Personal loans are great sources of money for people with urgent requirements. Individuals can borrow from any bank in the UAE provided they meet the bank’s specific eligibility criteria. Some of the most common kinds of personal loans are car loans, mortgage loans, instalment loans, credit cards and payday loans. The interest rates applicable to each customer will be determined by the bank based on their credit score and history.
The terms and conditions for individuals seeking personal loans in the UAE may vary depending on whether they are UAE nationals or expats. Even the eligibility condition will defer based on whether the customer is a self-employed individual or a salaried employee. Here we will discuss some of the best options for UAE nationals who are looking to acquire personal loans.
ADCB Personal Loans for UAE Nationals
Abu Dhabi Commercial Bank has made available some truly attractive terms and conditions for UAE nationals with regards to personal loans. The interest rates are attractive and the tenure is extended to provide customers with convenience so far as repayment is concerned. The eligibility criteria is also flexible while the salary multiples are higher with simple documentation, making it easy for you to attain a loan and thus meet your financial requirements with little to no hassles. Moreover, customers who get a personal loan from ADCB will also receive a free credit card. Customers must be at least 21 years old to be eligible for a personal loan from ADCB.
Ajman Bank Personal Loans for UAE Nationals
Ajman Bank offers its customers different personal loan services so that they can acquire anything from home appliances and electronics to yachts and boats at the earliest. The process to attain the loan is fairly simple and the repayments can be made only once you have received possession of goods. The Service Ijara option enables customers to avail easy and quick financial solution for travel, wedding, education, house rent and medical emergencies. The loans are fully secured against Term Deposits and End of Service Benefits. Minimal documentation and simple processing in addition to rates as low as 3.99% p.a ranks Ajman Bank’s personal loan services among the best options in the country. The minimum age requirement for customers who wish to avail a personal loan from Ajman Bank is 21 years.
Commercial Bank Dubai (CBD) Personal Loans for UAE Nationals
The loan amounts offered to UAE residents is relatively high, and the interest rates are also competitive, starting from 4.50 p.a. With a 48-month flexible repayment period and deferment facility, the bank also offers a free debit card for withdrawals and purchases. The minimum age requirement for customers who wish to take out a personal loan from CBD is 21 years and the maximum is 65 years when the loan matures. The total monthly salary needs to avail a loan from CBD is AED 8000.
Citibank Personal Loans for UAE Nationals
Customers who wish to take a vacation to any of the holiday hotspots on the planet or make purchases for home improvement can now avail a personal loan from Citibank to meet their financial requirements. There are different kinds of loan designed to meet the needs of an extensive customer base. The maximum amount that you can borrow is AED 175,000 and the loan amounts sanctioned to customers often extend to eight times their salary. With competitive rates of interest and monthly instalments as low as AED 200, repayment is fairly easy to make in comparison with most of the loan facilities offered by other banks. Moreover, the process to acquire the loan is fairly simple too, with approvals being sanctioned within a day. The tenor extends from six months to 48 months, depending upon the personal preferences of the customer. All you need to do is to furnish the required documents and you can have your financing in next to no time.
Emirates Islamic Bank Personal Loans for UAE Nationals
Both self-employed and salaried individuals are offered highly competitive rates on personal loans at Emirates Islamic Bank. Approvals are usually granted within 24 hours and UAE nationals can get up to AED 3 million. The first year’s annual fees are let off at 100% discount and a preapproved credit card is also given to customers who take out a loan with Emirates Islamic Bank. The processing fees are nominal and the minimum salary that a customer needs to earn to be eligible for the loan is AED 5000. The minimum age requirement for a customer to gain eligibility is 21 years.