Top Banks Offering Personal Loan in UAE With 5000 Salary

Embarking on the personal finance journey can feel overwhelming, particularly if you’re looking for a personal loan on a salary of AED 5000 in the UAE. But don’t worry! This easy-to-follow guide is here to light your way. It focuses on finding the best banks in the UAE that offer personal loans to people earning AED 5000. We will explore each bank’s offerings, including their specific requirements and benefits. This will give you the knowledge and confidence to choose the right bank for your loan. Remember, understanding your options is the key to making a smart financial decision.

Banks Offering Personal Loan Under 5000 Salary

Emirates NBD Personal Loan

Features of Emirates NBD Personal Loan

1. Lower interest rates: Offers competitive rates compared to market offerings. Interest rates start at 2.81% p.a.
2. Debt consolidation: Includes a ‘One Pay’ feature to lighten monthly payments.
3. Free insurance: Free credit life insurance covers outstanding loan amounts in case of eventualities.
4. Easy top-up: Allows for easy access to additional funds through loan top-ups. 

Terms and Conditions

The updated terms and conditions of the bank can be accessed through this link.

Eligibility for Emirates NBD Personal Loan

• Nationality and residence: You must be a UAE national or a resident.
• Age requirement: Be between 21 and 60 years old.
• Income criteria: Earn at least AED 5,000 monthly.
• Employment standards: Work for a company that we recognize and approve.
• Self-employed applicants: If you run your own business, it should have been active for at least two years. Plus, maintain a balance of at least AED 50,000 in your account for six months or more.

Documents Needed for Emirates NBD Personal Loans

• Passport.
• A valid UAE residency visa and Emirates ID, along with copies.
• Any work-related ID like a Staff ID, Labor Card, or Work ID.
• Your most recent salary certificate.
• Bank statements from the last three months.
• A security cheque.

How to apply for a personal loan from Emirates NBD ? 

Phone Banking:

• Call: Dial 800 ENBD (3623) and follow the instructions.
• Response time: Expect a callback within 48 hours.
• Preparation: Have necessary documents ready for a quicker process.

SMS Application:

• Send SMS: Text ‘Loan’ to 4454.
• Response time: You will be contacted within 48 hours.
• Document ready: Keep relevant documents at hand for efficiency.

Branch Visit:

• Location: Visit the nearest Emirates NBD branch.
• Assistance: Branch staff will assist with the application.
• Bring documents: Carry the required documents for immediate processing.

Website Application:

• Procedure: Go to Emirates NBD website, navigate to Personal Loans > Apply now.
• Information needed: Fill in details like Name, Email, Mobile Number, and Monthly Income.
• Follow-up: The bank will contact you within 48 hours.
• Document preparation: Ensure all necessary documents are ready.

Dubai Islamic Bank Personal Loan

Features of the Dubai Islamic Bank Personal Loan

1. Financing amounts: Up to AED 4 million for UAE Nationals and AED 2 million for Expatriates.
2. Profit rates: Ranging from 5.99% to 21.99% per annum (reducing).
3. First instalment payment: Up to 120 days for UAE Nationals and 90 days for Expatriates.
4. Minimum salary requirement: Starting from AED 3,000.
5. Tenure: Maximum of 48 months.
6. Quick processing: Efficient handling of finance applications.
7. Sharia-compliant: The finance structure and documentation comply with Sharia principles.

Terms and Conditions

• National financing scheme: Available for eligible UAE Nationals.
• Instalment postponement: Available for customers who transfer their salary to DIB.
• Sharia compliance: All financing under a Sharia-compliant structure.
• Al Etihad Credit Bureau (AECB) Consent: Mandatory for all applicants.
• Salary transfer is not mandatory for Al Islami Personal Finance applicants.
• Minimum monthly salary of AED 15,000 transferred to DIB 

Eligibility for Dubai Islamic Bank Personal Loan

• For UAE Nationals: Special terms like longer first instalment payment period and higher financing amounts.
• For expatriates: Specific financing limits and terms apply.
• Salary requirements: Vary based on the finance product and customer profile.

Documents Needed for Dubai Islamic Bank Personal Loan

1. Passport copy: With residence visa for expatriates.
2. Emirates ID copy.
3. Salary and End of Service Benefit Transfer Letter or Certificate: From the employer.
4. Bank statement: Minimum 3 months (6 months for self-employed professionals/businessmen).
5. Trade license copy: For self-employed professionals/businessmen.

How to apply for a personal loan from Dubai Islamic Bank?

1. Application Process for Existing DIB Customers:
   • If you are already a DIB customer, you can apply easily via ALT MOBILE or ALT ONLINE platforms.
2. Application Process for New Customers:
   • Visit the DIB application page: DIB Personal Finance Application.
3. Fill in your personal information, including:
   • First Name
   • Last Name
   • Company Name
   • Email Address
   • Mobile Number
   • Date of Birth
   • Indicate your employment status (Salaried or Self-Employed).
   • Specify your monthly income in AED.
4. Required Documents:
   • Please provide the required documents indicated above.
5. Submission and Agreement:
   • After filling in all the mandatory fields, review your application.
   • By applying, you agree to the Terms and Conditions of the loan.
6. Awaiting Response:
   • Once submitted, wait for a representative from DIB to contact you for further steps.
7. Loan Approval and Disbursement:
   • The loan amount will be disbursed upon approval per the bank’s policy and agreement terms.
8. First Instalment Payment:
   • Be aware of the terms regarding the first instalment payment, which can be up to 120 days after the loan disbursement.

ADIB Personal Loan

Features of ADIB Personal Loan

• For UAE nationals: You can finance up to AED 3 Million.
• For expatriates: Finance up to AED 2 Million is available.
• Attractive profit rate: The plan comes with a competitive interest rate.
• Flexible repayment: Pay back comfortably over 48 months.
• Easy postponements: Delay up to 2 instalments without any extra charges.
• Quick pre-approval: Expect a decision in just 30 minutes.
• Grace period: Enjoy up to 120 days before starting repayments.
• Takaful cover: Optional coverage for outstanding finance in case of death or permanent disability.

Terms and Conditions

The updated terms and conditions of the bank can be accessed through this link.

Eligibility for ADIB Personal Loan

• Minimum salary requirement: AED 5,000.
• Age for applying: at least 21 years.
• Maximum age at finance end:
  • UAE Nationals: 65 years.
  • Expatriates: 60 years.

Documents Needed for ADIB Personal Loan

• Valid passport (with residence visa for expatriates).
• Valid Emirates ID.
• Recent salary certificate or proof of income.
• Three months bank statement if the salary is not credited to ADIB.

How to apply for a personal loan from ADIB?

Applying Online:

1. Visit ADIB’s Official Website:
   • Start by navigating to ADIB’s official website for personal loans.
2. Locate the Personal Loan Section:
   • Find and click “Apply Now”.

3. Fill Out the Application Form: You will need to provide your details. These typically include:
   • Name
   • Email
   • Contact number
   • Income range
   • Company name
4. Submission and Follow-up:
   • Once you’ve filled out the form, submit it through the website.
   • ADIB will review your application and contact you for further steps.

Visiting a Branch:

1. Locate Your Nearest ADIB Branch:
   • Use this link to find the nearest ADIB branch: ADIB Branch Locator.
2. Prepare Necessary Documents:
   • Before visiting, gather all the necessary documents mentioned above.
3. Visit the Branch:
   • Go to the branch during working hours.
4. Consult with a Loan Officer:
   • Once at the branch, ask to speak with a loan officer.
   • The loan officer will guide you through the application process, answer any questions, and help with paperwork.
5. Complete the Application Process:
   • Fill out the loan application form with the help of the officer.
   • Submit the form along with any required documents.
6. Wait for Approval:
   • After submission, your loan application will be processed.
   • ADIB will notify you about the approval status and next steps.

RAKBANK Personal Loan

Features of RAKBANK Personal Loan

• Flexible and low-cost: The loan is designed to cater to various needs such as weddings, holidays, unexpected expenses, or transferring your loan from another bank.
• Competitive interest rates: Starting from 5.39% per annum on a reducing rate basis.
• Swift approval: The process is streamlined for quick approval.
• Loan top-up: Option to top up your existing loan.
• Flexible repayments: A repayment period of up to 48 months for expatriates.

Terms & Conditions:

1. Chequebook charges: According to the Service & Price Guide, a personalised cheque book will incur fees. The bank must approve it first.
2. Loan terms:
   • Approval: RAKBANK decides whether to give you a loan. This decision is based on their terms and conditions.
   • Changes in terms: The bank can change the loan’s features, fees, charges, and terms. However, they will inform you 60 days before any changes.
   • Interest rate changes: The bank can also change the interest rates on your loan. They’ll give you a 30-day notice before doing so.
3. Repayments:
   • On-time payments: Pay your loan instalments on time to avoid late payment fees.
4. Risks and responsibilities:
   • Monthly payments: You must repay the loan in equal monthly instalments. Make sure you can afford these payments throughout the loan period.
5. Warnings and penalties:
   • Early repayment: As stated in the Service and Price Guide, if you pay off your loan early, you’ll be charged prepayment fees.
   • Late or missed payments: Late or missed payments will lead to extra charges (default interest) as per the Service and Price Guide rates.
6. Consequences of default:
   • The bank can cancel your loan and demand immediate full repayment.
   • Your default will be reported to regulatory authorities and credit rating agencies, affecting your credit score.
   • The bank can take legal action against you if you don’t pay or break the loan terms.

Eligibility

• Age: Must be 21 years or older
• Salaried expatriate residing and living in the UAE

Documents Needed

• Requirement for end-of-service benefits and salary transfer to RAKBANK until the full repayment of the Personal Loan.
• A minimum Al Etihad Credit Bureau (AECB) score of 541 is necessary.
• An employer approved by RAKBANK must employ the customer.

How to Apply?

1. Use the ‘Call Me Back‘ feature on the RAKBANK website to request a callback from a bank representative.
2. Fill in your details like name, email address, mobile number, and salary in the provided form.
3. A bank representative will get back to you shortly to assist you.

Deem Finance Personal Loan

Features of Deem Personal Loans

1. Affordable monthly instalments: The loan is structured to ensure that the monthly payments are manageable and don’t strain your budget.
2. No salary transfer required: You can pay your instalments from any bank account without a salary transfer.
3. Quick qualification process: The online application process is swift; you can find out if you qualify for the loan in just a few minutes.
4. Flexible repayment terms: You can choose a repayment period that suits you best, ranging from 1 to 4 years.
5. Deem credit life plus: This feature protects your loan in case of death or terminal illness, including repatriation expenses.

Terms and Conditions

• The terms and conditions are designed to be clear and easy to understand. Contact Deem customer care or visit their website’s terms and conditions page for detailed information.

Eligibility for a Deem Personal Loan

• A minimum salary of AED 5,000 or higher. Additional criteria may apply, and you can check their website to find out if you meet their eligibility requirements.

How to apply for a personal loan from Deem Finance?

1. Start the Application Process:
   • Visit the Deem Finance loan application page here.
2. Enter Personal Details:
   • Input your full name as it appears on official documents.
   • Provide your mobile number for contact purposes.
3. Opt for Notifications:
   • Decide if you would like to receive alerts and notifications on WhatsApp. This can be useful for keeping track of your application status.
4. Continue with the Application:
   • Click on the ‘CONTINUE’ button to proceed to the next steps of the application.
5. Follow Subsequent Instructions:
   • The website will guide you through additional steps, including providing more personal information, financial details, and any required documentation.
6. Review and Submit:
   • Carefully review all the information you have entered.
   • Submit your application for processing.
7. Wait for Approval:
   • After submission, your application will be reviewed by Deem Finance.
   • You will be notified of the decision through the contact details you provided.
8. Further Communication:
   • If your application is approved, Deem Finance will likely contact you for further steps, including signing agreements and discussing loan terms.
9. Loan Disbursement:
   • Once all formalities are completed, the loan amount will be disbursed per the agreed terms.

Documents Needed for Loan Application

1. Valid Emirates ID and passport: These are essential for identity verification.
2. Proof of income includes bank statements, pay slips, or a salary certificate. Additional documents may be requested if needed.

Interest Rates and Fees

• Interest rates range from 15.99% to 34.99% per year, varying based on your profile and loan duration.

FAQs

What are the interest rates for these personal loans?

Interest rates vary but generally range from 2% to 9% (flat rate) and 5% to 16% (reducing rate).

Is salary transfer mandatory for these loans?

While not always mandatory, banks usually prefer salary transfers to their branches for security reasons.

Which bank is best for a personal loan in the UAE without a salary transfer?

Deem Finance offers personal loans without needing salary transfer.

Conclusion

Securing a personal loan in the UAE with a salary of AED 5000 is feasible, with several banks offering tailored options. Understanding each bank’s requirements and benefits allows you to choose the right loan to meet your financial goals confidently.