The purpose of a personal loan is an amazing choice to utilize for numerous purposes. For instance, you can choose it for debt consolidation, paying bills, etc. If you want to travel with your family but have less finances, never miss the chance of spending vacations with your family. This loan is a perfect option to happily live. Now in 2023, there are numerous Best Banks for the Easiest Personal Loans. All banks are with their great specifications. We will tell you complete details about them.
Do all banks offer personal loans?
Most of the banks in UAE offer the personal loans. But, some may not offer them. Before applying, you should directly contact the lender to get all the information about the loan types. In addition to banks, many other lenders also give personal loans that are utilized for different purposes such as debt consolidation, or any other need.
Best Banks for Easy Personal Loans
Here, you will know about those banks that have excellent offers for their customers. And, also they provide loans at low-interest rates. Have a look at the following mentioned banks:
1. Deem Finance Personal Loan without Salary Transfer
Deem considers an Easy bank loan in UAE. It sets the limit for salary criteria of 5000 AED per month. It provides debts of higher amounts. Thus, a customer will feel complete financial support. Many times, people need loans for establishing new businesses or to pay off all other loans. In this scenario, the bank’s financial support means a lot to the customer. Without a high-interest rate, the loans are with flexible duration to repay.
Features and Benefits
- If you are in search of instant approval of loans, the Deem is a good option. It is because of the quick response of approval.
- The flexible duration can be more than four years.
- The last requirement of paperwork never consumes much time. You will quickly fill out all the forms.
- If you are not willing to do the step of salary transfer, then the surprising fact is that this bank does not need it.
- The charges of interest are between 15 to 34 percent yearly.
2. Citi Bank Personal Loan without Salary Transfer
Just like the Deem, Citi Bank also offers personal loans without the need for your salary transfer. Without salary transfer, the process for applying is much simpler. And, you will apply with its flexible requirements. The maximum amount for debt is 175000 AED. The loan calculator will also help you in determining every aspect of the loan.
Features and Benefits
- The interest rate is of a reducing type that gives you the benefit that it will never enhance too much. This rate is from 14-27% which is lower than many other lenders.
- The decision of loan approval is only in just 10 minutes.
- For repaying, you have a time of 6-48 months. Choose according to your financial budget.
- It became harder to go to the bank’s branch during your busy schedule. So the banks that offer online services through phone or internet are ideal just like Citi Bank.
3. Abu Dhabi Islamic Bank Personal Finance
Basically, the banks work according to the Shariah. Your age must be above 21 years. So, you are mature to understand everything. You can avail of the loan amount of 250K to 3000K AED. The interest rate is between 6.75 to 20 percent. But, the process of salary transfer is mandatory. Otherwise, your application will remain without approval.
Features and Benefits
- If you forget to submit one or two repayments, do not worry. The bank will not add extra charges because they provide the feature of postponed repayments two times.
- The process is easier with faster approval.
- With minimal documentation, you can apply.
4. Abu Dhabi Commercial Bank Personal Loan
All over UAE, the ADCB bank provides excellent personal loans. This bank’s motive is to do any financial help that gives joy to the customer’s life. You can also fulfill your dream of a beautiful wedding destination or renovate your house with ADCB. They also take responsibility to reduce the customer’s financial stress with no adding of any extra charges. It is a reason it is a great loan provider.
Features and Benefits
- Its flexible repayment is up to four years.
- This bank gives customers opportunities to get attractive rates if they choose salary transfers.
- The maximum loan amount that you will get is 5000,000 AED.
- If any customer wants to repay the entire amount earlier, there will no extra fee.
5. RAKBANK Personal Loan
RAKBANK has the specification that it will offer loans with a minimum monthly salary of five thousand AED. The attractive interest charges are applicable on all loans. These charges are reasonable and it is easily affordable in your monthly income. National and expats both are equally eligible if they have all essential documents.
Features and Benefits
- There is a difference between reducing & flat rates. But both are not with higher amounts. The reducing rate is 3.99 percent and the flat rate is 2.75 percent.
- As compared to other loans, the takeover of loans through this bank is much more uncomplicated.
- The membership fee is zero on the RAKBANK credit cards.
How to manage a personal loan
The whole process of managing the loans depends on your choice of monthly repayments. If you take it, it is a huge responsibility for you to repay the amount. The prediction of the total repays tenure is crucial, so you will efficiently manage it. If you miss any of the repayment, some lenders add penalty charges. However, there are few great banks that have an option for payment relief. With this option, you will get instant relief from the burden of missed payments.
Always select long-term for pay-off amounts in case you require a low monthly payment. Therefore, you have to pay more interest amounts. The longer terms help in decreasing the extra financial budget of repaying the amount. You can take any guidance from UAE Banking Sol. They have a professional team that helps in solving all your financial issues.
What are the Personal Loans Tenures in UAE?
The tenures of personal loans depend on the borrowed amount. The higher amount is with longer durations in contrast to the low amount. In particular, the minimum time is about six months and the maximum is 48 months. You have full freedom to choose the number of months for the repaying. However, the APR is between 8-34 percent. This rate is almost the same in every part of the UAE.
Why is Salary a crucial determinant in deciding the loan’s approval?
The approval for a personal loan in the UAE is easier but still salary is a most considerable determinant. Banks check the salary, so they get surety that a borrower will repay the amount on time. A person with a high salary repays more easily than a borrower’s low salary. It also gives surety about the monthly fixed income of a borrower. So, the qualification will become quick.
Conclusion
Almost every bank in UAE is exceptional in offering the best personal loans. Even online financial institution UAE Banking Sol gives you instant loans. Only if you submit the application correctly without any faults and attach all compulsory documents.