A personal loan is such a loan that is the most well-known and prominent loan in the whole UAE. Here you can find a variety of different loans and different banks that are making lives easier for all. This kind of loan can handle various kinds of private life issues that are related to finance. People usually select that kind of bank that can give them the lowest personal loan interest rate in UAE. For such reason, they always try to figure out the promising and best banks including Islamic banks. The reason behind taking the loan from Islamic banks is the lowest interest rate because these banks are working on Islamic laws.
There are multiple reasons behind obtaining a personal loan service in UAE. Here a huge strength of expats are also existing that are also trying to get this loan due to several personal issues. The main issue that they are confronting in this region is their residential issue and after that conveyance issue. If you are also facing such a situation and searching for the best bank and the best way to get a personal loan. So, Emirates loan is also here to provide you assistance in this type of loan matter.
Some main specifications attached with a personal loan
Personal loans can be useful for resolving multiple issues from low level to high level. People usually apply for personal loans, when they are confronting some sort of financial issue. They also apply, when they need to apply for a foreign visa and want to go abroad for some kind of specific reason. Similarly, whenever someone wants to pay some sort of utility and other kinds of bills relevant to the workplace, this category of loan will be helpful. Personal loan in UAE is a favorite loan for all working ladies as well. Because whenever they need any kind of capital to invest in their small-scale work or business, so they apply for it.
Likewise, when we talk about the student category, so they also like to get this loan service. It will be helpful for all the students and they can easily pay their whole institutional expenses including the semester fee. Small entrepreneurs are also apply for the growth and development of their businesses. Much more financial activities can be done through this personal loan assistance without facing any kind of difficulty in the UAE. Still, if you are confronting any bad situation and don’t know how to tackle this loan. Just contact the Emirates loan brand without much thinking. Because this firm is working for many years here and can give you top-level loan assistance.
Various banks with a different personal loan interest rate
- The first and foremost bank is the emirates NBD, which is known for its brilliant products related to finance. The most famous product in the catalog of loans is the personal loan. This second-largest bank in UAE will provide you almost six different types of personal loans. These 6 loans are for employed, businessmen, natives, expats, and two other types of people. The personal loan interest rate in UAE for this bank will be about 2.38 percent.
- Another major bank in this region is the First Abu Dhabi bank. Through this bank, you can also get this category of loan with an interest of 1.62%. This rate is for all kinds of people and you can apply with a minimum salary of 7000 AED.
- In this list, Dubai Islamic bank is also a wonderful bank with Islamic laws. You can see here the several kinds of personal loans, the strength would be about 9 for these loans. It will allow you to take this loan with the lowest salary of 3000 AED. The personal loan UAE interest rate for this bank will be about 6% in this bank for all kinds of private loans.
Documentation and Eligibility
The process of documentation will consist of essential papers related to salary slips, credit history, trading licenses, work experience letters, etc. If you own a driving license, so it will be a good idea for you to bring it along with you. Other things are also essential like ID card, visa, and passport along with their copies.