Personal Loan in UAE with a salary of 3000: Complete Information

There are two banks offering a personal loan in UAE with a minimum salary of 3000 AED. In this article we will be covering all possible information about the same.

RAK BANK

RAK Bank is short form of National Bank of Ras Al Khaimah (P.A.C). It is one of the oldest  Public joint company, a dynamic and aggressive financial institution in UAE. 52.76% stake is owned by Government  headquartered a Ras Al Khaimah. Bank is are governed by Central Bank of United Arab Emirates and member of UAE Banking Federation. Institution offer each and every banking services including Personal Loan. We will be discussing only personal loan in the article.

Rak Bank offers personal loans with starting interest rate of 5.99% per annually. Following are the important information for the same.

Eligibility

1.  The minimum age requirements for UAE nationals are 20 years and 6 months, and 21 years for expatriates.
2. Personal loan granted to salaried individuals whose salaries are credited to RAKBANK which is minimum of 3000 AED.

Documentation

1. Copy of Passport (with residence visa for expatriates)
2. Copy of Emirates ID
3.  Salary Certificate from the employer
4. Copy of valid trade license (for self employed professionals/businessmen)

Amount of  Loan

The maximum amount for a RAKloan is 20 times the salary (15 times the salary for Armed Forces Staff). The loan is intended for personal use and to be repaid by deductions from the borrower’s salary.

Rate of Interest

 Rate of Interest starts from 5.99% annually. It depends on your profile and loan repayment history. It will be on the discretion of the bank.

Repayment Period

Flexible repayment of up to 48 months for expatriates and UAE nationals (60 months for Armed Forces Staff).

Fee and Charges

 Please refer to following picture:

Additional Benefit

1. FREE RAKBANK Credit Card with no annual fee ever and low interest rates.
2. Easy documentation
3. Top up loan after 1 year

Dubai Islamic Bank (DIB)

Dubai Islamic Bank started its operation in 1975 and is headquartered at Dubai. Bank runs on the principle of Islamic Banking and follow sharia Laws.  Bank is are governed by Central Bank of United Arab Emirates and member of UAE Banking Federation. Know for cheapest product in the sector, it has been dynamic in services providing and customer retention. Bank offers personal loans at cheapest interest rate.

Eligibility 

1. Customer who work for a DIB Approved Company.
2. Customer who transfer their salaries to DIB
3. Self Employed Professionals
4. Wakala Deposit Customers

Documentation

1. Copy of Passport (with residence visa for expatriates)
2. Copy of Emirates ID
3. Salary and End of Service Benefit Transfer Letter/Certificate from the employer
4. Statement of Account for minimum 3 months in case of salary transfer to another bank (6 months for self employed professionals/ businessmen)
5. Copy of valid trade license (for self employed professionals/businessmen)

 

Amount of  Loan

Maximum finance set at AED 4 million for UAE Nationals and AED 2 million for Expatriates.

Rate of Interest

Sharia Compliant Manner (Contact Bank for further information)

Repayment Period

Maximum of 48 Months.

Fee and Charges

Additional Benefit 

1. Payment holiday option
2. 1st installment in 90 days ( for customer with a salary more than AED 15000)
3. Islamic Finance

Closing

 Hope you liked this article, we have tried hard to collect and display, all relevant details necessary to avail loans from these banks.

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