Private lenders are the best option if you’re looking for a personal loan within the UAE. Private lenders offer flexible terms and higher interest rates. However, it is important to evaluate all options before you choose one.
Since the existence of technology, many lenders have gone online to get users who can easily borrow money from them with just a few clicks on their apps. Because of this, the demand for private lenders for personal loans increased speedily, and people can easily get access to any loan they want without going to the bank for so much documentation.
So, in this article, we’ll be looking at the 10 best private lenders for personal loans in UAE, how to get a personal loan from a private lender, and some other questions that might be bordering you about the private loan you’re about to opt-in for.
List of the 10 Best Private Lenders For Personal Loan in UAE
If you are looking for a private lender to get a loan from, below are the 10 best private lenders for a personal loan in the UAE. It would help if you also understood that most of these lenders have their different policies, so it’s not what is applied to Mr. A is used to Mr. B.
So, it is advisable to know their policies, interest rate, and all before signing up for one or more.
#1. Abu Dhabi Islamic Bank Personal Loan – Islamic Finance
ADIB Personal Loans offer a flat profit rate at 3.72% for UAE Nationals, and 3.85% for Expatriates. For both UAE Nationals as well as Expats, the minimum monthly income required is AED 8,000. If this isn’t enough, ADIB offers a number of additional features to its borrowers.
- Pre-approved ADIB VISA cashback card
- Holiday period for up to 90 days
- Two free annual instalment postponements
#2. Abu Dhabi Commercial Bank Personal Loan
ADCB offers attractive personal loans in UAE to UAE nationals as well as expats. For expatriates living in UAE, flexible and low-cost loans can be offered. Interest rates range from 4.99% to 14%. Minimum salary is AED 6 000. Other benefits of ADCB personal loans include:
- Long repayment period
- Free credit life insurance
- Free ADCB credit card
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#3. Dubai Islamic Bank Personal loan – Islamic Personal Finance
The Dubai Islamic Bank offers Sharia-compliant personal financing, as well as a variety of personal loans in UAE. The interest rates are between 11% and 20%. DIB has a minimum salary requirement of AED 3000. These personal loans offer the following benefits:
- Maximum loan amount for UAE Nationals is AED 4,000,000, and for Expatriates it is AED 2,000,000
- 48-month long tenor period
- Minimum salary
#4. RAKBANK personal loan
RAKBANK offers personal loans at low interest rates with flexible repayment terms up to four years for UAE Nationals and expatriates. The minimum monthly income requirement is AED 5,000 and interest rates start at 5.99%. RAKBANK personal loans offer additional benefits:
- Top up loan available after one year
- Free RAKBANK Checkbook and Debit Card from RAKBANK
- No annual fee RAKBANK Credit card with low-interest rates
#5. Emirates Islamic Bank Personal Loan Islamic Finance
Personal loans are available from Emirates Islamic Bank at a rate of as low as 3.99%. The bank requires a minimum monthly salary of AED 10,000 and offers the following features:
- Flexible, extended repayment terms of up to four years
- Simple and fast approval process
- High finance amount up to AED 4,000,000 UAE Nationals, and AED 2,000,000 Expats
#6. First Abu Dhabi Bank Personal Loan
FAB Personal Loans’ interest rates can drop as low as 3.99%. If the borrower is brand new to borrowing money for employment, it can drop to 2.09%. These are some of the attractive features of this personal loan.
- Easy documentation and quick-track approvals
- Comprehensive personal insurance coverage
- Flexible repayment terms
#7. Emirates NBD Personal Loan
For expatriates in Emirates NBD, the salary transfer personal loans in UAE are offered at a flat rate 2.9% and a reduced rate of 5.49%. You read that correctly. Only AED 5,000 is the minimum required salary. Other features include:
- Maximum loan amount for expatriates: AED 2,000,000
- No minimum balance
- Maximum repayment term: 36 months
#8. Commercial Bank International Personal Loan
CBI Personal Loans UAE has a flat interest rate of 3%. The reducing rate is 5.44%. Minimum salary is AED 8,000
Additional benefits of this personal loan include:
- Finance up to AED 1,000,000
- Free credit card
- Insurance coverage to cover permanent disability and death
#9. HSBC Personal Loan
HSBC Bank offers loans based upon a decreasing balance. i.e. The interest rate is calculated monthly on the principal balance. Interest rates start at 5.99% per year only. Minimum salary is AED 7,500 Additional benefits include:
- No credit life insurance required
- Online applications can be made and approved in less than 10 minutes
- Quick processing
#10. Mashreq Personal Loan
Expats can get a Mashreq Personal Loan at a flat rate of 3.57% or a reduced rate of 6.49 %.
Minimum salary requirement is AED 7,000 Additional benefits include:
- Maximum loan amount of AED 1,000,000
- Easy and simple documentation
- Minimum salary and long repayment period
These are the top 10 personal loans available in UAE. It is important to compare the interest rate and processing fees of different banks. You can weigh them all to make a decision about the personal loan that best suits your needs.
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How to Get a Loan From Private Lenders in UAE
There is a strong financial sector in the UAE and many private lenders are available to offer loans to individuals and businesses. Here are some things to consider if you’re looking for a loan from an UAE private lender.
Private lenders in the UAE are available to offer loans. Before you apply, however, it is crucial to learn how to obtain a loan from them. These are some tips to help you get a loan.
- Compare the various private lenders available in the UAE. You should also look at their interest rates and repayment terms as well as any other conditions they might have.
- Compare the various loans each lender offers, and this will allow you to find the best deal possible for your situation.
- You must ensure that you are able to afford the loan repayments. You will need to look at your income and expenses to determine if you can make the monthly payments.
- Once you’ve found the loan you like, complete an application form and send it to the lender.
- After reviewing your application, the lender will decide whether to lend or not. If they approve, they will send the money you borrowed.
If you’re looking for an easy and fast process, a private lender in the United Arab Emirates may be good. Compare all available lenders to find the right one.
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.