Personal Loan for Non-Listed Companies

Top Banks Offering Personal Loans for Non-Listed Companies

Tabled below are the top banks in the UAE that offer personal loans for non-listed companies -

Banks	Personal Loan Key Features	Key Requirements
First Abu Dhabi Bank (FAB) Non-Listed Company Personal Loan	Get high finance amount of up to AED 500,000 Available for both nationals and expats Interest rate starting from 8.99% for nationals and 11.99% for expats (fixed rate) Repayment period of up to 48 months	Minimum monthly salary of AED 10,000 Must have completed at least 6 months of service with the current employer Minimum age — 21 years
Abu Dhabi Commercial Bank (ADCB)	Loans for both UAE nationals and expats Interest rate starting from 5.24% for nationals and 6.49% for expats Earn up to 150 TouchPoints for every AED 1,000 borrowed Credit life insurance facility available Complimentary ADCB credit card Minimal documentation Repayment tenure of up to 48 months	The loan amount is determined by the bank on the basis of your Monthly salary End-of-service benefit (gratuity) from your employer
Emirates NBD Salary Transfer Loan for Expats	Get a loan of up to AED 3 million Competitive interest rates First installment can be deferred for as long as 60 days Free credit life insurance Up to 48 months’ repayment tenure 7-day loan return flexibility Availability of the co-applicant program Enjoy loan top-up facility	You must have a good AECB score Minimum monthly salary of AED 5,000 No minimum length of service is required Salary transfer is mandatory
Dubai Islamic Bank (DIB) Personal Finance	Shariah-compliant personal finance option Personal finance of up to AED 5 million for nationals AED 3 million for expats Easy application process Profit rate starting from 5.99% per annum Repay the amount in up to 48 months Grace period of up to 240 days for the first instalment (nationals)	Minimum monthly salary transfer of AED 15,000 required Al Etihad Credit Bureau’s consent is mandatory
RAKBANK Personal Loan	Competitive interest rate Personal finance solutions for nationals and expats Quick loan approval Loan amount top-up facility available Get a high loan amount	Minimum monthly salary of AED 5,000 Must be at least 21 years old A good Al Etihad Credit Bureau (AECB) score is required Salary transfer is required in most cases

Note- The bank reserves the right to modify the terms and conditions of the loan. Thus, before applying, it’s advisable to check the key features and requirements. 

Key Features and Benefits of Personal Loan for Non-Listed Companies 

With a personal loan for non-listed companies, you can easily get personal finance. Banks usually have a list of major companies. If you’re working with any of them, it can be quite easy to get a loan. However, many banks nowadays approve loans even if you’re not working with any employer on the list. With this type of personal finance, you can enjoy the following features and benefits —

• No need for any collateral as it’s an unsecured loan
• High loan amounts available
• Easy and quick application process 
• Apply for the loan with minimal documentation
• Competitive interest or profit rates
• Repay the amount in up to 48 months 
• Many options come with an instalment deferment facility
• No restrictions on the usage of funds 
• Many loans come with added advantages, including insurance, credit card facility, and more 

Interest Rates of Personal Loan for Non-Listed Companies in UAE

Personal loan interest rates in the UAE are generally available in two types: flat interest and reducing interest. The type of rate applied significantly impacts the total repayment amount. Here, we have covered both types for your understanding —

Flat Interest Rate

Under a flat interest rate, the bank calculates the interest on your total loan amount. So even when the outstanding amount keeps on reducing, the interest remains the same. 

Reducing Interest Rate

Reducing interest is often considered more cost-effective. The interest is calculated on the outstanding loan balance, which decreases with every repayment. 

Note- It is important to note that interest rates are usually higher for those working in non-listed companies due to higher perceived risk. 

Eligibility Criteria for Non-Listed Company Personal Loan in the UAE

To be eligible for a personal loan for non-listed companies in UAE, you need to meet the following eligibility requirements —

Minimum Age 

In the UAE, you must be at least 21 years old to apply for this type of loan. 

Minimum Monthly Income

Banks carefully consider your minimum monthly income when approving any debt. It is a critical eligibility requirement as it shows your risk profile and whether you’ve stable employment to easily repay the loan. This requirement varies across banks, but the lowest monthly income requirement is AED 5,000.

Employment Length 

It’s another key eligibility factor for loans across the UAE. As per most banks’ guidelines, you must have completed at least 6 months with your current organisation. It reflects job stability and a dependable income, reassuring lenders that you’ll be able to keep up with your loan repayments on time.

Credit Score

To get a personal loan in UAE on favourable terms, maintain a good credit score. With a high score, you can enjoy easy approvals and low interest rates. 

Documents to Apply for a Personal Loan for Non-Listed Companies

You may have to submit the following documents while applying for a non listed company personal loan in UAE —

• Complete application form 
• Emirates ID
• Copy of passport 
• Bank statement (typically 3 months)
• Salary transfer letter (if applicable)
• UAE residence visa 
• Liability letter (if any)

Note- Banks may request some additional documents besides the ones mentioned above. 

How to Get a Personal Loan for Non-Listed Companies?

With Paisabazaar.ae, you can easily apply for a personal loan for non listed companies in the UAE. On this online platform, you can compare different options from the top banks and find the best one in just a few clicks. Simply follow the steps —

• Hit the button below to get a form
• Fill it out with the required details like your monthly income, nationality, and more
• Submit it to get the quotes page with a range of options
• Compare features, interest rates, and more to find the most suitable one
• Click on the ‘Apply’ button and follow the on-screen instructions

Things to Keep in Mind When Applying for Personal Loan for Non-Listed Companies

As we’ve seen so far, you can easily get personal finance even if you’re working for a non-listed company. However, to ensure smooth application and easy repayment without any hassle, take note of a few points mentioned below — 

• Check out the eligibility criteria of different lenders. This is because the requirements may vary for non-listed companies in the UAE.
• If you don’t pay an instalment on time, you can face a late payment fee.
• Missed or delayed repayments can negatively impact your credit score. This, in turn, can make it harder to get loans or financing in the future.
• If you’re unable to make a monthly payment, request a deferment in advance (if the concerned bank is offering the same). 
• Refinancing your loan or deferring payments will extend the repayment period and may increase the total interest you pay.
• Discuss options like flexible repayment plans or early repayment options with the lender to reduce interest costs. While choosing this option, don’t forget to check the early settlement fee.
• Review the interest rates, processing fees, and other charges before committing. Hidden costs can significantly increase your repayment burden.

Frequently Asked Questions