How To Get Loan in UAE

Interest-free loans can be a valuable tool in maintaining your financial stability, helping you manage repayments while fostering positive credit habits. In this article, we’ll explore straightforward ways to obtain interest-free loans in the United Arab Emirates.

1. Al Maryah Community Bank

Al Maryah Community Bank, the UAE’s pioneering digital bank, offers interest-free loans through its ‘Raha Debt Takeover’ program. This initiative assists account holders in consolidating their debts into a single loan, with a convenient three-month repayment period. Opting for the ‘Raha Debt Takeover’ scheme also offers a chance to win a zero-interest loan.

To participate in this opportunity, individuals must enter a raffle or lucky draw organized by Al Maryah Community Bank LLC, located at 454 Shakhbout Bin Sultan St, Al Mushrif, Abu Dhabi, United Arab Emirates.

Here are key terms and conditions for potential participants:

  • Participants must be UAE residents with an account at Al Maryah Community Bank.
  • UAE Nationals should have a minimum salary of AED 10,000 and a minimum employment tenure of 6 months.
  • Expatriates residing in the UAE should maintain a minimum salary of AED 15,000 and a minimum employment tenure of 1 year.
  • All participants need to ensure that their previous month’s salary is reflected in their Al Maryah Community Bank account.
  • Past raffle winners are not eligible to participate again.
  • Participants should maintain a good credit score in line with the bank’s credit policies.
  • Bank employees are not permitted to enter the raffle.
  • Participants must ensure their Customer Debt Service Ratio (DSR) does not exceed the 50% threshold set by the Central Bank of the United Arab Emirates (CBUAE). Exceeding this limit will disqualify participants from loan products.

Important points to consider:

  • Keep a close eye on your inbox and mail as winners will be notified within 3 days after the draw.
  • Adherence to all terms and conditions in the Personal Loan Agreement is crucial, including timely repayments to avoid penalties and charges.
  • The bank retains the right to disqualify, suspend, or terminate participation under specific circumstances. To learn more, visit the Al Maryah Community Bank’s official website.

2. Emirates Islamic Bank

Established in 2004, Emirates Islamic Bank upholds the highest standards of Islamic Banking in line with Sharia principles. Following these principles, derived from the Quran, Sunnah, and Hadith, the bank does not charge interest on personal finance.

To apply for Personal Finance from Emirates Islamic Bank, you will need:

  • A filled application form.
  • Bank statements from the last three months.
  • A valid passport and its copy (for verification); a valid UAE residence visa and its copy for expatriates (for verification).
  • A salary certificate.
  • A valid Trade License if you are self-employed.
  • A Liability Letter.
  • An Account Opening Form.

Eligibility for Emirates Islamic Bank Personal Finance:

  • Applicants must be 21 years and above.
  • Minimum salary requirement of AED 10,000 for both UAE Nationals and expatriates.
  • For UAE Nationals, the age should not exceed 65 years at the time of maturity, while for expatriates, it should not exceed 60 years at the time of maturity.
  • A minimum of one month’s salary should be credited to your Emirates Islamic account.
  • The tenure is 48 months for standard debt settlement and 300 months for special debt settlement.

3. Financial Institutions Offering Competitive Personal Loan Rates

If you’re looking for personal loans with attractive interest rates, consider the following financial institutions in the UAE:

  • Emirates NBD Personal Loan
    • Minimum salary required: AED 5,000
    • Interest Rate: Starting from 2.81% p.a.
    • Reducing Interest Rate: 5.29% p.a.
  • RAKBANK Personal Loan
    • Minimum salary required: AED 3,000
    • Interest Rate: Starting from 5.49% p.a.
    • Reducing Interest Rate: 19.99% p.a.
  • Abu Dhabi Commercial Bank
    • Minimum salary required: AED 5,000
    • Interest Rate: Starting from 4.99% p.a.
    • Reducing Interest Rate: 6.00% p.a.

Frequently Asked Questions:

1. How can I participate in Al Maryah Community Bank’s ‘Raha Debt Takeover’ program to get an interest-free loan?

  • To participate, you need to enter the raffle or lucky draw organized by Al Maryah Community Bank. Make sure you meet the eligibility criteria, which includes being a UAE resident, having an account with the bank, and maintaining specific salary and employment tenure requirements. Keep an eye on notifications from the bank for draw results.

2. What is the eligibility criteria for Emirates Islamic Bank’s Personal Finance with no interest?

  • To be eligible for Personal Finance from Emirates Islamic Bank, you should be at least 21 years old. The minimum salary requirement is AED 10,000 for both UAE Nationals and expatriates. The maximum age at the time of maturity differs for UAE Nationals and expatriates. Additionally, you must have a minimum of one month’s salary credited to your Emirates Islamic account.

3. What documents are required to apply for Personal Finance from Emirates Islamic Bank?

  • To apply for Personal Finance, you will need to provide a filled application form, bank statements from the last three months, a valid passport and its copy (for verification), a valid UAE residence visa and its copy (for expatriates), a salary certificate, a valid Trade License if you are self-employed, a Liability Letter, and an Account Opening Form.

4. Are there other financial institutions in the UAE offering competitive interest rates on personal loans?

  • Yes, in addition to Emirates NBD Personal Loan, RAKBANK Personal Loan, and Abu Dhabi Commercial Bank, there are other financial institutions in the UAE offering personal loans with competitive interest rates. You can explore these options to find the best loan product that suits your financial needs.

5. How can I maintain a good credit score to comply with the bank’s credit policies for an interest-free loan?

  • Maintaining a good credit score involves paying your bills and loans on time, keeping your credit card balances low, and not opening too many new credit accounts. Additionally, you should regularly review your credit report for accuracy and address any discrepancies.

 

Complying with these practices will help you meet the credit policies set by the bank for interest-free loans.

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