September 21, 2023

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What to consider before applying for a personal loan in the UAE?

Apply Personal Loan in The UAE: Conditions, Application & More - My Bayut

Gathering a loan is not always an easy process. You would require providing collateral security for sanctioning the loan amount alongside paying high interest. However, if you opt for a personal loan in UAE, the situation is completely different. Yes! The emirate offers you unsecured personal loans with customised finance packages, lucrative profit rates, extended tenure and flexible eligibility criteria. 

Need immediate financial assistance for emergency expenses, debt consolidation, or your child’s education? Reach out to the top financial institutions in UAE for a swift granting of the loan at a low rate of interest. Here are the primary conditions that you must fulfil to apply for a personal loan in UAE: 

  • You must be a UAE citizen or an Expat. 
  • You must be between 21 to 65 years of age at the time of applying for the loan.
  • You must earn a monthly salary from AED 3K to AED 10K.
  • Having a current account with the authorised UAE Bank is mandatory.

Points to remember before applying for a personal loan!

Indeed a low-salary personal loan in Dubai can ease the borrower’s financial burdens to a great extent. That is why it has emerged as one of the easy options, allowing UAE residents to access personal loan benefits. Nonetheless, you should consider the following points to avoid future problems:

  • Lender Selection: If you have good credit scores and are perfectly eligible for a personal loan, banks will provide numerous attractive loan offers. However, it is vital to know in detail about the loan repayment policies, interest rates and other information before availing of their services. 
  • Interest Rate Calculation: Next essential factor you must not miss before applying for a personal loan is calculating the rate of interest you need to pay. Rest assured! The eminent financial institutions in UAE offer competitive profit rates, whether you are an ex-pat or a UAE national.
  • Advance EMI: You must also check beforehand whether or not your bank is asking for advance loan installments. After all, you would not want to pay more than the rate contracted. So, it’s always better to conduct thorough market research to grab the best deals.
  • Other Charges: You might have to pay extra charges to your bank for availing of a personal loan. This includes processing fees, early settlement or donations for non-compliance with payment requirements. Gather complete knowledge about these charges before taking a personal loan from the leading banks in UAE. 
  • Early Settlement Rules: Banks provide you with loans for a specific term and earn interest thereon. However, if you repay such loan amount before the payment tenure, they will lose their interest earnings from the sanctioned loan. That is why your financial organisation may charge a particular amount as an early settlement fee for closing your loan before the tenure ends. 


The renowned financial institutions in UAE offer various personal loans at flexible and low-cost options. You can also avoid complex documentation processes and enjoy speedy approvals by availing of the personal loan for low salary. So, why wait? Visit the official website of the eminent UAE banks and fill out their application forms.