Get personal loan at lowest interest ratePersonal Loan up to 20 times your Salary

Salary Transfer LoanLoan up to 20 times salary

Salary Transfer Loan is considered as a secured Personal Loan in Dubai. In Salary Transfer Loan the applicant needs to transfer his/her Salary to the Lending Bank to avail of any Loan services. It gives you the privilege to avail high volume of Loan amounts i.e up to 20 multiples of your salary at a lower Interest Rate in comparison to Loans without any salary transfer where the Interest Rate charged is quite high.

Transferring your salary to a lending bank for a loan in Dubai also gives you other benefits like Pre-approved Credit Cards, Over Draft facilities, and much more. Salary Transfer reduces the risk factor for the bank to lend and hence there are more chances of getting your loan approved.

Mostly Personal loans in Dubai with salary transfers are designed for the people working under an approved list of companies by the bank. However, there are few banks that offer Non Salary Transfer Loans also.

Features and Benefits of Salary Transfer Loan in UAE

There is a list of benefits to opting for a Salary Transfer Loan in the UAE:

Loan Amount: Most of the Banks in the UAE offer up to 20 times a Salary loan if the applicant is agreed to transfer monthly salary to the lending bank. Hence, the applicant can avail high loan amount by opting for a Salary transfer loan in UAE.

Low-Interest Rate: Salary Transfer Loan in UAE is considered as a secured loan where the applicant transfers monthly salary to the lending bank. This makes banks offer lower interest rates as compared to a personal loan without salary transfers.

No Collateral or Guarantor: As the bank is able to debit the monthly installment payment through direct debit, there is no collateral or guarantor needed for a Salary transfer loan in UAE.

Eligibility for Salary Transfer Loan

Minimum fixed income of AED 5,000.

Minimum age of the applicant should be 21.

Good and healthy Credit Score or Credit History.

Salary transfer Mandatory.

Documents for Salary Transfer Loan

KYC Documents – Passport and Visa Copy, Emirates ID.

Income Proof – Salary Certificate or Payslips.

Latest 3-6 Months Bank statement.

Salary Transfer Letter.

Top Bank Providing Salary Transfer Loan

Personal Loan Providers Reducing Interest Rate Minimum Salary RequiredMaximum Loan Amount
ADCB Personal Loan6.25%AED 5000-
RAKBANK Personal Loan4.99%AED 5000-
Emirates Islamic Bank Personal Loan for UAE NationalsNAAED 10000AED 4 million
Emirates NBD Personal Loan5.49%AED 5000AED 4 million
Dubai Islamic Bank (DIB)8.99%AED 5000AED 4 million for Emiratis, AED 2 million for expats
Emirates Islamic Bank Personal Loan6.47%AED 5000AED 4 million for Emiratis, AED 2 million for expats

1. ADCB Personal Loan

ADCB offers personal loan with the following:

Minimum salary requirement: AED 5000 Maximum Loan Amounts: –
Sharia-Compliant: YES Reducing Interest Rate: 6.25%

ADCB Personal Loan Features:

High salary multiples

Loan consolidation available

Shariah-compliant

Free ADCB Credit Card

Eligibility:

Minimum age of the applicant should be 21.

Salary transfer required

2. RAKBANK Personal Loan

RAK Bank offers personal loan with the following:

Minimum salary requirement: AED 5000 Maximum Loan Amounts: –
Sharia-Compliant: NO Reducing Interest Rate: 4.99%

RAK Bank Personal Loan Features:

High salary multiples

Top up loan after 1 year

Quick approvals

Loan takeovers from other banks

Eligibility:

Minimum age of the applicant should be 21.

Salary transfer required

3. Emirates Islamic Personal Loan for UAE Nationals

Emirates Islamic offers personal loan for UAE nationals with the following:

Minimum salary requirement: AED 10,000 Maximum Loan Amounts: – Up to AED 4 Million
Sharia-Compliant: YES Reducing Interest Rate: 4.66%

EIB Personal Loan Features for UAE Nationals:

Low profit rate

Simple, quick approval process

Murabaha structure followed

Nominal processing fees

Eligibility:

Minimum age of the applicant should be 21.

Salary transfer required

4. Emirates NBD Personal Loan

Emirates NBD offers personal loan with the following:

Minimum salary requirement: AED 5,000 Maximum Loan Amounts: – Up to AED 4 Million
Sharia-Compliant: YES Reducing Interest Rate: 5.69%

Emirates NBD Personal Loan Features for UAE Nationals:

Low interest rate

Quick approval and disbursement

Zero Insurance Fee

Nominal processing fees

Eligibility:

Minimum age of the applicant should be 21.

Salary transfer required

5. Dubai Islamic Bank Personal Loan

Dubai Islamic Bank offers personal loan with the following:

Minimum salary requirement: AED 5,000 Maximum Loan Amounts: – AED 4 million for Emiratis, AED 2 million for expats
Sharia-Compliant: YES Reducing Interest Rate: 8.99%

Dubai Islamic Bank Personal Loan Features:

Flexible Repayment tenors

Simple Documentation

Quick Processing

First EMI payment Up to 120 days

Eligibility:

Minimum age of the applicant should be 21.

Salary transfer required

6. Emirates Islamic Bank Personal Loan for Expats

Emirates Islamic Bank offers personal loan for Expats with the following:

Minimum salary requirement: AED 5,000 Maximum Loan Amounts: – AED 2 million
Sharia-Compliant: YES Reducing Interest Rate: 6.47%

Emirates Islamic Bank Personal Loan Features:

Low profit rate

Simple, quick approval process

Extended repayment periods of up to 4 years

Consolidate all debts into an easy payment plan

Murabaha structure followed

Eligibility:

Minimum age of the applicant should be 21.

Salary transfer required

Frequently Asked Questions

How many multiples of salary I can avail with Salary Transfer Loan?

As per UAE Central Bank regulations, Banks can offer a maximum of up to 20 times of salary loan.

What are the documents required to avail a Salary Transfer loan?

KYC Documents – Passport and Visa Copy, Emirates ID.

 Income Proof – Salary Certificate or Payslips.

 Latest 3-6 Months Bank statement.

 Salary Transfer Letter.

Do Banks check AECB or Credit report for applying Salary Transfer Loan in UAE?

Yes, a credit check is mandatory for all categories of loans in the UAE.

What is the difference between Flat Rate vs Reducing Rate?

In the Flat rate method, the interest rate is calculated on the principal amount of the loan whereas the Reducing interest rate is calculated only on the loan amount outstanding on a monthly basis Fixed interest rates are generally lower than the reducing balance rate.