Personal loan in UAE for expats can be the Best option for those who face financial hurdles in managing their expenses in a new country. Expatriates are those people who live in the UAE but aren’t the residents of the UAE. The financial institutions and banks offer a personal loan in UAE in two variants: a personal loan with salary transfer and personal loan without salary transfer.
The maximum amount one can borrow under a personal loan in UAE for expats up to a maximum of 20 times the monthly drawn salary. The amount can be borrowed with a repayment tenor of up to 48 months.
Personal Loan Interest rate for Expats
In exchange for offering personal loan in UAE for expats, banks charge an interest amount on the disbursed amount. Personal loan interest rates in UAE for expats are charged in two ways-
- Flat Interest Rate: This type of interest is charged on the principal amount and remains constant for the entire tenure of the personal loan in UAE for expats. This ranges between 3.03% – 7.71%.
- Reducing Interest Rate: This type of interest reduces every time the borrower makes a payment on their personal loan for expats in UAE. This ranges between 5.50% – 14%.
Top 10 Banks Offering Personal Loan in UAE for Expats
1. FAB Personal Loan for Expats
First Abu Dhabi bank provides quick approval FAB personal loan solutions for expats at attractive rates of interest.
| Minimum Salary: AED 7,000 | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 2.82% | Reducing Interest Rate: 5.34% |
| Early Settlement Fee: 1.05% (max AED 10,500) | Processing Fee: 1.05% (minimum AED 525, max AED 2,625) |
FAB Personal Loan Features
- 90 day grace period until first repayment
- Most competitive rate in the market
- Loans of up to AED 2 million
- Flexible repayment terms
- Minimum documentation
- Fast-track approvals
- Comprehensive personal life insurance coverage
Eligibility
- Employed in a governmental, semi-governmental or reputable private organisation
- Applicant must be 21 years of age or above
- A minimum salary of AED 7,000
2. ADIB Personal Loan
ADIB personal loan for expats in UAE with high loan amounts of up to AED 1 million and flexible repayment tenures.
| Minimum Salary: AED 8,000 | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 4.82% | Reducing Interest Rate: 8.74% |
| Early Settlement Fee: 1% (maximum AED 10,000) | Processing Fee: Nil |
ADIB Personal Loan Features
- Free pre-approved ADIB Booking.com Card (for the 1st year)
- A grace period of up to 90 days for the first installment payment
- Free installments postponements up to two times a year
- 0 processing fee
3. Citi Bank STL (Personal Loan)
This loan is offered to expat borrowers at attractive interest rates with many perks such as no processing fee and e-vouchers for Noon.
| Minimum Salary: AED 8,000 | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 7.71% | Reducing Interest Rate:14% |
| Early Settlement Fee: 1% (max AED 10,000) | Processing Fee: 0% |
Citi Bank STL (Personal Loan) Features
- No salary transfer
- Loan amount up to 8x salary
- Noon e-vouchers
- Approval in one day
- Funding in one day
4. Emirates Islamic Personal Finance
Personal financing is offered by Emirates Islamic to the expats at high loan amounts of up to AED 2 million that can be repaid over flexible tenures.
| Minimum Salary: AED 5,000 | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 2.89% | Reducing Interest Rate: 5.40% |
| Early Settlement Fee: 1% (capped at AED 10,000) | Processing Fee: 1% (min AED 500, max AED 2,500) |
Emirates Islamic Personal Finance Features
- Cheaper financing option as compared to credit cards
- No over-limit fee
- Debt consolidation
- Shariah-compliant
- Quick processing
5. Dubai Islamic Bank Personal Loan
Dubai Islamic Bank offers personal loan for expats in UAE that are easy, hassle-free with high loan amounts.
| Minimum Salary: AED 8,000 | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 4.90% | Reducing Interest Rate: 8.99% |
| Early Settlement Fee: 1% (max AED 10,000) | Processing Fee: AED 1,050 – AED 2,620 |
Dubai Islamic Bank Personal Loan Features
- High loan amounts
- Simple documentation
- Quick processing
6. ADCB Personal Loan for Expatriates
The personal loan of up to 2x salary overdraft is offered to Expats by the Abu Dhabi Commercial Bank with flexible repayment tenures at attractive interest rates.
| Minimum Salary: AED 5,000 | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 3.45% | Reducing Interest Rate: 6.25% |
| Early Settlement Fee: 1.05% (max AED 10,500) | Processing Fee: 1.05% (minimum AED 525) |
ADCB Personal Loan Features
- Free ADCB credit card
- Loan consolidation
- Credit Life insurance
- 2x Salary overdraft
- Involuntary job loss cover
7. HSBC Personal Loan
With flexible terms and quick approvals, HSCB offers personal loans to the expats starting at low-interest rates.
| Minimum Salary: AED 7,500 | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 3.58% | Reducing Interest Rate: 6.49% |
| Early Settlement Fee: 1.05% (max AED 10,500) | Arrangement Fee: 1.05% (minimum AED 525) |
HSBC Personal Loan Features
- Customized interest rates
- Credit life insurance
- Loan top-up
8. CBD Personal Loan
The Commercial Bank of Dubai offers personal loan to the expat borrowers at nominal interest charges and flexible tenures.
| Minimum Salary: AED 8,000 | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 3.03% | Reducing Interest Rate: 5.50% |
| Early Settlement Fee: 1% (max AED 10,500) | Processing Fee: 1% (minimum AED 525, max AED 2,625) |
CBD Personal Loan Features
- Free Debit Card
- Buy-out or transfer of the personal loan from other banks
- Top-up of loan
- Current account with the waiver of minimum balance
- Deferment facility
9. Mashreq Bank Personal Loan for Expatriates
This personal loan for Expats in UAE offered by Mashreq is designed to meet the borrowing and unexpected requirements of the salaried expats working in the UAE.
| Minimum Salary: AED 7,000 (approved companies), AED 10,000 (unapproved companies) | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 3.43% | Reducing Interest Rate: 6.49% |
| Early Settlement Fee: 1.05% (max AED 10,500) | Processing Fee: 1.05% |
Mashreq Bank Personal Loan Features
- Zero balance current account
- Debit card
- Cheque book facility
- Loan amount of up to 20x salary
- 2 installments deferment in a year
10. Noor Bank Personal Loan
Noor Bank offers personal finance to meet expat borrower’s diverse financial needs.
| Minimum Salary: AED 8,000 | Maximum Loan Tenure: 4 years |
| Flat Interest Rate: 3.49% | Reducing Interest Rate: 6.33% |
| Late Payment Fee: 2% of delayed amount (minimum AED 50, max AED 200) | Processing Fee: 1% (minimum AED 500, max AED 2,500) |
Noor Bank Personal Loan Features
- Free for life credit card, with perks up to AED 50,000
- Finance amount of up to 20x salary
- Takaful coverage
Personal Loan in UAE Eligibility for Expats
The best personal loan in UAE is the one with low personal loan interest rates, high loan amounts, and long tenors. However, in order to enjoy the lowest interest rates for a personal loan in UAE, the applicant ought to qualify for it. Mentioned below is the eligibility & required documents for personal loans in UAE for expats.
Age Eligibility
Most banks follow a standard age criterion for personal loan eligibility in UAE that may vary from one bank to another but usually it is a minimum of 21 years and a maximum of 60-65 years to apply for a personal loan for Expats in Dubai.
Minimum Income
Providing proof of one’s minimum income is mandatory for availing a personal loan for Expats in UAE. The minimum salary requirement may vary from provider to provider; generally, it is between AED 5000 and AED 8000 for most of the banks.
Credit History
The applicant’s credit history is a major criterion for personal loan eligibility in UAE. A credit report (usually obtained from the etihad credit bureau) shows the applicant’s past payment history and all of their currently active loans (if any). A good credit score means the applicant can repay the loan.
Residency Proof
While nearly every bank offers personal loan in UAE for expats, it is impossible to find one that offers personal loans to non-residents. Personal loan for expats in UAE only can be availed if the applicants furnish their residency proof by submitting their passport with a valid UAE visa.
Documents Required to Apply Personal Loan in UAE for Expats
Once the applicant has fulfilled all the requirements for personal loan eligibility in UAE, the next step would be is to gather the required documents. The documents commonly required to complete an application for a personal loan in UAE for expats are as follows:
- Application Form – Most banks offer application forms for personal loan in UAE for expats
- UAE Residency Proof – This can be provided in the form of a passport and visa
- Employment & Income Proof – This can be shown by presenting a salary slip. Certain banks also require the applicant to have a specified experience in their job to qualify for a personal loan in UAE for In that case, the applicant will also have to submit the joining letter or letter of experience from their company.
- Bank Statement – Depending on the bank, the applicant may have to submit bank statements ranging between the latest 3 months – 6 months.
- Salary Transfer – While it isn’t impossible to find a personal loan in UAE without a salary transfer, there are benefits of maintaining a salary transfer with the loan issuer. The salary transfer feature allows the applicant to avail of a personal loan in UAE for expats having larger loan amount and smaller minimum monthly income
Some banks even allow new expats to apply for a personal loan in UAE without a salary transfer and bank statement for smaller loan amounts.