TOP BANKS FOR PERSONAL LOAN IN UAE WITHOUT SALARY TRANSFER

TOP BANKS FOR PERSONAL LOAN IN UAE WITHOUT SALARY TRANSFER

TOP BANKS FOR PERSONAL LOAN IN UAE WITHOUT SALARY TRANSFER

Personal Loan in UAE is can be easily procured by both UAE Nationals and Expats, provided the eligibility criteria is met. There are three types of loans offered in UAE by the banks: Salary Transfer Loan, Non Salary Transfer Loan and Buyout Loan. Here, we will share the best non salary transfer loans in UAE to make it easy for you to choose for yourself. Non Salary Transfer Loan or Loan without Salary Transfer is same, where you do not need to transfer your salary to the lending bank or financial institution. Usually banks prefer to get your salary credited with them majorly in order to reduce the risk factor and in addition to add to their business. However, there are banks offering loans even without a salary transfer.

Sometimes, you are satisfied with the services of your bank but due to some eligibility concerns (as criteria vary from bank to bank) you aren’t able to fetch a loan from your current bank. You then look for a loan without salary transfer. With a growing demand of such customers, banks and financial institutions like Dubai Islamic, Emirates NBD, Citibank, Deem Finance etc. offer a loan without salary transfer. Though everything is similar to salary transfer loan, in fact less cumbersome but interest rates would be slightly higher than the salary transferred ones.

  1. CITIBANK Non Salary Transfer Loan: Getting a personal loan from Citi is fast, easy, and hassle-free, with no salary transfer required. 
  • Minimum Salary: AED 8,000
  • Loan Tenure: Up to 4 years
  • Flat Rate: 7.71%                                                                     
  • Reducing Rate: 14%
  • Processing Fee: 0%
  • Islamic Finance: No
  • Early Settlement Charges: 1% of outstanding balance (max. AED 10,000)

    Features & Benefits:

  • Loan up to 8 times of your salary
  • Quick processing
  • Zero processing fee
  1. UNITED ARAB BANK Non Salary Transfer Loan: United Arab Bank (UAB) is considered to be one of the top providers of no salary transfer loans.
  • Minimum Salary: AED 20,000
  • Loan Tenure: Up to 1 year
  • Flat Rate: 2.18%
  • Reducing Rate: 8.99%
  • Processing Fee: 0.75% (max. AED 2,500)
  • Islamic Finance: Yes, available
  • Early Settlement Charges: 1% of outstanding balance

   Features & Benefits:               

  • Low rate of interest
  • Less Processing fee
  • No hassle of salary transfer letter and other formalities
  1. EMIRATES NBD Non Salary Transfer Loan: Emirates NBD’s No salary transfer loan is amongst the most sought after loan option by expats as it insures double insurance coverage.
  • Minimum Salary: AED 10,000
  • Loan Tenure: Up to 4 years
  • Flat Rate: 7.90%                                                                     
  • Reducing Rate: 14.99%
  • Processing Fee: 1%
  • Islamic Finance: No
  • Early Settlement Charges: 1% of outstanding balance

    Features & Benefits:

  • Loan up to AED 500,000
  • Double Insurance Coverage
  • 7-day loan return option
  1. DEEM FINANCE Non Salary Transfer Loan: Deem Finance No salary transfer loan is offered with nominal interest rate and a high loan amounts.
  • Minimum Salary: AED 5,000
  • Loan Tenure: Up to 4 years (5 years for UAE Nationals)
  • Flat Rate: 8.81%                                                                     
  • Reducing Rate: 15.99%
  • Processing Fee: 1% (min AED 500, max AED 2,500)
  • Islamic Finance: No
  • Early Settlement Charges: 1.05% of outstanding balance

    Features & Benefits:

  • Flexible repayment tenures
  • Embedded with Insurance Coverage
  • Fast processing due to less paperwork
  1. Samba Non Salary Transfer Loan: Samba offers financial solution that provides borrower with best interest rates and affordable installments.
  • Minimum Salary: AED 10,000
  • Loan Tenure: Up to 4 years
  • Flat Rate: 4.83%                                                                     
  • Reducing Rate: 9%
  • Processing Fee: 1% (min AED 500, max AED 2,500)
  • Islamic Finance: No
  • Early Settlement Charges: 1% of outstanding balance (max. AED 10,000)

    Features & Benefits:

  • No collateral required
  • Embedded with Insurance Coverage
  • Quick financing within few days

 

Published by : Gulf Finance Team

Published on : 17th May 2020

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