A number of banks in the UAE offer personal loans to expatriates with lower salaries. The minimum monthly salary requirement is usually AED 5,000 (as is the case at Emirates NBD, RAKBANK, Citibank, Mashreq and others). On the other hand, it’s also common for many banks to require borrowers to have a higher monthly salary. For example, HSBC requires a minimum monthly salary of AED 7,500, while the minimum amount is AED 7,000 for personal loans from the National Bank of Abu Dhabi. But what if you salary is less than AED5,000 a month?
If you earn less than AED5,000 a month, there are a few financing options available to you
Dubai Islamic Bank offers the Al Islami Goods Finance loan for expats who earn at least AED 3,000 per month. Bank of Baroda issues loans to workers with a minimum salary of AED 4,000 given they have documents to prove they have been working in the country for at least six months. Also, some banks with slightly higher salary requirements can take into account housing accommodation paid for by an employer, when considering a loan application.
You may also be able to take out a loan on your credit card, which is an alternative to the traditional loan products offered by banks. In this scenario you’d typically already be pre-approved by your bank for a specific maximum amount which could be credited to your bank account should you be approved. Customers who go this route usually do so when they need smaller sums and a quicker loan application processing time frame.
[Browse personal finance options for salaries of AED5,000 or less]
Most banks typically require you to transfer your salary
Do note that in most cases where a bank will extend a loan to you, it will require that your salary is transferred to an account with the bank every month. This gives banks a higher level of security and the ability to monitor your cash flow. Essentially, it’s an agreement between the lender and the borrower that your monthly salary would be transferred automatically to the specific bank in question. Not all companies allow employees to set up such loans and arrangements, so it’s wise to check first with your employer if this is possible.
Other standard requirements include salary certificates, employer documentation, previous bank statements and proof of being employed for at least six months. Some banks such as Emirates NBD require that a borrower’s employer be on the bank’s approved list of companies.
[Related: Over 60 and trying to get a loan? | Personal loan versus loan on credit card]
Also, pay close attention to the interest rates that are advertised on loans for lower salary customers. These rates tend to be much higher. Reducing rates can range from 4.9% to 19% (which is paid on the total loan amount per year), while flat rates usually vary from 2% to around 11%. You should always shop around first to see which bank would offer you the lowest rate with the terms that work best for you.
One more thing to keep in mind is the growing presence of the so-called “loan sharks” who usually target workers at the lower end of the salary bracket. These individuals usually advertise by word-of-mouth and sometimes even ask applicants to hand over their passports when giving out loans. However, with a lack of awareness among many expats and the rising cost of living, many residents end up falling victim to these illegal money lenders.
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how to get a personal loan with a salary of 3250 a month?
Thank you for your query Brian. Here is a link with a list of personal loans for salaries of AED5,000 or less: https://www.souqalmal.com/financial-education/ae-en/personal-loans/1?salary=%3C%3D5000&token=b8789853f1ae74e64ab803bffa41a6a1. I hope this helps!
Azza
How to get a loan on a AED 5,000 salary or less ( Less means How much monthly Salary )
Hello Mohammed, thank you for your comment. Basically, there are some personal finance options available for those earning a salary of AED3,000 for example. You can view all loan listings for salaries of AED5,000 or less here
My salary 4200 with overtime 5300 I can tack credit
Hello Ali, you can have a look at the loan listings for salaries of AED5,000 or below on our site here and if you would like to check with the banks directly, you can contact them to enquire if it would be possible to get financing based on your salary. I hope this helps.
Hello this is very good and highly appropriate .
My salary is 5000. And I’ve already an existing loan. And now am looking for another loan. Is it possible or not?
Hello Subin and thanks for your query. Whether or not it is possible to get another loan depends on your bank and its policy so you should really check your eligibility with them. Just bear in mind that in the UAE, your total loan and other finance monthly instalments should not be more than 50% of your monthly salary – this is called your debt-to-burden ratio.
Hi, please I just want to know if it’s possible to apply loan from Kuwait because I am working in Kuwait. I want to know if there is any way to applying from here to get a loan I am waiting for your reply, thanks.
Hello Lakshitha, thanks for your query. You should check with Kuwait based banks about loan options based on your eligibility
Hi,
My salary is AED 7000/and transferring to ADCB. But my company is not listed with any of the banks. Can you please advise me how can I get a personal loan? I have completed in this company more than one year.
Dear Anitha, many thanks for your query. There are some banks in the UAE that may finance individuals who work for non-listed companies. Here is a list of these loans that you can browse and then check with the banks if you are eligible. I hope this is helpful!
My salary 6500/- I have credit card limit 10,000/-
how much amount get loan & how much interest rate.
which bank providing good interest rate and more money.
Thank you for your query Biju, on this link, you will be able to compare personal loans in the UAE for salaries between AED5,000 and AED10,000. You can look at interest rates and maximum loan amounts as well, among other loan features.
i want to apply for personal loan. my salary is AED 6000. pls advise
Dear Kamran, many thanks for your query. You can look at a list of personal loans provided for expats by banks in the UAE for salaries between AED5,000 and AED10,000 here you can then either apply online through souqalmal.com or contact the banks directly where there is no option to apply
Can I get personal loan my visa on out source and without sallery transfer
Hello Eslam, many thanks for your query. For your specific request, you should always check with banks if you are eligible. But here is a list of personal loans in the UAE that do not require salary transfer. I hope this helps!
Sir, I am working in dubai and need a loan
Thank you for your query Shameer. You can view a list of personal loans in the UAE from different banks on this link. I hope this is helpful.
hi , i have a salary of 7100 , i need a personal loan of AED 100000 , can you please help me with the best lowest rate , my company is not listed
Thank you for your query Ahmad. You can browse a list of personal loans in the UAE for salaries ranging from AED5,000 to AED10,000 per month. These are for individuals who work for non-listed companies. I hope this helps.
Dear Sir / Madam,
as i m new in UAE i have yet finished my one month in a reputed company….my question is that can i get any personal loans urgently from any bank in UAE????my salary is more than 12,000/-…
Please advice me as soon as possible.
Thanks
Wahid
Hello Wahid, thank you for your query. You should check with your bank directly as they will be able to inform you what their policy is in this instance. Good luck!
Hi Ms. Azza,
Hope you are well. I would like to find out if I can possibly file for a personal loan. My salary is 3000 AED. I was trying to search and filter the categories but the salary minimum showing is 5000 AED. There is no option for 5000 AED or less salary.
Please fill me in and hope to hear from you soon.
Best Regards,
Sherwin Tupas
Dear Sherwin, many thanks for your query. There are a few personal finance options listed on our site for those earning a salary of AED5,000 or less. Here is the link. I hope this helps in some way.
Hi sir
Im working as a security guard
My basic salary is 2000 aed
Also over time 770aed
Dubai Islamic bank my salary transfer
Some months my salary come up 3000 aed
I need personal loan
I like to know
Im available to get personal loan?
What documents i want provide?
Maximum how much i can get loan?
Thanks
Dear Mohamed, many thanks for your query. There are a few personal finance options listed on our site but only for those earning a salary of AED3,500 or more.
Dear madam,
My salary is 3250,am I eligible to get loan,if yes whom I have to contact ?
Thanks
Hello Chandru, thank you for your query. You can view personal finance products based on a salary of AED5000 or less here
Hi. I need personal loan. I have account in dib.my salary is between 4k and 5k.
Dear Sayed, many thanks for your query. There are a few personal finance options listed on our site for those earning a salary of AED5,000 or less. Here is the link. I hope this helps in some way.
What if my salary is 3000,but my company sends only 2000 in the bank because the other 1000 they given it by cash..from the health authority they are giving me a special allowance..can i get a loan? thank you
Hello Freda, thanks for your query. That will depend on your bank’s policy. You should check with them.
My salary is only 3800 and i applied for personal load and Dubai Islamic Bank. I am qualified but the question is they needed a transfer letter with their own format which my company having different document format and that made my loan application rejected. Please advise for either what i do or if there any financial institution who provide loan for employee with 3000 salary bracket. thank you
Thank you for your query Jeffrey, I’m sorry to hear that your application got rejected. Each bank has its own policy with regards to documentation and application requirements. Perhaps try explaining the situation to your employer? On our site, these are all the loans with a minimum salary requirement of AED5,000 or less. Good luck. Azza
if it possible to get loan in 2000 dhs salary ?
If yes how much i can ge
Most of the loans that are given in the UAE are generally with minimum salary of AED 5,000 – DIB is the one bank that gives loans to salaries of AED 3,000.
2300my salary how I get loan
Hi Kranthi. Thanks for contacting us. Please find the link below which includes information on loans for salaries AED 5,000 and below.
https://www.souqalmal.com/financial-education/ae-en/personal-loans
My Salary is AED 2500 and my company is not listed in DIB. So Is it possible to get loan from DIB?
Hi Shafeek, thank you for your question. The best way to find out whether or not you can get a loan from them is to call them and provide all your details. However, from what I am aware of, the lowest min salary requirement is generally around AED 3,000