Personal loans are important financial tools that help people cover emergency costs or make big purchases. In the UAE, many loans require you to transfer your salary to the lender, which can be challenging. Thankfully, some banks offer personal loans without salary transfers in the UAE. This guide will explore these options, highlighting the features, criteria, required documents and application steps for securing a personal loan without salary transfer in UAE.
Benefits of Personal Loan Without Salary Transfer in UAE
Personal loans without salary transfer in the UAE offer several advantages:
- Flexibility: No need to switch your salary account.
- Convenience: Easy application process.
- Privacy: Your employer does not need to be involved.
- Multiple Options: Freedom to choose among different lenders.
Top Banks Offering Personal Loan without Salary Transfer in UAE
Here are the top banks that are offering personal loans without salary transfer in UAE:
FAB Non-Salary Transfer Personal Loan for Expatriates
- Loan Amount: Up to AED 800,000
- Minimum Monthly Income: AED 15,000
- Interest Rate: Starting from 16.49% fixed per year
- Payment Terms: Up to 48 months
- Insurance: Comprehensive life insurance coverage
- Eligibility:
- Minimum monthly income of AED 15,000
- Minimum 18 months of service with current employer
- Acceptable Credit Bureau Score
- Valid passport, visa, and Emirates ID
- Bank statements for the last six months showing salary credits
- Salary certificate addressed to FAB
- Completed application form
- Additional Fees:
- Processing fee of 1.05% on the loan amount (minimum AED 525 and maximum AED 2,625)
- Potential life insurance fee
- Additional Features:
- No salary transfer required
FAB Non-Salary Transfer Personal Loan for UAE Nationals
- Loan Amount: Up to AED 1.2 million
- Interest Rate: Starting from 11.49% fixed per year
- Payment Terms: Up to 48 months (60 months for Ministry of Defence employees)
- Eligibility:
- Minimum monthly income of AED 15,000
- Acceptable Credit Bureau Score
- Minimum 18 months of service with current employer
- Age 21+ years
- Valid passport/Emirates ID
- Bank statements for the last six months
- Salary certificate addressed to FAB
- Completed application form
- Additional Fees:
- Processing fee of 1.05% on the loan amount (minimum AED 525, maximum AED 2,625)
- Potential life insurance fee
- Additional Features:
- No salary transfer required
Deem Finance – Personal Loan
- Loan Amount: Up to AED 300,000
- Interest Rate: 15.99% to 34.99% per year
- Payment Terms: 1 to 4 years
- Eligibility
- Minimum monthly income of AED 5,000
- Valid Emirates ID
- Passport
- Proof of income (bank statements and pay slips/salary certificate)
- Additional Features:
- No salary transfer required
- Deem Credit Life Plus coverage.
- Fees:
- No pre-approval fee
Commercial Bank of Dubai – (Quick Loan)
- Loan Amount: Up to AED 150,000
- Interest Rate: Starting 7.6% to 14%
- Payment Terms: Up to 48 months
- Eligibility:
- Minimum salary of AED 8,000
- Minimum age of 21 years
- Valid Emirates ID
- Documents Required:
- Only Emirates ID is required
- Features:
- 100% digital application via CBD app
- Instant loan approval
- No Salary Transfer required
EMIRATES NBD Personal Loans For Self-Employed Individuals
- Loan Amount: Up to AED 500,000 for UAE nationals and ex-pats
- Interest Rate: Starting at 8.99%
- Payment Terms: Up to 48 months
- Eligibility:
- Minimum salary of AED 25,000
- Minimum age of 21 years
- Minimum of 6 months in the current job
- Documents Required:
- Emirates ID required
- Valid UAE residence visa
- Features:
- Credit Life Insurance (CLI): Covers outstanding loan amount in case of the borrower’s death.
- No salary transfer required
FAB Islamic Personal Finance
- Loan Amount: Up to AED 1.2 million for UAE Nationals and AED 800,000 for expatriates
- Interest Rate: Starting at 6.30% for UAE Nationals and 9.31% for expatriates
- Payment Terms: Up to 48 months
- Eligibility:
- Minimum monthly income of AED 15,000
- Minimum of 18 months with current employer
- Acceptable Credit Bureau Score
- Documents Required:
- Emirates ID
- Valid UAE residence visa
- Features:
- Comprehensive life Takaful coverage
- No salary transfer required
HSBC Personal Loan
- Loan Amount: Up to AED 25,000 to AED 200,000
- Interest Rate: Starting at 14.25%
- Payment Terms: Up to 6- 48 months
- Eligibility:
- UAE nationals or residents
- Ages 21 to 65
- Minimum monthly salary of AED 7,500
- Must have or open an HSBC current account
- Documents Required:
- Emirates ID
- Passport copy
- Salary certificate
- Bank statements for the last three months
- Features:
- Up to AED 2,000 cashback offer (valid until 31 August 2024)
- No salary transfer required
- No need for credit life insurance
RAK Bank Personal Loan
- Loan Amount: Up to AED 10,000 to AED 2,250,000
- Interest Rate: Starting at 14.99%
- Payment Terms: Up to 12 to 48 months
- Eligibility:
- 21 years and above
- Monthly Income of AED 5,000
- UAE nationals and ex-pats
- AECB credit score of 541
- Documents Required:
- Emirates ID
- Passport copy with residence visa page
- Salary certificate
- Bank statements for the last three months
- Features:
- Quick and simple application process
- No salary transfer required
- Additional Fee:
- AED 535 to AED 2,625 (processing fee)
Apply for Personal Loan without Salary Transfer in UAE
| Bank | Click Here To Apply |
| Commercial Bank of Dubai – (Quick Loan) | Apply Now |
| Deem Finance – Personal Loan | Apply Now |
| FAB Non-Salary Transfer Personal Loan for Expatriates | Apply Now |
| FAB Non-Salary Transfer Personal Loan for UAE Nationals | Apply Now |
| EMIRATES NBD Personal Loans For Self-Employed Individuals | Apply Now |
| FAB Islamic Personal Finance | Apply Now |
| HSBC Personal Loan | Apply Now |
| RAK Bank Personal Loan | Apply Now |
Required Documents To Get Personal Loan Without Salary Transfer in UAE
When applying for a personal loan without salary transfer, you will need to provide certain documents:
- Valid Passport and Visa Copy: Proof of identity and residency.
- Credit Score: A good credit score.
- Minimum Age: 21 years
- Emirates ID: A mandatory identification document.
- Salary Certificate: Proof of income.
- Bank Statements: Usually for the last 3 to 6 months.
- Proof of Address: Utility bills or tenancy contract.
Note: These are the general documents, but certain documents may vary depending on the bank
How To Apply For a Personal Loan without Salary Transfer in UAE?
Step 1: Research and Compare Start by researching different banks and their loan options. Use comparison tools to evaluate interest rates, loan amounts, and terms.
Step 2: Check Eligibility Make sure you meet the loan’s eligibility criteria, including the minimum salary requirement and other conditions.
Step 3: Gather Required Documents Collect all necessary documents such as your ID, passport, visa copy, salary certificate, and bank statements.
Step 4: Submit Application Apply online at their website or visit the bank branch to submit your application and the required documents.
Step 5: Await Approval The bank will process your application, including credit checks and employment verification. This can take a few days to a couple of weeks.
Step 6: Loan Disbursement Once approved, the loan amount will get credited into your account. Make sure you understand the repayment schedule and terms.
Final Takeaway
So, this is all about the top banks offering personal loans without salary transfers in the UAE. Getting a personal loan without salary transfer is a good option for those looking for financial flexibility. You can find a loan that fits your needs by understanding the requirements, comparing offers, and following the application process. Always read the terms and conditions carefully and consult with financial advisors if needed.
Are you wondering where to get a personal loan in UAE with a 3000 salary? Well, look no further. Check our guide to learn more about how to secure one.
Frequently Asked Questions (FAQs):
Q. What Salary is Required for a Personal Loan in the UAE?
Minimum Salary Requirements: Most banks in the UAE set a minimum salary requirement for personal loans, typically higher than AED 3,000. This minimum usually ranges from AED 5,000 to AED 15,000, depending on the bank and the loan amount.
Q. Who is Eligible for a Personal Loan in the UAE?
Age: Applicants must be at least 21 to apply for a personal loan in the UAE. The maximum age to apply is typically between 60 and 65 years.
