Are you desperately trying to get a personal loan in the UAE? Is your four-digit salary coming in the way?
Getting access to personal finance can be difficult when you have to meet a number of eligibility criteria. And one of the biggest make-or-break requirements is obviously your monthly salary. But the good news is that many banks offer personal loans to suit UAE residents earning relatively lower salaries.
Our team has shortlisted five such loan products for employees earning anywhere from AED 3,000 to AED 5,000.
Dubai Islamic Bank Services Ijarah
Under this Shariah-compliant product offered by Dubai Islamic bank, you can avail finance for a wide range of service-related expenses. These include paying your house rent, meeting your child’s education expenses, paying for travel-related expenses, covering medical expenses, as well as covering a number of wedding expenses.
The maximum repayment tenure is four years. You would require a minimum salary of AED 3,000 per month to be eligible to apply for this personal finance product.
Other important features
1) Although the stated maximum finance amount is AED 4 Million for UAE Nationals and AED 2 Million for expat residents, the actual finance value will vary based on the applicant’s eligibility.
2) The actual profit rate would be based on an individual applicant’s profile, salary and employer.
[Compare and choose from over 70 personal loans in the UAE]
SAMBA Salary Transfer Finance
Available in both, a conventional as well as a Shariah-compliant format, this finance product by SAMBA can get you access to finance of up to 20 times your salary. There is also no requirement for any form of collateral or loan guarantor.
The maximum repayment tenure is four years. You would require a minimum salary of AED 5,000 per month to be eligible to apply for this personal finance product.
Other important features
1) The maximum loan amount available is AED 600,000.
2) You are required to transfer your salary to SAMBA.
3) The bank also offers a personal finance take-over, wherein you can transfer your existing loan to SAMBA.
National Bank of Fujairah Personal Loan
This loan product by NBF is also available in both, Islamic as well as conventional variants. The maximum loan amount is set at 20 multiples of an applicant’s monthly salary.
The maximum repayment tenure is four years. You would require a minimum salary of AED 5,000 per month to be eligible to apply for this personal finance product.
Other important features
1) You must be working with your current employer for at least six months to be eligible to apply.
2) It is mandatory to transfer your salary to NBF.
SimplyLife Personal Loan
Here’s another loan product with a low salary requirement. There is no requirement for a collateral or loan guarantor. Another great feature of this product is that the bank does not levy a penalty on early loan settlement, if you use your own funds.
The maximum repayment tenure is four years. You would require a minimum salary of AED 5,000 per month to be eligible to apply for this personal loan.
Other important features
1) The maximum loan amount available is AED 500,000.
2) You are required to transfer your salary to the bank.
RAKBANK Personal Loan
RAKBANK’s flagship personal loan product comes with a host of great features. Along with the loan, salary transfer applicants also get a free debit card, free personalized cheque book and a free zero-annual fee credit card. Borrowers can even get a top-up loan after the first year.
The maximum loan amount is set at 20 times the applicant’s monthly salary (15 times the monthly salary for UAE Armed Forces Staff).
The maximum repayment tenure is four years (UAE Armed Forces Staff get an extended repayment tenure of five years). You would require a minimum salary of AED 3,000 per month to be eligible to apply for this personal loan. Your employer must be on RAKBANK’s approved list of employers.
Other important features
1) It is mandatory to transfer your salary to the bank.
2) The bank also offers a loan take-over, wherein you can transfer your existing loan from any other bank to RAKBANK
Looking to apply for a new loan, credit card or bank account? We’ve got you covered! Compare hundreds of credit cards, accounts, personal loans, car loans and mortgage products in the UAE.