The 5 Best Banks for Debt Consolidation in Dubai
When you’ve taken on multiple debts, it gets hard to keep track of all of it — not to mention that they attract varying and high-interest rates. Thankfully, banks offer debt consolidation.
But not all debt consolidation offers are made the same, so we scoured the city for the best banks for debt consolidation in Dubai.
We’re also sharing with you the factors we considered in choosing, and answered some FAQs about debt consolidation.
How much does debt consolidation in Dubai cost?
The cost of consolidating debt varies depending on the bank’s terms, the amount of debt you will be consolidating, and the length of time to pay this.
To help you get started, we made a table of each of our entries’ required minimum salary for those looking to consolidate debt, and the loan amount it can provide.
The Best Banks for Debt Consolidation in Dubai
Before we get right into our top picks for the best banks for debt consolidation in Dubai, here are the factors we considered for our entries on this list:
1. Mashreq Bank

Criteria | Rating |
Accessibility | ★★★★☆ (4/5) |
Interest Rate | ★★★★★ (5/5) |
Features | ★★☆☆☆ (2/5) |
Flexibility | ★★★★★ (5/5) |
One of UAE’s top performing banks, Mashreq Bank offers flexible debt consolidation services that have a competitive interest rate repayment tenure.
With an AED5,000 minimum salary amount for approved companies and AED10,000 for unapproved ones, Mashreq provides high accessibility for almost anyone earning the average monthly wage in Dubai.
Taking up less than a third of an average worker’s monthly wage, we love that Mashreq Bank has one of the lowest required minimum salaries in Dubai.
And while it may prove to be less accessible for workers under unapproved companies, the bank still offers the same flexible solutions to these clients.
Its interest rates are also relatively low, with a minimum of 2.99% per month. This is better compared to other banks that have more than a 5% minimum interest for debt consolidation services.
And this really comes in handy since Mashreq Bank offers high loan amounts that can go up to AED5 million.
The repayment of debt is also made easier with its well-made phone apps that let us track and pay our debt every month at a moment’s notice.
However, besides that and its flexible debt consolidation offers, there aren’t that many extra features that would have made working with this a much more delightful experience.
But that’s okay because it makes up for its long repayment tenure which can go up to 48 months or two years.
This is great because its offer is not short that the monthly payments skyrocket, but not long enough for it to start feeling like a heavy piece of financial baggage.
Pros
- Flexible debt consolidation offerings
- Low minimum salary requirement
- Low interest rates
- High loan amounts
- Long repayment tenures
Cons
- Higher minimum salary requirement for unapproved companies
- Very few banking features
2. Abu Dhabi Islamic Bank

Criteria | Ratings |
Accessibility | ★★★★☆ (4/5) |
Interest Rate | ★★★★☆ (4/5) |
Features | ★★★★★ (5/5) |
Flexibility | ★★★★★ (5/5) |
Abu Dhabi Islamic Bank proves that more than just consolidating debt for the benefits of it, its features should also make doing business more efficient and convenient.
It’s currently requiring clients to earn at least AED8000 a month. While its required minimum salary is not the lowest on our list, it makes up for it with competitively low-interest rates and flexible repayment tenures.
However, it’s brought down by the comparatively higher minimum interest rate of 3.4%, which is slightly higher compared to Mashreq’s 2.99% interest rate.
But what makes Abu Dhabi Islamic Bank worth it?
Well, it shines in providing clients an easier time when it comes to paying the monthly installments and providing a wide range of beneficial features that extends beyond debt resettlement.
Having debt consolidated with Abu Dhabi Islamic Bank gets clients two installment postponements every year, a grace period of 90 days for the first installment, and waived processing fees.
Clients also get a free pre-approved cover card and a comprehensive personal finance Takaful coverage, which really comes in handy beyond business decisions.
We love that its slightly higher, less accessible, requirements and rates really give way to a handful of benefits and features that pushes the banking experience of debt settlement further towards an easier experience.
Pros
- Provides 2 installment postponements every year
- 90-day grace period for first installment payment
- Has a wide range of benefits
Cons
- Significantly higher interest rates
- Slightly higher minimum salary requirement
3. First Abu Dhabi Bank

Criteria | Rating |
Accessibility | ★★☆☆☆ (2/5) |
Interest Rate | ★★★☆☆ (2/5) |
Features | ★★★★★ (5/5) |
Flexibility | ★★★★★ (5/5) |
One of UAE’s largest and safest financial institutions, First Abu Dhabi Bank offers bespoke solutions, products, and services, including its debt consolidation service.
For the most part, FAB’s interest rates and minimum salary requirement falls within the standard range for debt consolidation — which means that these are high compared to our first entries on the list.
With an AED10,000 minimum salary requirement, we really think that it’s significantly higher compared to other banks, almost high enough to deter us from even including this on our list.
It also didn’t help that its minimum interest rate is at 3.79% per year, which is still the average, but we’re not looking for just average debt consolidation offerings in Dubai.
On top of that, the interest rates go up to 3.99% for expats.
But where FAB shines is in its features that offer maximum flexibility for its clients. We love that FAB doesn’t require clients to present a salary transfer, making it more accessible and efficient for everyone.
Besides that, FAB is also one of the most forgiving banks when it comes to repayment. UAE citizens get a 150-day grace period for the first repayment, while expats get 90 days.
The loan goes as high as up to AED5 million for UAE citizens, and AED2 million for expats. And FAB has one of the longest repayment tenures at 144 months or 12 years.
Pros
- No salary transfers required
- Long grace period for the first repayment
- High loan amounts
- Long repayment tenure
Cons
- High interest rates
- High minimum salary requirement
- Less accessible for expats
4. Standard Chartered

Criteria | Rating |
Accessibility | ★★☆☆☆ (2/5) |
Interest Rate | ★★★★☆ (4/5) |
Features | ★★★★★ (5/5) |
Flexibility | ★★★★★ (5/5) |
For business owners and expats, multinational financing institute, Standard Chartered, offers sky high loan amounts and flexible repayment solutions for debt consolidation.
The minimum salary requirement goes up to AED10,000, the highest out of all our entries on this list, and the interest rate borders on unreasonable with 5.5%.
But we love that this bank works with the clients to really find a strategic solution to solving debts.
And while the interest rate is significantly higher compared to other entries, this is per annum, which means the 5.5% is distributed through the months of the year.
Another great thing about Standard Chartered is that it provides clients with expert debt restructuring specialists to provide a roadmap to financial stability with your needs and budget in mind.
We love that the assurance that comes from an industry expert handling our account makes a significant impact on the entire experience.
On top of that, Standard Chartered’s flexibility is almost unparalleled. Instead of grace periods, this bank gives its clients the option to pay only the interest for a designated period.
We love that this option not only makes it more accessible at any period of the debt repayment but also ensures that the client continues to pay off the debt no matter what.
On top of sky-high repayment, tenure can last as long as 7 years and the application process is completely free.
Further, a tailor-made debt consolidation program can be provided to clients within 7 days after the application is approved.
Pros
- Interest rates take effect per annum instead of a monthly basis
- Provides debt restructuring specialists to help
- Paying only the interest is available for 6 months
- Long repayment tenure
Cons
- Significantly high minimum salary requirement
- Slightly higher interest rate
5. Emirates NBD

Criteria | Rating |
Accessibility | ★★★★☆ (4/5) |
Interest Rate | ★★★★☆ (4/5) |
Features | ★★★★★ (5/5) |
Flexibility | ★★★★★ (5/5) |
One of the leading banks in the MENAT region, Emirates NBD manages to simplify the consolidation of debts into a simple and manageable plan with high loan amount and top-up options.
While it is less accessible than some of our entries, with a minimum salary requirement of AED10,000, the interest rate makes up for it.
Starting at 5.29%, this relatively high-interest rate goes down as you go through the repayment tenure.
We think this is great, because clients are rewarded with more financial gain and freedom the more they settle their debts.
While we definitely think that 5.29% is significantly higher than any of our entries on this list, the fact that it goes down makes for such a great incentive for clients to continuously hit their monthly repayments.
Another great accessibility feature of Emirates NBD is that there is no need for salary transfers, anyone from any company can apply for it, and there is no minimum length of service required.
And when it comes to its features, we think the option to top-up your loan when needed is such a great feature for aspirational clients.
Being able to continuously manage and cycle through the debts allows for more freedom to really invest.
However, one of its weakest points is its flexibility. Not only does it not offer grace periods of some kind, but the maximum length of the repayment tenure is only 4 years long.
Compared to some banks that can accommodate tenures that last for 12 years, Emirates NBD feels like its pressuring and shortchanging clients with this brief repayment tenure.
Pros
- Interest rates go down throughout the repayment tenure
- Minimum requirements are needed to apply
- Allows top-ups with loans
Cons
- High minimum salary requirement
- Interest rate starts significantly high
- Short repayment tenure
FAQs about Debt Consolidation in Dubai
We hope this helped you in finding a suitable bank for your debt consolidation in Dubai. Also, if you’re looking for other banking-related articles, then check these out: