Loans in UAE 2017!

Personal Loans in United Arab Emirates. Find the lowest interest rates and choose the best loan!

Minimum loan amount
AED 20000
Maximum loan amount
AED 3000000
Minimum loan term
12 months
Maximum loan term
48 months
APR
6.99 - 24 % p.a.
Minimum age
18 years
Loan granting
Excellent
Online application
Apply now souqalmal.com
Requirements:
  • - you must be earning a minimum monthly income of AED 8,000.
  • - Passport copy/ Emirates ID Copy.
Representative example: Loan amount: AED 200000, Loan Term: 36 months, Monthly Instalment AED 5904.80, APR: 4 %
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness
Minimum loan amount
AED 20000
Maximum loan amount
AED 250000
Minimum loan term
6 months
Maximum loan term
48 months
APR
6.99 - 24 % p.a.
Minimum age
18 years
Loan granting
Good
Online application
citibank.com
Requirements:
  • - Current dated Salary Certificate (3 months on current job);
  • - Last 3 months' bank statements (with salary transfer);
  • - Minimum (fixed) monthly salary of AED 8000;
  • - Passport copy/ Emirates ID Copy;
  • - Direct Debit Form.
Representative example: Loan amount: AED 200000, Loan Term: 36 months, Monthly Instalment AED 5904.80, APR: 4 %
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness
Minimum loan amount
AED 20000
Maximum loan amount
AED 200000
Minimum loan term
12 months
Maximum loan term
48 months
APR
11.02 - 20 % p.a.
Minimum age
21 years
Loan granting
Average
Online application
Representative example: Loan amount: AED 100000, Loan Term: 12 months, Total amount payable: 111.031 AED, APR: 11.02% p.a
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness

Useful information on banking and consumer rights in UAE


  • www.consumerrights.ae - this website is provided by the Department of Economic Development. The most common queries that Consumer Protection receives from the public are about everyday experiences related to purchasing Goods and Services. The information on this website should answer most questions people have, relating to their rights and responsibilities when shopping.
  • www.centralbank.ae - this is the website of the Central Bank of United Arab Emirates. Here you can find useful information about banking and different variety of financial products available in the United Arab Emirates.
  • www.government.ae - this is the official portal of UAE government. On this website you can find useful information on banking, list of finance companies operating in UAE, laws and regulations and other useful information.


Before you borrow:


Before you borrow money you should ask yourself whether your really need to spend the money and whether you can afford to pay back the money you're planning to borrow. Before borrowing ask yourself:

  • - Can the purchase wait until I can afford it without taking a loan?
  • - If the purchase is urgent is there another way I can get it? For example, ask employer for money advance, borrowing from family or friends.
  • - If the purchase is not urgent can I save up money?

You should never take a loan if:


  • - you want to take a loan to pay off other loans;
  • - you already have one or more loans;
  • - you already have other outstanding debts and/or missed payments;
  • - if you are not sure of your capability to pay the loan back on time.

If you still feel the need to take a loan you should pay attention to:


Look at your income and outgoings and think if you'll be able to pay all your bills and debts.Calculate how much you can afford to repay each month. If your budget shows that you'll have no money for extra payments then it means you can't afford to take a loan.


Requirements to qualify for a loan:


  • - At least 18 years old;
  • - You must be employed
  • - You must be a resident of United Arab Emirates;
  • - You must have a bank account in your name;
  • - You must meet minimum income guidelines - minimum monthly income guidelines are set by each lender individually;
  • - You must have positive credit history.

APR


Annual Percentage Rate represents an annual cost (in %) of borrowing. The APR takes factors such as interest rate and certain other fees and charges into account. In order to make it easier for you to compare one loan to other similar loans, lenders are required to tell you their APR before you sign an agreement. 


Loan term


Choose the shortest loan term you can afford. Longer-term loans might seem appealing at first as there are lower monthly repayments, however it may turn out that the total repayment is higher. If affordable it's better to take a loan for shorter period of time and pay back higher amount of money each month.


If you're not able to pay back loan on time


Contact your lender right away: If you're struggling to make repayments on your loan you should contact your lender immediately.


Borrowing costs and fees:


  • - Early loan repayment fee: In most cases there are no extra fees if you decide to pay off your loan early, however there might be lenders that ask you to pay this fee;
  • - Establishment fee: This is a one time fee that your lander may ask you to pay when your loan granted;
  • - Monthly fee: some lenders may ask you pay monthly service fee for the loan administration;
  • - Late payment fee: if you miss a payment you usually have to pay late payment fee or can be charged additional interest, so make sure you never miss a payment to avoid extra charges, also please note that this can affect your credit rating, which can make it harder to borrow money in future.
  • - Collection companies: If you fail you pay off your loan and your case is given to money collection company to collect your debt you will have to cover all expenses.
  • - Legal fees: if you don't pay back your loan, your lender can go to court to recover the owed money, in such cases you will be asked to pay debt, interest, late fees and court costs.

Some loans have variable interest rates, which means that interest rate can increase or decrease. You shouldn't take this type of loan in case you feel that you won't able to repay the loan if interest goes up. Don't accept first loan you're offered, compare various lenders to make sure you get the best possible loan offer! Read carefully the loan agreement before signing it to know what charges and fees lender may charge you.


Credit history


It is important to remember that if you are behind your loan payments or fail to repay the loan completely you will not only have to pay debt collection and personal loan fees but also it is very possible that you will get a negative entry in your credit history. Bad credit history will make it much harder to borrow money in future or make it more expensive or even impossible.


Attention!


The operator of MoneyGuru24.com is not a bank or lender. Moneyguru24.com refers to a number of selected lenders, and is not a complete list of your credit opportunities. Therefore no charge will be applied to you for this service. You don’t have to provide any personal information in this site.  All personal, financial and employment data should be provided to bank / lender for acceptance of your application for a loan. Moneyguru24.com is not responsible for those credit agreements, which may be provided through the links specified on our site. By using this website you constitute agreement with these policies. We suggest you to read all of the information in selected lenders web page and always be aware of your own financial status and repayment possibilities.