The UAE has a large number of expats, many of whom look for personal loans to cover expenses, pay off debts, or finance personal projects. Personal loans are a financial lifeline for many expats in the UAE, providing quick access to funds for various needs. It’s important for expats to understand the details of getting a personal loan in the UAE to make smart financial choices. This article, here, is to provide a detailed guide on personal loans in UAE for expats. So here’s what we’ll cover: everything from eligibility criteria and application processes to the best banks offering personal loan in UAE for expats.
Here are the top banks offering personal loan in UAE for Expats:
FAB Personal Loan For Expats
- Features:
- Loan up to AED 2 million.
- A grace period of up to 275 days for the first instalment
- Up to AED 7,500 in FAB Rewards when transferring salary to a FAB account and holding a FAB credit card
- Required Documents:
- Valid passport/resident visa/Emirates ID (originals should be presented)
- Bank transaction proof for the last 3 months showing salary credits (even if salary is not credited to a FAB account)
- Salary transfer letter/salary certificate addressed to FAB
- Liability letter or clearance letter (in case of buyout loans)
- Signed and completed application
- Eligibility Criteria:
- Minimum monthly salary of AED 7,000
- Employment with a governmental, semi-governmental, or legitimate private organisation
- Applicants must be 21+ years old
- Minimum of 6 months of service or confirmed employment with the current employer
- Interest Rate:
- From 5.34% fixed per year with a multi-product package (salary transfer to FAB account and holding a FAB credit card)
- 6.95% variable per year with a salary transfer to a FAB account without holding a FAB credit card
- Fees:
- One-time upfront processing fee of 1.05% on the loan amount (minimum AED 525 and maximum AED 2,625)
- Life insurance fees may apply
How To Apply?
- Step 1: Visit this URL.
- Step 2: Scroll down and enter your first and last name, phone number, email address, emirate, salary per month, and nationality in the enquiry form.
- Step 3: Accept the terms and conditions and click “Apply Now”. Once the application is received, the authorities will contact you to discuss everything further.
Emirates Islamic Bank Personal Loan For Expats
- Features:
- Finance amount up to AED 3 million
- Flexible repayment time up to 4 years
- No over-limit fees or additional charges
- Required Documents:
- Completed application form
- Copy of valid passport with UAE residence visa
- Last three months’ bank statements
- Salary transfer letter/certificate
- Liability letter (for buyout cases)
- Trade license (for self-employed customers)
- Eligibility Criteria:
- Minimum monthly salary: AED 10,000
- Minimum age: 21 years
- Maximum age: 60 years for expats at maturity
- Employment confirmation: First salary credited to Emirates Islamic account
- Interest Rate:
- Starting from 2.85%
- Starting from 2.85%
- Fees:
- Finance Processing Fee: 0.7875% of the Finance Amount (minimum AED 525, maximum AED 2,625).
- Takaful Fees: 0.01194% of the Finance Amount multiplied by the Tenure (in months).
- Takaful Fees for Pilots and Cabin Crew: 0.01618% of the Finance Amount multiplied by the Tenure (in months).
How To Apply?
- Step 1: Visit this URL. and click “Apply Now” at the navigation bar.
- Step 2: To register your interest, select what you are planning for and the approximate value of the finance you will take from the options given. Click on “next.”
- Step 3: On the next page, enter your first and last name, mobile number and email, your company name, emirates, and monthly income.
- Step 4: Agree to all the terms and conditions after reading them carefully.
- Step 5: Click on “Submit”. Once the application is received, the authorities will contact you to discuss everything further.
Emirates NBD Personal Loan For Expats
- Features:
- Loan amount up to AED 3 million
- Flexible repayment time up to 48 months
- Credit Life Insurance
- Co-applicant programme
- Easy application procedure
- Required Documents:
- Valid passport and visa
- Emirates ID
- Salary transfer letter
- Bank statements (last 3-6 months)
- Completed application form
- DDS registration form
- Undated security cheque
- Eligibility Criteria:
- Minimum salary: AED 5,000
- Confirmed employment with a listed company
- Salary has to be transferred to Emirates NBD
- UAE residence
- Interest Rate:
- Competitive interest rates
- Competitive interest rates
- Fees:
- Processing fee: 1% of the loan amount
- Insurance fees may apply
How To Apply?
- Step 1: Visit this URL. and click “Apply Now”.
- Step 2: On the next page, enter your full name, mobile number, email and monthly income.
- Step 3: Agree to the terms and conditions and subscribe to special offers.
- Step 4: Click on “Finish Application”. Once the application is received, the authorities will contact you to discuss everything further.
NBQ Personal Loan Personal Loan For Expats
- Features:
- Loan up to 20 times the monthly salary
- Repayment tenure up to 48 months
- Free life insurance covering the outstanding amount
- Free Debit/ATM card
- 2 instalments deferment per year
- Required Documents:
- Valid Emirates ID and passport with residence visa
- Financial documents showing monthly salary transfer (salary transfer letter, bank statement)
- Other documents, as requested by the bank
- Eligibility Criteria:
- Expatriates with salary transfer to NBQ
- Minimum age: 23 years, maximum age: 60 years at loan maturity
- Minimum service period: 3 years with current employer
- Interest Rate:
- Starting from 3.28% flat p.a. to 3.80% flat p.a.
- Starting from 3.28% flat p.a. to 3.80% flat p.a.
- Fees:
- Processing fee: 1% of the loan (minimum AED 500, maximum AED 2,500)
How To Apply?
- Step 1: Visit this URL. and click “Apply Now” at the navigation bar.
- Step 2: On the next page, select whether you are an NBQ customer and enter your first name, family name, mobile number, email, address, job profession, monthly income, and preferred contact time.
- Step 3: Agree to the terms and conditions after reading them.
- Step 4: Click on “Apply Now”. Once the application is received, the authorities will contact you to discuss everything further.
UAB Personal Loan For Expats
- Features:
- Loan amount up to AED 1.5 million
- Repayment period of up to 48 months
- Quick approvals
- Deferment and top-up facilities
- Free credit card for the first year
- Required Documents:
- Completed application form
- Passport with residence visa
- Emirates ID
- Salary certificate or transfer letter
- Last 3-6 months bank statements
- Eligibility Criteria:
- Minimum monthly salary: AED 10,000
- Age: 21 to 60 years
- Confirmed employment
- Interest Rate:
- Starting from 5.24%
- Starting from 5.24%
- Fees:
- Processing fee applies
How To Apply?
- Step 1: Visit this URL. Scroll to ‘Loan For Expatriates’ and click “Apply Now”.
- Step 2: On the next page, enter your first name, last name, mobile number, email, address, emirates, preferred product, monthly income, and loan amount required.
- Step 3: Clear the captcha by checking the box on “I am not a robot”
- Step 4: Click “Submit”. Once the application is received, the authorities will contact you to discuss everything further.
RAK Bank Personal Loan For Expats
- Features:
- Loan amount from AED 10,000 to AED 2,250,000
- Repayment terms up to 48 months
- Quick approvals and top-up facilities
- Required Documents:
- Valid passport and visa
- Emirates ID
- Salary certificate or transfer letter
- Bank statements (last 3-6 months)
- Completed application form
- Eligibility Criteria:
- Minimum monthly salary: AED 5,000
- Salaried expat living in the UAE
- Should be 21 years or older
- AECB score of 541
- Salary transfer to RAKBANK
- Employer should be on the list RAKBANK employer list
- Interest Rate:
- Starting from 5.49% reducing rate per annum
- Starting from 5.49% reducing rate per annum
- Fees:
- AED 500 to AED 2,500
How To Apply?
- Step 1: Visit this URL. and click “Apply Now” on the screen
- Step 2: On the next page, enter your full name, mobile number, email, address, and salary.
- Step 3: Click “Submit”. Once the application is received, the authorities will contact you to discuss everything further.
CBD Personal Loan For Expats
- Features:
- Loan up to AED 750,000 for expats
- Repayment period of up to 48 months
- Top-up and buy-out facilities
- Required Documents:
- Completed application form and loan agreement
- National ID, valid passport, residence visa, and Emirates ID
- Original 3-month bank statement for new customers
- Salary transfer letter
- Eligibility Criteria:
- Age: 21-60 years
- Confirmed employment with a CBD-approved employer
- Minimum salary: AED 8,000
- Interest Rate:
- Competitive rates, subject to individual profile and CBD credit analysis
- Competitive rates, subject to individual profile and CBD credit analysis
- Fees:
- Click here to see the processing fee
How To Apply?
- Step 1: Visit this URL. Scroll down and click “Apply Now” on the screen
- Step 2: On the next page, enter your name, mobile number, email, address, and subject.
- Step 3: Agree to the terms and conditions given on the screen.
- Step 4: Click “Submit”. Once the application is received, the authorities will contact you to discuss everything further.
Final Takeaway:
So that’s all about personal loan in UAE for expats. The next time you are wondering “how to apply for a personal loan for expats in the UAE,” follow this guide. Expats in the UAE can navigate the personal loan process confidently, ensuring they choose the best financial solutions for their needs.
Are you new to the UAE and wondering where to apply for a personal loan? Well, look no further; check out our beginner’s guide on how you can navigate the personal loan scenario in the UAE.
Also, check out how you can get a personal loan without a salary transfer in the UAE.
Stay tuned for more such content and information about the Emirates and how to live and make a living in the Emirates.
Frequently Asked Questions (FAQs):
Q. Can expats get loans in the UAE?
Yes, banks in the UAE offer numerous loan options for expats. These include student education loans and co-applicant programs that family members can take together. Many institutions also provide quick online options for those looking to borrow money, making the process more convenient and accessible.
Q. Who is eligible for a personal loan in the UAE? Eligibility Criteria?
- The applicant must be at least 21 years old.
- The applicant must have a monthly income of at least AED 5,000. (varies depending on the bank)
- The applicant must be salaried and have worked at their company for at least 6 months. (varies depending on the bank)
Q. What is the maximum tenure for a personal loan in the UAE?
The minimum tenure for a Mashreq Personal Loan is 6 months, and the maximum is 48 months. For employees of the Ministry of Defense, the maximum tenure is up to 60 months.
