Interest rates in the UAE are up. And while that’s good news for savers, it does mean that borrowing money is getting more expensive.
Still, if you’re looking for a personal loan in the UAE, there are still good deals to be had. In fact, if you’re prepared to shop around, you can still nab a personal loan that offers a flat interest rate of less than 3%. That’s not bad in a market that’s tending towards the 5% mark.
Now, whether you’ll get these great interest rates will depend on your financial situation. A bank may look at your credit report and, if you have lots of other outstanding debts, decide that it’s only comfortable lending to you at a higher interest rate. Or perhaps you work for a non-listed company. All of those factors will play into the interest rate that you’re offered.
The point is, the loans listed below come with interest rates that start from below 3% flat. So if you’re looking for the cheapest way to get personal finance, these products make for a great place to begin your search.
Noor Bank Personal Finance
Noor Bank’s Personal Finance comes with interest rates starting at 2.49%. That’s amazingly low. Plus, you only need a minimum monthly salary of AED 5,000 to be eligible. That said, to take advantage of the best interest rates, you’ll have to have your salary transferred to Noor Bank. If you do, though, you can take advantage of a whole lot of benefits. Depending on your income, you can borrow up AED 1 million if you’re an expat, and you can borrow for a term of up to four years. Noor Bank will also throw in a free credit card, and provide Takaful coverage. Click here to check it out.
Emirates NBD Salary Transfer Personal Loans For Expatriates
The clue is in the name here. If you’re an expat, and you have your salary transferred to Emirates NBD, this is the personal loan for you. The benefit? A flat interest rate starting at 2.63% and the ability to borrow up to AED 1 million. You will need a minimum monthly salary of AED 12,000 to be eligible for one of these loans, and you’ll need to work for a listed company to get the best interest rate, but this is certainly a personal loan that offers attractive numbers. Click here to apply.
FAB Personal Loan
First Abu Dhabi Bank (FAB) is the new super-bank on the block, and it’s got the products to bring in the masses. That includes the FAB Personal Loan, which comes with a flat rate starting at 2.49%. You’ll need to have your salary transferred to the bank to get that rate, and you’ll also need a minimum monthly salary of AED 7,000. Still, if you qualify, you can borrow up to AED 2 million, and you can switch from a reducing rate to a fixed rate at any time – at no cost. Click here to check out the product.
United Arab Bank Cash Flow Loan
Okay, this isn’t your traditional personal loan. This product was designed to help you meet your short-term obligations with a quick and easy loan that comes with a low interest rate – 2.18% flat, to be precise. And if you get the loan for a specific payment – say, your school fees or your rent – United Arab Bank will even pay the money directly to your landlord or school. You can borrow up to AED 400,000, and have the repayments going over as many 12 months. Click here to take a look.