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Emirates Islamic Personal Finance for Expats Most Popular Islamic


5,000

1,000,000

6.35%

3.50%


  • Features
  • This is great for
    • High loan Amount
    • Pre approved credit card which is free of the annual fee for the first year
  • Be Aware
    • There is an early settlement and arrangement fee
    • Low minimum salary requirement only for those customers who transfer their salaries
  • Main Benefit
    Pre approved credit card; Free of the annual fee for the first year; Choice of immediate or deferred sale of shares

Emirates NBD Loans for Expatriates Most Popular


5,000

800,000

4.99%

2.75%


  • Features
  • This is great for
    • High loan amounts
    • Free bank account and a debit card with low salary requirement to apply for this loan
    • Loans for Expats who are new in employment or new to UAE
  • Be Aware
    • There is an early settlement and arrangement fee
  • Main Benefit
    Maximum loan amount of up to AED 800000 for Expatriates; Emirates NBD has over 132 branches and over 705 ATMs across the UAE; Increased loan eligibility with co-applicant program; Loans for Expats who are new in employment or new to UAE; Free bank account and debit card; Enhanced credit life coverage; Exclusive loan return option

10,000

350,000

8.99%

4.96%


  • Features
  • This is great for
    • High loan amounts
    • Free bank account and a debit card with low salary requirement to apply for this loan
    • Loans for Expats who are new in employment or new to UAE
  • Be Aware
    • There is an early settlement and arrangement fee
  • Main Benefit
    Easy processing and simple documentation; Maximum loan amount of up to AED 300,000 for both Expatriates and UAE Nationals; EmiratesNBD has over 132 branches and over 705 ATMs across the UAE; Free bank account and debit card; Enhanced credit life coverage; Exclusive loan return option.

15,000

3,000,000

7.99%

4.4%


  • Features
  • This is great for
    • High loan amounts
    • Specifically designed to renovate and refurbish homes for UAE nationals
  • Be Aware
    • Only UAE nationals can apply for this loan
    • High salary requirement to apply for this loan
  • Main Benefit
    Maximum loan amount up to 3 million to UAE Nationals; Emirates NBD has over 132 branches and over 705 ATMs across the UAE; Loan to refurbish, renovate or repair home

8,000

1,000,000

from 5.93%

from 3.27%


  • Features
  • This is great for
    • Free insurance and a gift with this loan
    • High loan amounts
    • Long repayment period
  • Be Aware
    • There is an early settlement and arrangement fee
    • There is a minimum salary requirement
  • Main Benefit
    2 installment deferments per year, free insurance/Takaful, assured gift for every Personal loan,Loyalty Points rewards

8,000

1,000,000

from 5.99%

from 3.3%


  • Features
  • This is great for
    • Two installment deferments per year
    • Earning Loyalty Points on the loan amount
    • High loan amounts
  • Be Aware
    • There is an early settlement and arrangement fee
    • There is a minimum salary requirement
  • Main Benefit
    2 installment deferments per year, free insurance/Takaful, assured gift for every Personal loan,Loyalty Points rewards

8,000

2,000,000

from 5.68%

from 3.13%


  • Features
  • This is great for
    • High loan amounts
    • Free insurance and a gift with this loan
    • Get two installment deferments per year
  • Be Aware
    • Only UAE nationals can apply for this loan
  • Main Benefit
    2 installment deferments per year, free insurance/Takaful, assured gift for every Personal loan,Loyalty Points rewards

8,000

2,000,000

from 5.75%

from 3.17%


  • Features
  • This is great for
    • Earning Loyalty Points on the loan amount
    • High loan amounts
    • Two installment deferments per year
  • Be Aware
    • The rates applicable will be depended on salary
    • Only UAE nationals can apply for this loan
  • Main Benefit
    2 installment deferments per year, free insurance/Takaful, assured gift for every Personal loan,Loyalty Points rewards

5,000

3,000,000

4.99%

2.75%


  • Features
  • This is great for
    • Free bank account and a debit card with low salary requirement to apply for this loan
    • High loan amounts for UAE nationals
  • Be Aware
    • Only UAE nationals can apply for this loan
    • There is an early settlement and arrangement fee
  • Main Benefit
    Maximum loan amount up to 3 million to UAE Nationals; Emirates NBD has over 132 branches and over 705 ATMs across the UAE; Increased loan eligibility with additional income and co-applicant programs; Free bank account and debit card; Enhanced credit life coverage; Exclusive loan return option

5,000

3,000,000

5.42%

2.99%


  • Features
  • This is great for
    • Pre approved credit card which is free of the annual fee for the first year
    • Salary transfer is not a requirement
    • Have the choice of immediate or deferred sale of shares
  • Be Aware
    • Only UAE nationals can apply for this loan
    • Low minimum salary requirement only for those customers who transfer their salaries
  • Main Benefit
    Pre approved credit card; Free of the annual fee for the first year; Choice of immediate or deferred sale of shares

10,000

3,000,000

9.50%

5.24%


  • Features
  • This is great for
    • Get a free credit card with your loan
    • High loan amounts
    • Deferring 4 installments in one year
  • Be Aware
    • High salary requirement to apply for this loan
    • Only UAE nationals can apply for this loan
  • Main Benefit
    Get up to 4 installements deferred in one year and a free credit card

5,000

Unlimited

5.50%

3.03%


  • Features
  • This is great for
    • High loan amounts
    • Get up to 2 installments deferred in one year and a free credit card
    • Low salary requirement to apply for this loan
  • Be Aware
    • There is an early settlement and arrangement fee
    • UAE nationals cannot apply for this loan
  • Main Benefit
    Get up to 2 installements deferred in one year and a free credit card

6,000

1,000,000

9.96%

5.49%


  • Features
  • This is great for
    • High loan amounts
    • Low salary requirement to apply for this loan
  • Be Aware
    • There is an early settlement and arrangement fee
    • UAE nationals cannot apply for this loan
  • Main Benefit
    Loan repayment up to 48 months; 1% early settlement fee; 1% arrangement fee

6,000

2,500,000

9.96%

5.49%


  • Features
  • This is great for
    • High loan amounts for UAE nationals
    • Low salary requirement to apply for this loan
  • Be Aware
    • There is an early settlement and arrangement fee
    • Only UAE nationals can apply for this loan
  • Main Benefit
    Loan repayment up to 48 months; 1% early settlement fee; 1% arrangement fee

3,000

250,000

16.00%

8.82%


  • Features
    • No Arrangement Fee
    • No Early Settlement Fee
  • This is great for
    • Low salary requirement to apply for this loan
    • Specifically designed for buying goods such as furniture and electronics
  • Be Aware
    • High interest rates applicable on this loan
    • Only UAE nationals can apply for this loan
  • Main Benefit
    This finance is given against Rent; Medical; Travel; Education; Wedding or Goods payments and the time to repay the finance varies based on the service

5,000

650,000

16.33%

9.00%


  • Features
  • This is great for
    • High loan amount
    • Free takaful up to the loan amount
    • Low salary requirement to apply for this loan
  • Be Aware
    • There is an early settlement and arrangement fee
  • Main Benefit
    All Amal Personal Finance Customers benefit from free takaful up to the value

6,000

550,000

5.49%

3.03%


  • Features
  • This is great for
    • High loan amounts
    • Low salary requirement to apply for this loan
  • Be Aware
    • There is an early settlement and arrangement fee
  • Main Benefit
    Grace period of up to 45 days; Finance amount up to AED550000 with a loan repayment period of up to 48 months

20,000

3,000,000

10.00%

5.51%


  • Features
    • No Early Settlement Fee
  • This is great for
    • High loan amounts
    • Postponing installment for the first 3 months
    • Specifically designed to get rid of interest-bearing credit cards, car loans and personal loans for UAE nationals
  • Be Aware
    • High salary requirement to apply for this loan
    • Only UAE nationals can apply for this loan
  • Main Benefit
    No installment for the first 3 months; Free postponement option; Optional Takaful protection scheme to cover the entire outstanding against death and permanent total disability

15,000

200,000

from 18%

from 9.92%


  • Features
    • No Salary Transfer
  • This is great for
    • Long repayment period
    • Get takaful as part of the finance
  • Be Aware
    • High salary requirement to apply for this loan
    • High interest rates applicable on this loan
  • Main Benefit
    Fast processing, minimal documentation and finance up to AED200,000

30,000

175,000

from 18%

from 9.92%


  • Features
    • No Salary Transfer
  • This is great for
    • Long repayment period
    • Get takaful as part of the finance
  • Be Aware
    • High salary requirement to apply for this loan
    • High interest rates applicable on this loan
  • Main Benefit
    Fast processing, minimal documentation and finance up to AED175,000

5,000

2,000,000

6.06%

3.34%


  • Features
  • This is great for
    • High loan amounts for UAE nationals
    • Be eligible for a free lifetime credit card
    • Low salary requirement to apply for this loan
  • Be Aware
    • If salary is not transferred than rate applicable will be higher
    • There is an early settlement and arrangement fee
  • Main Benefit
    Second finance and enhancement options available; Free lifetime credit card; 1% early settlement fee; 1% arrangement fee; maximum finance amount of AED 2,000,000

7,000

100,000

6.49%

3.58%


  • Features
  • This is great for
    • Specifically for IVF treatment
  • Be Aware
    • Loan repayment up to 12 months
    • Loan available only for specific clinics
  • Main Benefit
    Maximum loan amount of AED 100000; 1% early settlement fee; 0.50% arrangement fee; loan repayment period of up to 12 months

5,000

200,000

24%

13.23%


  • Features
    • No Salary Transfer
  • This is great for
    • Low salary requirement to apply for this loan
    • Long repayment period
  • Be Aware
    • There is an early settlement and arrangement fee
  • Main Benefit
    Repayment period up to 48 months; 1% early settlement fee; 1% arrangement fee; maximum loan amount of AED 200,000

10,000

250,000

15%

8.27%


  • Features
    • No Salary Transfer
  • This is great for
    • High loan amounts for UAE nationals
    • Long repayment period
  • Be Aware
    • Only UAE nationals can apply for this loan
  • Main Benefit
    Repayment period up to 48 months; 1% early settlement fee; 1% arrangement fee; maximum loan amount of AED 250,000

6,500

3,000,000

from 11.50%

from 6.34%


  • Features
  • This is great for
    • High loan amounts
    • Get takaful as part of the finance
    • Secured finance against end of service benefits
  • Be Aware
    • Only UAE nationals can apply for this loan
    • There is an early settlement and arrangement fee
  • Main Benefit
    Fast processing, minimal documentation and finance up to AED3,000,000
Page 1 of 3

Our Guide to Personal Loans in UAE

Souqalmal.com is the leading price comparison in the Middle East allowing users to compare over 450 banking products in the UAE.  The personal finance section allows you to compare over 65 personal finance products in the UAE from the banks in Dubai and Abu Dhabi. With 8 main different features of personal loans and financial products that would be of interest to you, you can refine your search to see the best personal loans suited for you.

What should you know before comparing personal loans in the UAE?

1. Amount required.  Each UAE bank has a maximum loan amount they will provide you.  Once you know how much you need, make sure you compare the loans whose maximum payout is higher than what you need.

2. Minimum salary requirement – Each UAE bank will impose a minimum salary they require you to have to give you any loans  - When you are looking to compare loans, try and select only the ones with a minimum salary less than your monthly pay.

3. Arrangement fees – This is a fee the bank would charge you at the beginning of the loan and is clubbed with your principal loan amount. Some of the arrangement fee on offer may be 0% but they can also go up to AED 600 or 2% of your loan depending on the loan you have requested for.

4. Early settlement fee - If you are planning to take your personal loan for 5 years but thinking of paying if off before then, the early settlement becomes an important factor in your decision.  This is a fee that is imposed on you if you decide to pay off your loan early.  Check the fine prints as some of the offers on early settlement fees only applies if you settle in cash and not if you are refinancing.

5. Flat and Reducing Rates: Rate is still considered to many people one of the most important factors to consider in a personal loan.  But this is where there is the most confusion as well.  A rate on a personal loan can be calculated in two ways - as a reducing rate or as a flat rate.  Reducing rate is calculated on the outstanding balance of your loan and flat rate is calculated on the principal amount throughout the duration of your loan.  So a loan at a reducing rate of 8% is exactly the same as a loan at a flat rate of 4.41% (the general rule is you divide reducing by 1.813 to get the equivalent flat rate) - So be careful when you compare rates as one bank maybe advertising a reducing rate loan and the other a flat rate loan.  On Souqalmal.com, we have calculated the equivalent for you for each loan so you get to compare apples with apples.

6. Salary transfer: UAE Banks have different rates for customers who would want to open an account and have their salaries transferred into the account from their employer every month versus a customer who doesn’t transfer the salary. The bank will consider a customer with a salary transfer less risky and generally offers a lower rate. Some banks do not offer personal loans to customers who do not wish to transfer their salary. You can view whether a salary is required or not on Souqalmal.com.

7. Islamic or conventional: Are you looking for a personal finance that follows the Shariah law? On Souqalmal.com, you can search and compare all Islamic personal finance options in the UAE.  

Islamic Personal Finance

There are many concepts banks use to provide personal finance.  Using the Murabaha, the bank would normally buy the product and then re-sell the product to the customer at a higher price.  The profit can be made in monthly installments and referred to as a profit rate.

Extending your personal loan

If you need to extend your personal loan, there are ways you can look into. You can contact your bank to see if they are happy to extend your current loan or you can buy out your loan by another bank, also known as refinancing.  Make sure you understand any fees or charges applied to the loan if you get out early such as early settlement fees

What are your options of personal loans

There are over 50 banks in the UAE and many options to choose from.  Whatever the reason for taking out a personal loan, make sure you compare them, the rates, the early settlement fees and the arrangement fees.  You may also want to look at the customer service of the bank before taking up your personal loan.


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