Best Personal Loans in UAE| North Loop Official Blog
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22 Sep 2020

Best Personal Loans in UAE

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A personal loan is an unsecured loan taken from a lender to meet different financial needs. The risk involved in a personal loan is greater as it is not secured against any asset and that is the reason, the interest rates charged are also higher. However, since no collaterals are involved, it is relatively easier to apply for personal loans as compared to a home loan, car or gold loans.

What are the types of Personal loans in UAE?

The different types of personal loans in UAE are as follows –

Personal Loan in UAE with salary transfer – Most of the loan providers in the UAE have specific criteria for availing personal loans. The most prevalent one is that you should have an existing account with the bank providing the loan.

Personal Loan in UAE without salary transfer – While most banks prefer you to have a salary account with them, some providers do not consider these criteria.

Personal Loan in UAE for self-employed professionals – If you are a self-employed professional, there are chances you can face difficulty when applying for loans in the UAE as you don’t have a fixed income. However, certain financial institutions in the UAE offer personal loans to self-employed professionals as well.

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Personal Loan interest rate in the UAE -

Flat rate – The personal loan flat interest rates range from 2.63% to 22.22%

Reducing Interest Rate – The reducing interest rate personal loans range from 5.24% to 39.99%

Personal Loan Tenor –

A personal loan comes with a shorter tenor for repayment with a minimum period of 6 months and a maximum of 48 months in many cases. Also, the Annual Percentage Rate or APR in the UAE in case of personal loans can vary from 8% to 34% based on a variety of factors.

Best Personal Loans in UAE 2020 –

The list of top 10 best personal loans in UAE is as follows –

   
Personal Loan Provider   
   
Interest Rate in %   
   
North Loop Personal Loan   
   
3.99   
   
ADCB Personal   Loan   
   
3.45   
   
RAK Bank Personal Loan   
   
2.75   
   
Dubai Islamic Bank Personal Loan   
   
4.90   
   
FAB Personal Loan   
   
4.99   
   
ADIB Personal Loan   
   
4.82   
   
Emirates NBD Personal Loan   
   
7.90   
   
Mashreq Bank Personal Loan   
   
3.58   
   
Deem Finance Personal Loan   
   
8.81   
   
Noor Bank Personal Loan   
   
3.49   


The popular options like ADCB personal loans, RAK bank personal loans, Dubai Islamic bank personal loan and Emirates NBD personal loans have a minimum salary requirement of AED 5000, AED 5000, AED 3000 and AED 10000 respectively. They also have a processing fee ranging from 1 to 1.05%. However, unlike all these banks, North Loop offers low-interest-rate (3.99%) personal loans to even non-salaried individuals (such as student loans) and also provides quick processing and fast approvals along with minimum documentation.

Eligibility criteria for personal loans in UAE –

Age limit – 21 years to 65 years
Employment history – Varies for each bank
UAE residency – Only UAE residents can apply for a loan in Dubai or other regions of the UAE

Documents required for a personal loan in UAE –

You are required to submit the following documents when applying for a loan in Dubai or other parts of UAE –

Application form
ID proof
Residency proof
Bank statement of the last 3-6 months
Salary transfer letter (optional)

You can apply for a personal loan in UAE on North Loop’s App by uploading the necessary documents (minimal documents required in its case). The application process is also 100% digital and very convenient.

How to apply for an online personal loan in UAE?

An online platform is the most favourable option to apply for personal loans in UAE. It can be used to obtain the lowest interest rate personal loans which are easy to apply for and offer other added benefits such as loan comparisons, personal loan EMI calculators, quick loan approvals as well as minimum documentation.

You can apply for personal or even student loans on online platforms like North Loop. All you have to do is sign up on the App and request a loan. You can even use its personal loan calculator to understand your EMIs. It is one of the most transparent and low-interest rate personal loan providers in the UAE.

To sign up with North Loop, click here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.