Personal Loan with Salary Transfer

With a personal loan with salary transfer, you can get financial assistance for both emergency and planned large purchases. This loan offers you access to a high amount at competitive interest rates and with flexible repayment tenures. Let’s find out more about this type of loan.

Personal Loan	Minimum Salary	Interest Rate	Description	Apply Now
Emirates NBD Loans for Expatriates	AED 5,000	Reducing — from 4.99% to up to 19.99% p.a.	Maximum loan amount of AED 2,000,000 Loan repayment period of up to 48 months Complimentary 1st year setup on Overdraft Option to defer first payment for up to 90 days (terms and conditions apply)	Apply Now
Emirates NBD Loans for UAE Nationals	AED 5,000	Reducing — 4.99% to 19.99% p.a.	Loan amount of up to AED 4,000,000 Facility to transfer loans worth AED 25,000 to AED 2,000,000 from other banks and enjoy Emirates NBD’s affordable interest rates First payment deferment period of up to 120 days Maximum loan repayment tenure of up to 48 months	Apply Now
Emirates Islamic Bank Personal Finance for Expats	AED 7,500	Flat Profit Rate - 2% to up to 10% p.a.	Maximum finance amount of up to AED 3,000,000 Maximum finance repayment period of 4 years Deferment period of up to 90 days Hassle-free and quick finance approval process Shariah-based product	Apply Now
FAB Personal Loan for Expats	AED 7,000	5.44% to 13.99% p.a.	Maximum loan amount of AED 2,000,000 Attractive interest rates Grace period of up to 90 days before the first repayment An additional one-time upfront processing charge of 1.05% on the loan amount	Apply Now
FAB Personal Loan for UAE Nationals	AED 7,000	4.70% to 13.99% p.a.	High loan amount of up to AED 5,000,000 Flexible loan repayment tenure of up to 48 months or 60 months for employees of the Ministry of Defence Grace period of up to 365 days before the 1st repayment instalment	Apply Now
HSBC Personal Loan	AED 7,500	7% p.a.	High loan amount up to AED 750,000 Flexible loan repayment tenure of up to 48 months Approval-in-principle on loan in 10 minutes (if applied online) Individualised interest rate	Apply Now

*The mentioned interest rates are indicative and subject to change at the bank’s discretion.

Key Features of a Personal Loan with Salary Transfer in UAE

Find below the salient features of salary transfer personal loans in the UAE -

• Loan Amount - You can apply for a salary transfer personal loan and qualify for larger loan amounts, often up to 20 times your salary. 
• Flexible Repayment Tenure - The repayment tenure generally goes up to 48 months. 
• Low Interest Rates - When looking for the lowest interest rates for personal loans in the UAE, you can find rates as low as 2.55%.
• Fast Approval and Processing - The documentation for personal finance with salary transfer is simple and quick, often with instant approvals. 
• No Collateral Required - Since the bank directly deducts the instalment, you don’t need to keep any collateral. 
• Additional Benefits - While the bank’s offerings may vary, some of the supplementary benefits associated with salary transfer personal loans in the UAE include -

1. Complimentary credit cards
2. Complimentary or paid life insurance coverage
3. Bank accounts

Difference Between Personal Loan with Salary Transfer and Without Salary Transfer

To get better insights about what salary transfer personal loans are, let’s understand how they are different from their non-salary transfer counterparts -

Basis of Difference	Salary Transfer	Non-Salary Transfer
Interest Rates	Lower, competitive interest rates	Higher interest rates because of the risk of non-repayment
Loan Amount	Higher cap, up to 20x of the salary	Lower loan amount
Approval	Faster processing and easier approval	More extensive documentation
Repayment	The instalment is directly debited from your salary account with the bank	You need to set reminders to pay instalments on time

When Should You Apply for a Personal Loan with Salary Transfer in UAE?

You should consider applying for a salary transfer personal loan in UAE when -

1. You have High-end Financial Needs: A personal loan is suitable for making large purchases like furniture and fixtures. It’s also good for planning special events like a child’s higher education, marriage, family vacations, or home renovations. 
2. You Want to Consolidate Debt: You can combine multiple debts into one loan with lower interest rates. With salary transferred to the bank, you can pay off the existing ones at lower rates. 
3. You have Emergency and Urgent Expenses: Due to fast processing and approvals, a personal loan with salary transfer can help you meet the unexpected medical expenses, relocation costs, or urgent travel scenarios. 
4. You Need Quick or Assured Approval: If you maintain financial relations with the bank (through a bank account, credit card, or an existing loan), they can offer you pre-approved loans, too, with minimal paperwork. Note that a personal loan with salary transfer is processed faster. 

Who Can Apply for a Salary Transfer Personal Loan?

This loan type is suitable for -

• Salaried individuals with stable employment
• Individuals planning large expenses
• Expats working with any of the companies mentioned in the bank’s approved list of employers
• Applicants seeking quick loan approval

Application Process for Personal Loans with Salary Transfer in UAE

Here are all the details that you need to know about salary transfer personal loans with respect to the application process -

Eligibility Criteria for Personal Loan with Salary Transfers

Tabled below are the eligibility criteria for the mentioned salary transfer personal loans in the UAE -

Personal Loan Name	Eligibility Criteria
Emirates NBD Loans for Expatriates	Minimum salary - AED 5,000 Salary should be transferred to an Emirates NBD Bank account At least 3 salaries should be transferred for a personal cash loan Minimum age - 21 years
Emirates NBD -  Loans for UAE Nationals	Minimum salary - AED 5,000 Salary should be transferred to an Emirates NBD Bank account Minimum 3 salaries should be transferred for personal cash loan Minimum age - 21 years
Emirates Islamic Bank  Personal Finance for Expats	Minimum age - 21 years Maximum age - 65 years for UAE nationals and 60 for expatriates Length of Service - Minimum 6 months confirmation Minimum Salary - AED 10,000 Nationality - UAE nationals and expatriates
First Abu Dhabi Bank Personal Loan for Expats	Minimum salary - AED 7,000 Applicant should be employed with a governmental, semi-governmental, or a recognised private organisation Minimum length of service to be completed - 6 months Minimum age - 21 years
FAB Personal Loan for UAE Nationals	Minimum salary - AED 7,000 Applicant should be employed with a governmental, semi-governmental, or recognised private organisation Minimum length of service to be completed - 6 months Minimum age - 21 years
HSBC Personal Loan	Nationality - UAE national or resident Age group - Between 21 years and 65 years Minimum monthly salary - AED 7,500 The applicant should have a current account with HSBC and the salary should be credited to that account

Documents Required to Apply for a Salary Transfer Personal Loan

Here is a general list of documents to apply for a personal loan for salary transfer in UAE -

• A copy of a valid passport with a resident visa page
• Emirates ID
• Bank statements for the last 3 months mentioning salary credits
• Salary certificate or salary transfer letter addressed to the bank
• Liability letter or clearance letter (in case of buyout loans only)
• Duly filled-in and signed application form

 

Where to Compare and Apply for Salary Transfer Personal Loan in UAE?

You can easily compare and apply for a suitable personal loan in UAE on Paisabazaar.ae. The third-party aggregator has a simple user interface and multiple loan options. Here’s how to compare and apply -

• Visit the homepage 
• Click on the ‘Loans’ tab on the menu bar and select the ‘personal loan’ option
• Fill in the application form and tap on the ‘Proceed’ tab
• You will be taken to the quotes page, where you can compare your options

Frequently Asked Questions