Find Best Loan Rates in UAE (2023 Update)
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Whether you are facing an unexpected situation, preparing for a wedding or you’re looking to fund a small business, you may find yourself needing a quick cash boost to help you manage the situation.
However, considering the high number of banks in UAE, it can be confusing and challenging to find the best rate.
Choosing the best loan rates can help you save tons of money. Therefore, in this article, we will provide you with a list of websites that you can compare rates from all banks in UAE.
List Of Websites:
Before applying for any loan or credit care in the UAE, you must check the below websites, they all provide a detailed comparison for every time of debt available in the market it, be it loans, credit card, mortgages and even bank account types:
Also Check: 8 Best Banks in UAE
Features to Compare to Find the Best Loan in UAE:
Below is a  list of the features of personal loans that help you to differentiate lenders in the UAE
- Loan amount. A good place to start is understanding whether this lender offer the amount you need or not
- Eligibility. There’s no point applying for a loan if you’re not even eligible for it, and remember that if a bank completely declined your application, then it’s most probably that all banks will do.
- Loan terms. The loan term will simply be dictated by your affordability of your monthly installments. However, if you need to reduce your monthly installment and make it affordable to you, then you might need to spread it over a longer period of time.
- Fees. Always check the terms and conditions and be aware of all charges and fees built in to your loan such as processing fees, late payment penalty and early settlement fee. If those information are not shown on the bank website, contact the bank representer and ask them to provide you with the full list of charges.
- Loan Reason. Personal loans can be used for several reasons, but banks most likely will ask you about the purpose of that loan, and they may have a list of prohibited loan purposes. Those can include gambling, and some other activities that are banned and considered illegal in the UAE.
- Repayment breaks. Most of the banks offer an optional month or two where you can enjoy a break from making the repayments. The only disadvantage of repayment breaks is that they increase the period of the loan, and the cost. It’s a break from repayments, not from accumulating interest, after all.
Also Check: How to get a personal loan in Dubai
Are You Eligible for Personal Loan in UAE:
Each bank has its own eligibility criteria that needs to be checked. However, some there are some common requirements that you can see below:
- You have to be a UAE residence
- Minimum salary must be around AED 3,000 (it slightly varies between banks)
- Most of the banks require that the company you are working for to be listed in their system
- Minimum age of applicants is 21 years old.
- You can get a loan whether you are an employee or self-employed
- Employees must be employed for at least one-to-six months
- Minimum salary must be around AED 3,000 (again each bank has its own minimum requirement).
- You must pay back the bank loan before you turn 65 years (for expatriates) and 60 years (for UAE Nationals).
- At most of the banks, employment company must be listed with them.
- Salary transfer criterion depends on the bank and loan type.
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