Are you looking for a Personal Loan in the UAE? Our MoneyCamel team makes it easier for you to find a Personal Loan that fits your requirements. With extensive information across all banks' loans in the UAE, MoneyCamel.com enables you to research and compare to get the best deal.

1. Personal Loans in UAE
Your All-Inclusive Guide to Personal Loans in the UAE

2. Who can get a Personal Loan in the UAE?
The following UAE Residents, both UAE Nationals & Expats, with a verifiable source
of income are eligible to take a personal loan in the UAE:
• Salaried Employees of Listed Companies
• Salaried Employees of Unlisted Companies
• Self-Employed Individuals
• New to UAE/New to Job in UAE
1

3. Loans for Individuals working with Listed
Companies
All Banks in the UAE have a list of approved companies. Banks prefer to provide
personal loans to employees working with these Companies. Broadly, there are two
types of Personal Loans that you can avail:
• Salary Transfer Loans – You can take a Personal Loan from the bank where your
salary gets credited or transfer your salary to the bank which is offering you the
best deal. These Personal Loans are available at the lower rates, currently rates
vary between 4-6% p.a.*
• Non-Salary Transfer Loans – These Personal Loans do not require you to transfer
your salary to the bank providing the loan, but are available at higher rates.
Currently rates vary between 14-20% p.a.*
*Indicative rates as of June, 2015
2

4. Loans for Individuals working with Unlisted
Companies
Individuals working with unlisted companies can find it harder to get a Personal
Loan. Only a few banks offer personal loans to individuals working in unlisted
companies, and that too at much higher interest/profit rates. Individuals have
access to 2 types of Loans:
• Salary Transfer Loans – These are potentially lower rate loans. An individual must
transfer his salary to the Bank where he chooses to take a loan from.
• Non-Salary Transfer Loans – These carry a higher rate of interest.
Compare Personal Loans and find the one that suits you best on MoneyCamel.com
3

5. Loans for Self-Employed Individuals
These loans are for self-employed individuals heading sole-proprietorships, partnerships or
companies. These loans typically have a minimum length of business and an annual
turnover or minimum average balance eligibility criteria.
Here are some examples of such Personal Loans:
• Loans for Self Employed Individuals (Loans available up to AED 300,000, Eligibility criteria
– Minimum length of business- 2 years & Minimum 6-month average balance- AED
25,000).
• Self Employed Personal Loan (Loans available up to AED 750,000, Eligibility Criteria –
Minimum length of business- 2 years, annual personal account turnover- AED 360,000 &
annual business turnover- AED 1.5 Million).
4

6. Loans for Individuals who are New to
UAE/New to Employer
Usually Banks require an individual to be in employment with the same Company for at
least 6 months, to qualify for a personal loan. However, there are special Personal Loans
that provide you financial help to settle down if you’ve recently moved to the UAE or have
just changed your job, with no minimum length of service required.
The main features of these loans are:
• Rate of interest is not the lowest in market
• Loan amount is usually restricted to AED 200,000
• Minimum Salary eligibility starts from AED 8,000 per month
Currently, four leading banks offer such loans in the UAE, visit MoneyCamel.com for more
information about these.
5

7. Eligibility Requirements for a Personal Loan
These are the basic requirements you need to meet to be eligible to take a personal loan in
the UAE:
• Minimum Monthly Salary must be between AED 5,000-10,000
• Minimum Annual Turnover for Self Employed Individuals must be above AED 200,000
• Minimum Tenure in Employment must be 6 months or Minimum length of business must
be 2 years
• Maximum EMI – All Financial payments, including Minimum Balance due on all Credit
Cards + all EMI’s cannot exceed 50% of monthly salary
• Documents Required – Apart from basic ID proofs, Banks require an original Salary Letter
or Certificate and last 3 months bank statement.
6

8. Important Tips to Consider BEFORE you take a
Personal Loan
• Compare Personal Loan rates across banks in UAE – Websites like
MoneyCamel.com provide an extensive comparison
• Compare Processing Fees & Insurance Fees levied by different banks – You will be
paying these over & above the interest
• Check for Special offers and deals- There is always a promotion going on by some
bank or another all year-round
• Some banks may publish flat rates for loans on their websites – Always convert
the interest/profit rates to reducing rate for true comparison. Use the ‘Rate
Conversion Calculator’ on MoneyCamel.com to convert.
7

9. Important Tips to Consider AFTER you take a
Personal Loan
• You can cancel your loan prior to disbursal at a charge of AED 100
• You can defer an installment or reschedule your loan at a fee of AED 100 per
deferral and AED 250 respectively
• You can settle your Personal Loan early – There is a common charge of 1% of the
balance amount due, capped at AED 10,000
• In case you leave/lose your job before settling the Personal Loan – Banks in UAE
are allowed to freeze your account in case of termination or if you miss 3
successive loan installment payments or if they find you unfit to repay a loan –
Try to save up enough to settle the loan to avoid this and Keep your bank in the
loop if you plan on changing your job
8