare
Emirates NBD - Self Employed Personal Loan for Professionals Emirates NBD - Self Employed Personal Loan for Professionals Minimum Salary: AED 20,000 Flat Rate: 10.01% Reducing Rate: 18.99% Salary Transfer: No Compare
Al Wifaq Personal Finance Al Wifaq Personal Finance Minimum Salary: AED 5,000 Flat Rate: 2.7% Reducing Rate: 4.86% Salary Transfer: No Compare
United Arab Bank - Personal Loans for Expatriates United Arab Bank - Personal Loans for Expatriates Minimum Salary: AED 6,000 Flat Rate: 3.05% Reducing Rate: 5.49% Salary Transfer: No Compare
United Arab Bank - Cash Flow Loans United Arab Bank - Cash Flow Loans Minimum Salary: AED 10,000 Flat Rate: 2.18% Reducing Rate: 3.99% Salary Transfer: No Compare
Dubai Islamic Bank - Sukuk Finance Expats Dubai Islamic Bank - Sukuk Finance Expats Minimum Salary: AED 5,000 Flat Rate: 4.99% Reducing Rate: 8.99% Salary Transfer: No Compare
Mashreq New to UAE or New to Employer Personal Loan Mashreq New to UAE or New to Employer Personal Loan Minimum Salary: AED 7,000 Flat Rate: 4.1% Reducing Rate: 7.38% Salary Transfer: No Compare
Emirates Islamic - Personal Finance Emirates Islamic - Personal Finance Minimum Salary: AED 5,000 Flat Rate: 4.7% Reducing Rate: 8.46% Salary Transfer: No Compare
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Got a question?
Yes, certain banks do allow you to transfer an existing loan to another provider that charges a lower rate of interest.
Some loan providers may provide insurance cover on your loan. If not, we advise that you take out your own insurance to cover you in the event of being unable to repay your loan due to loss of job, illness or death.
If you wish to extend your personal loan, contact your loan provider. They may be happy to extend your current loan or you may be able to refinance which means you buy out your loan by another bank.
This will depend on your chosen loan provider but in most cases, you will need to show:
  • Salary Transfer Certificate
  • Copy of valid passport
  • Proof of UAE residency status
  • Three months of bank statements that reflect regular salary credits
Rates on personal loans can be calculated in two ways - as a reducing rate or as a flat rate. With a flat rate, the rate is calculated on the entire principal amount of a loan (the full, original amount borrowed) whereas with a reducing interest rate, interest is charged only on the outstanding amount of the loan on a periodic basis. Flat interest rates are normally lower than the reducing balance rate and therefore considered misleading. When it comes to comparing loans, the best way to compare their true cost is to convert everything into the Reducing Interest Rate equivalent (click here for more information)
This relates to the fee applicable if you decide to pay off your loan early. If, for example, you take a personal loan for three years but expect to be in a position to pay if off before then, any early settlement fee becomes an important factor in choosing your loan provider. The UAE Central Bank caps the early repayment fee at 1% of the outstanding loan amount.
  • Amount required – UAE banks have a maximum loan amount they will provide you so decide how much you want to borrow and then compare those banks whose maximum loan amounts exceed this. There is a maximum loan amount determined by whether you are a UAE national or an expat
  • Minimum salary requirement – UAE banks normally impose a minimum salary required to take out a personal loan so select a provider from those whose minimum salary requirement is less or the same as your salary
  • Interest rates – do flat or reducing interest rates apply? See below for details of how these differ
  • Fees – consider all fees applicable such as arrangement fees and early settlement fees
  • Other benefits – does the bank provide options for a payment holiday
You can use a personal loan for any number of reasons. They are often taken out to cover the costs of travel, a marriage or home improvements. As the name suggests, a personal loan can be used for any personal purpose.
Compare, compare, compare! Use our smart comparison tools to choose the best personal loan for you.