ADIB Al Khair Settlement
Benefits: From 4.99 per cent. Ideal for those who need to consolidate multiple debts, this Islamic finance option is available to those earning more than Dh5,000. Up to Dh 3million can be borrowed. There are no processing fees, and the loan includes free job-loss protection. Applicants also have the chance to win 24 times their salary.
Watch out for: To be eligible for lower rates you need to transfer your salary to the bank.
CBD Personal Loan for UAE nationals
Benefit: From 5.75 per cent. Offering finance of up to Dh2m, this cash loan for Emiratis earning more than Dh8,000 also comes with a current account with a waived minimum balance requirement and a free debit card. Customers can also defer two payments a year.
Watch out for: There are a number of fees including a processing fee of 1 per cent of the loan amount and an early settlement fee of 1 per cent of the remaining balance.
Emirates NBD UAE National Loan
Benefits: From 4.99 per cent. With a maximum finance amount of Dh3 million in cash with no end use declaration, this loan, with a reducing rate, is available to Emiratis earning more than Dh15,000 whose salary transfers into Emirates NBD. The bank offers a seven-day return option on the loan.
Watch out for: There is a one-time handling fee of 1 per cent of the total loan. Only those whose employer is on Emirates NBD's approved list of employers can apply.
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