The Best Personal Loans in the UAE

Keeping on top of your finances can be a difficult task. Sometimes, the unexpected can happen and you could find yourself struggling. In situations like these, it’s important not to panic. There are options available to offer you support.

There can be many reasons people choose to take out a personal loan. It could be to cover some expenses, or to fund a new purchase such as a car or property. Whatever the reason, it’s important to assess all of your available options before making a decision. Check out this list of the best options for a personal loan in Dubai and the UAE. 

What is a Personal Loan?

Personal loans are a type of loan taken out by individuals, usually from financial institutions such as banks or credit unions. The money borrowed in a personal loan must be paid back over an agreed period of time, usually with interest added to the total amount owed. 

Personal loans can be used for all sorts of things, including consolidating debt, medical bills, property purchases or renovations, and holiday expenses. Different personal loans can come with different terms and conditions, so it’s worth looking into a few options before picking the one that’s right for you. If you’re looking to take out a personal loan in Dubai, let’s take a look at what is available. 

Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank (ADCB) is the fifth largest bank in the UAE, currently serving over one million customers. The bank is headquartered in the UAE capital Abu Dhabi, but has branches throughout the nation including several in Dubai. 

ADCB offers a personal loan option for UAE nationals. The loan comes with an interest rate of 4.99% per annum, and a salary overdraft of up to 3x. The UAE is home to a number of foreign workers, which is why the ADCB also offers a personal loan for expatriates. This loan comes with an interest rate of 5.75% per annum and a salary overdraft of up to 2x. 

Customers can apply for loans via the ADCB app, while the website features a monthly instalment calculator that allows you to check how much a particular loan’s repayments would be. 

Mashreq

Formerly known as the Bank of Oman, Mashreq is the oldest privately owned bank in the UAE, founded back in 1967. 

Mashreq offers a number of different personal loan options, with different terms and conditions for existing customers, new customers, and expatriates. Loans can be applied for online, with decisions often made in a matter of minutes. Loaners can borrow up to 20x their total salary, while the website has a handy calculator that can be used to figure out interest rates and potential repayment sums. 

Conclusion

If you’re looking to take out a loan in Dubai, Abu Dhabi, or elsewhere in the UAE, thankfully you have a number of options available to you. Make sure you draw up comparison between your options and make the best decision moving forward.