5 Best Providers of Personal Loans in Dubai
Since most personal loans come with competitive interest rates and minimal fees, many people choose them as a primary option when in need of quick cash.
Still, there are risks in getting one, so it’s critical to look for the right provider.
To guide you in your search, we’ve reviewed banks where you can get the best personal loans in Dubai. Here, we’ll go over the best ones.
Personal Loan Interest Rates in Dubai
Let’s talk rates first.
Bear in mind that aside from your principal loan amount, you also have to pay the loan interest rate imposed by the bank.
The interest rates we provided below are just the usual ranges. Note that the rates can still vary depending on your chosen provider, income, and credit profile.
For this reason, you still need to contact the bank so they can give you an accurate quote for the personal loan you plan to get.
|Flat Rate||2.63% - 22.22% (constant throughout the loan)|
|Reducing Interest Rate||5.24% - 39.99% (interest rate reduces after every installment)|
The Best Providers of Personal Loans in Dubai
Here are the factors we looked into in analyzing each of our entries in this list:
Now that you understand our criteria let’s now jump right into the top providers of personal loans in Dubai.
1. Dubai Islamic Bank (DIB)
• Personal Finance
• Auto Finance
• Home Finance
• Liabilities Settlement Finance
• Liability Consolidation Finance
• Business Finance
• Goods Murabaha
|ADDRESS||Al Etihad Road, Main Branch (Deira) - Dubai - United Arab Emirates|
|CONTACT DETAILS||+971 4 295 9999|
|OPERATING HOURS||Saturday - Thursday 8 AM - 2 PM|
Dubai Islamic Bank has been in business since 1975. Aside from personal loans, they also offer a variety of financing services to both UAE Nationals and expatriates.
If you want to apply for a personal loan in this bank, you don’t have to stress much because, according to them, they always keep the documentation process easy and simple.
In fact, their minimum salary requirement is only 3,000 AED. DIB’s personal loan has a 6% flat rate while their reducing interest rate is 11%, so you can select which will work best for you.
With long repayment tenure and 90 days grace period, UAE citizens can loan up to 4,000,000 AED while ex-pats can apply for a maximum amount of 2,000,000 AED.
Of course, the principal loan amount will still vary depending on a number of factors, including your occupation, income, and credit score. But once you’re done, they can conveniently provide upfront cash payment.
Although we notice a few complaints from customers due to their long waiting time on site, the personal loans they offer are excellent deals in our opinion.
We like that the maximum repayment period they offer can last up to 48 months because this can give their clients a lot more flexibility in handling their loans.
However, we just want to note that they impose early settlement fees. So if you decide to pay off your loan partially or fully before your discussed term, you will either be charged 1% of your outstanding amount or a maximum of 10,000 AED.
- UAE Nationals can loan up to AED 4,000,000 for UAE and ex-pats can loan up to AED 2,000,000
- Long repayment period (48 months)
- Low minimum salary requirement
- Sharia-compliant bank
- Long waiting time when transacting on site
- Have early repayment fees
I feel so secured now more than ever
“I have been a customer for six years and all these while DIB has always been true to their promises. My funds received much security and thrice they have successfully recovered every lost funds from my account. I feel so secured now more than ever and have no worries about online transactions. Customer care service is superb at any poin time their patience and professional handling of issues had always been joyful and greater satisfaction. Always there serving and caring for your needs. I love DIB .” – Prosper Blutty
24-hour ATM service, cash deposit services and checks
“Dubai Islamic Bank for banking transactions has a special section for women, and you can conduct all banking transactions in it. It is also possible to exchange currencies. There is a 24-hour ATM service, cash deposit services and checks.” – Suhail Alketbi
2. Abu Dhabi Islamic Bank (ADIB)
• Personal Finance
• Home Finance
• Debt Settlement
• Car Finance
• Education Finance
• Travel Finance
• Boat Finance
• Goods Murabaha
• Business Finance
|ADDRESS||Arenco Building - Sheikh Zayed Rd - Dubai - United Arab Emirates|
|OPERATING HOURS||Saturday - Thursday 8 AM - 2 PM|
Abu Dhabi Islamic Bank (ADIB) is also one of the leading providers of personal finance solutions in Dubai. It was established in 1997, and now it has over 69 branches nationwide.
Just like Dubai Islamic Bank, ADIB is also a Sharia-compliant bank. If you’re a UAE National, you can loan as much as 3,000,000 AED, and if you’re an ex-pat, you can borrow up to 1,000,000 AED.
Well, all these are payable for up to four years, and in our opinion, it’s a pretty good deal. However, their interest rates vary, so it can be a bit confusing for first-time loan takers.
You see, if you’re a UAE citizen, the flat rate they offer is 4.27%, while the reducing rate is 7.75%. Meanwhile, if you’re an expatriate, the flat rate for your loan will be 4.82%, and the reducing rate is 8.74%.
Of course, it will all be explained to you upon your application, so it’s not really a big disadvantage.
Once your personal loan is approved, some of the noteworthy perks you can get are a pre-approved cashback card that you can use to avail of discounts and promotions and a Takaful life insurance policy that provides coverage in case of accidents or specific medical emergencies.
On top of that, they have no processing fee charges, and they offer two free installment postponements every year. So if you stick to your discussed repayment tenure, you don’t have to worry about their early settlement fee.
Sadly, though, there are a few negative reviews about their customer service staffs’ ability to respond promptly… which we think kind of questions their stated goals to provide easy and convenient banking round-the-clock to everyone. We wish there were better consistency across the board for their service quality, but it’s at least something they seem to be working on.
- Can get free pre-approved ADIB VISA Cashback Card
- Grace period for the first installment is up to 90 days
- Two free installment postponements every year
- Complaints with customer service care and response
- Have early repayment charge
Awesome team and a dedicated staff
“The whole team is there to help! …Very good customer service, The bank has an awesome team and a dedicated staff, and I am very impressed by their vision, especially Mr. ((Alaa Kachlan))) his is hard worker, outstanding performance, intelligent, and energetic. Their reputation is well-earned. wonderful staff of kind and helpful persons.” – Bassam Char
Everybody was very helpful
“Was helped by Anas to open a business account here. He really made sure I understood everything and made the experience as pleasant as possible. You noticed he knows what he was doing and loves his job. After the account was created I went back to get everything settled so I could use it and again everybody was very helpful and mad sure I got what I needed and I was also informed about the next steps. They really make a complicated thing seem easy.” – Bart Vanseer
3. RAK Bank
• Personal Loans
• Green Loan
• Cash Loan
• UAE National Loan
• Educational Loans
• Mortgage Home Loans
• Home in One
• UK Mortgage Loan
• RAKauto Loans
• Youth National Loan
|ADDRESS||Dubai Residential Oasis - Damascus Street - Dubai - United Arab Emirates|
|CONTACT DETAILS||+971 4 213 0000|
|OPERATING HOURS||Sunday - Thursday 8 AM - 3 PM|
RAK Bank is one of the oldest banks in the UAE. It was established in 1976 as a public joint-stock company, but in 2001, they decided to change things up and shift to personal and business banking.
If you plan to apply here, their minimum salary requirement is 5,000 AED. Whether you’re a UAE citizen or ex-pat, you can loan as much as 1,500,000 AED, which may be a bit lower than the other offers in this list, but with minimal requirements, it’s not that bad of a deal.
Their 24/7 phone banking service is also a good feature, but we think that they can still do better because some customers still experience delays in getting their loan approved.
Moreover, their personal loan’s low-interest rates of 3.99% (flat-rate) and 5.99% (reducing rate) might also be the biggest reason why they attract a lot of clients.
Should this not be enough, they also offer a number of freebies, including a debit card, credit card, and life insurance coverage.
However, we notice a downside to all these complementary services and products – lots of fees and charges. Once you look into their offers, you’ll see that they have a loan processing fee, late payment charge, loan rescheduling charge, early settlement fee, and installment determent fee.
Also, to get a personal loan, you have to get your salary credited to RAK Bank. This means that you have to allow salary transfer to be eligible for the loans they offer.
- Can easily top up your loan after one year of regular repayments
- Free debit card, credit card with no annual fee and low-interest rates, and life insurance coverage
- Mandatory salary transfers
- Have a lot of fees and charges
“Amazing fast services, cheque withdrawal took less than 10 mins.” – B=Nasir Quadri
“It was a very good and professional environment. Got my problem solved immediately.” – Sunil Dubey
4. Emirates NBD
• Personal Loans
|ADDRESS||Baniyas Road, Deira, Opp Dubai Creek Tower, Next to Dubai Chamber Dubai - Dubai - United Arab Emirates|
|CONTACT DETAILS||+971 600 540000|
|OPERATING HOURS||Saturday - Thursday 8 AM - 3 PM|
Emirates NBD operates on a big scale not just in the UAE but also across several countries. Now they have over 906 branches worldwide, and they have more than 200 of those situated in the UAE, so you can probably spot an Emirates NBD branch near you.
Although it may seem like they don’t have a lot of loan offerings, you’ll see on their website that their personal loan offers are actually varied. And among the loans they offer, salary transfer personal loans are said to be the most popular.
With a minimum salary requirement of 5,000 AED, Emirati customers can avail of a personal loan amounting to 4,000,000 AED, while expatriates can borrow as much as 2,000,000 AED. All these are offered in a flexible repayment tenure of up to 36 months.
Aside from that, one of the best features of their personal loan offers is their attractive interest rates which start at 2.38% (flat rate per annum) and 4.49% (reducing rate per annum).
Of course, the interest rates can still vary depending on -several factors and bank policies, so we suggest that you discuss things thoroughly during your application.
Among other things, Emirates NBD can offer you high loan amounts for competitive interest rates, so it is a great deal, in our opinion.
Our only complaint about this provider is that they don’t always have the fastest online services, which is a concern considering the clients who prefer to do transactions in the comfort of their homes.
- Ex-pats can loan up to 2,000,000 AED
- No minimum balance requirement when opening a free bank account
- Free insurance and processing fee
- Online services are not that efficient
- Have early settlement fee
“Front office staff in head office, Madhu Srinivasan was very very helpful , patience and positive spirit… i thought every thing iz over and done, but she gave a try towards my case and called within 10 working days with a positive news… Angel in disguise… God Bless her…” – Persis Kerena
Fixed my issue well
Your Staff Madhu Srinivasan was very very helpful and I really must at she deserves a pat on the back. I thought I would leave without a solution but she fixed my issue well.” – Joy Alphonso
5. The Hongkong and Shanghai Banking Corporation (HSBC Bank)
• Personal Loan
•Home Improvement Loan
|ADDRESS||HSBC Tower, Ground floor, Emaar Square, Downtown - Dubai - United Arab Emirates|
|CONTACT DETAILS||+971 600 554722|
|OPERATING HOURS||Sunday - Thursday 8 AM - 6 PM|
HSBC Bank opened its doors in Dubai in 1946. Since then, they have been providing a range of loan options to Emirati citizens and ex-pats.
If you earn a minimum of 7500 AED per month, your maximum loan amount can be up to 1,000,000 AED (for UAE citizens) or 750,000 AED (for expatriates). For us, this may be their biggest disadvantage, given that it is the lowest deal you can get out of all the entries on our list.
However, it might still be worth considering because their loans are offered with a reducing rate starting at 5.49% per annum. Furthermore, they usually approve online loan applications within minutes, and they don’t require a credit life insurance policy.
Another thing we appreciate with their personal loan offer is its flexible repayment tenure, so you can choose to pay it off over a minimum period of 6 months and up to a maximum of 48 months.
Also, if you’re a staff of the General Headquarters of the UAE Armed Forces, you can pay your loan back over 60 months.
Just note that they have an early settlement fee and arrangement fee, so if you wish to keep costs low and get a higher principal loan amount, HSBC Bank might not be the best provider for you.
- Credit life insurance is not a requirement
- Can apply for a loan online and it can be approved within minutes
- Have early settlement fee and arrangement fee
- Low principal loan amount
Smooth, protected bank proces
“Best bank ever! I am so happy I finally moved to an international banking experience. I have always faced struggles and impromptu additional charges with local banks. HSBC employees have been great and super helpful to me every step of the way and it’s such a smooth, protected bank process.” – Saher Kachalia
Fast and quick services
“Very professionally managed. Fast and quick services. Full banking servicesavailable there- includes Cheque deposit machine, cash withdrawal machine, cash depositmachine & all other banking services i.e. opening account and loan services..” – Avinash Pratap Singh
How to Choose the Best Personal Loan Provider
Although personal loans are a lot easier to approve, it doesn’t mean that you’ll pick the first one offered to you. To aid you in getting a personal loan that meets your needs, here are some of the aspects to look into.
- Check fees and charges.
Each provider can have numerous fees/penalties applied with their personal loan offers, so it is vital to check all of it before you sign anything. The usual fees included are processing fees, service tax, loan cancellation charges, returned check fees, and late payment charges.
On top of your loan’s interest, you’ll have to pay for these things, so it is best to look for a personal loan with minimal charges so you can get a better deal.
- Determine the repayment conditions.
Any amount owed should be paid, so you have to determine the repayment conditions of the personal loan you plan to get. Payment periods can greatly vary depending on your chosen provider, but usually, they’ll let you do it weekly or monthly.
Just note that taking a loan with longer repayment periods may limit your future credit option, while paying off your debt too early can also cause penalties. That is why we recommend that you take the shortest repayment period the provider suggests and stick with it.
- Compare loan interest rates.
If you plan to get a personal loan, we recommend that you get quotes from several banks. Through this, you can compare their loan interest rates and loan terms.
Some providers may offer fixed interest rates which means that you’ll be paying for the same amount throughout the duration of your loan. Nonetheless, there are also lenders who have variable interest rates, which means that their rates can go higher or lower.
FAQs about the Best Providers of Personal Loans in Dubai
Do you know other excellent personal loan providers in Dubai? Shoot us a message so we can immediately check your recommendations!
Also, if you’re looking for other ways to get good deals and perks, you can see our review on the best credit cards in Dubai.