There are times when you may need an urgent cash loan due to unexpected expenses, such as accidents, a natural disaster, or a medical emergency. In times like these, getting a personal loan would be a good option.
Fortunately, there are many possible sources of personal loans in the UAE, including banks, lending companies, and even private lenders. Most banks require a minimum monthly salary as part of the requirements for getting a loan. In this article, we will focuses on personal loans that you can apply for with a monthly salary of AED 3,000.
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Getting a Personal Loan with AED 3,000 Salary
Among the financial institutions in the UAE where you can get a personal loan with an AED 3,000 monthly salary are Arab Bank, Dubai Islamic Bank, and RAK Bank. Later, we will take a look at the different types of personal loans that these banks offer. But before that, let us talk about some general criteria and requirements first.
Criteria to Get a Personal Loan in UAE
Generally speaking, personal loans in the UAE usually get approved and disbursed quickly, as long as you meet the qualifications and submit the requirements. Below are some of the criteria that most banks and lending companies usually look for in loan applicants:
- Age. The minimum age to apply for a personal loan is 21 years old, whereas the maximum age is 65 years old. In some banks, the maximum age may be 60 years old. In any case, it’s always a good idea to inquire beforehand!
- Employment Period. For most banks, the required minimum employment period is 6 months. This means that you should have worked for at least half a year with a reputable company before applying for a personal loan.
- Credit Score. Have you ever taken out a loan before? If so, did you pay on time? Being punctual and consistent with your loan payments would result into a good credit score, which is another factor that most UAE banks look for.
- Monthly Salary. Most UAE banks usually require a monthly salary of at least AED 5,000 from personal loan applicants. However, there are some banks that require only AED 3,000 (more on these later).
- Salary Transfer. As part of the conditions when applying for a personal loan, some UAE banks require the applicant’s salary to be transferred into an account with them. However, there are also banks that do not require salary transfer.
Requirements to Get a Personal Loan
As for documentary requirements, here are the things that are usually needed when applying for a personal loan in the UAE:
- Accomplished Loan Application Form;
- Valid Emirates ID;
- Valid Passport;
- Valid Residence Visa;
- Original Salary Transfer Certificate:
- Bank Statements for Past 3 to 6 Months;
- Proof of Salary (e.g. Salary Slip) – for employed applicants; and
- Original Trade License – for self-employed applicants.
Where to Get Personal Loan on AED 3,000 Salary
As mentioned earlier, three of the places where you can apply for a personal loan with an AED 3,000 monthly salary in the UAE are Arab Bank, Dubai Islamic Bank, and RAK Bank. Let’s take a look at each bank and its personal loan options.
1. Arab Bank Personal Loan
Arab Bank is a well-known financial institution that provides banking and financial services across the country. It offers a personal loan that requires zero — that’s right — zero minimum salary! Applicants can expect to get a loan up to a maximum amount of AED 550,000 at up to 5.99% interest rate.
Please note that there is an arrangement fee of AED 1,000 for this service. To know more about the Arab Bank Personal Loan, please visit the bank’s official website.
2. Dubai Islamic Bank Personal Loan
Dubai Islamic Bank or simply “DIB” is another leading financial institution in the UAE. It is particularly known for providing Shariah-compliant Islamic services, and its personal loans are offered to both citizens and expats.
The bank offers not just one, but four types of personal loans for those with AED 3,000 monthly salary. Two of these loans are designed for UAE nationals, while the other two cater to expats. The loans are generally offered at an interest rate of 6% per annum.
a. DIB Al Islami Ijarah for UAE Nationals
UAE nationals with a minimum monthly salary of AED 3,000 can apply for this loan. Salary transfer is not required, though there is an arrangement fee of AED 1,000. The maximum loan amount that may be granted is AED 2,000,000.
b. DIB Al Islami Ijarah for Expatriates
For expats, the DIB Al Islami Ijarah may be issued to those with a minimum monthly salary of AED 3,000. Expats can loan up to AED 1,000,000. There is an arrangement fee of AED 1,000. Salary transfer is not required.
c. DIB Al Islami Goods Finance for UAE Nationals
Also offered at an interest rate of 6% per annum is the DIB Al Islami Goods Finance for UAE Nationals. They can loan up to AED 4,000,000 even with a minimum salary of AED 3,000 monthly. Salary transfer is not necessary, although there’s an arrangement fee of AED 1,000.
d. DIB Al Islami Goods Finance for Expats
Similar to the previous loan, the DIB Al Islami Goods Finance for Expats applies to those with a minimum monthly salary of AED 3,000. There’s an arrangement fee of AED 1,000, though salary transfer is not required. The maximum loan amount that expats may receive is up to AED 2,000,000.
To learn more about these loans offered by Dubai Islamic Bank, simply go to the bank’s official website.
3. RAK Bank Personal Loan
The National Bank of Ras Al Khaimah, a.k.a. RAK Bank, is one of the most popular banks in the country. It offers Shariah-compliant services to citizens and expats, too.
If your salary is AED 3,000, you may qualify for RAK Bank’s personal loan,, which are offered with reducing interest rates up to 5.99%. Applicants can get up to AED 1,500,000 as maximum loan amount. The arrangement fee is AED 1,000, and salary transfer is not necessary.
For more information about RAK Bank Personal Loan and other services, please visit the official website of RAK Bank.
Some Final Thoughts
If your monthly salary is AED 3,000 and you want to get a personal loan, don’t worry because there are banks that offer loans to those with this amount of salary. These banks differ in terms of maximum loanable amounts and interest rates, so be sure to compare several banking products before applying for a loan.
Meanwhile, if your monthly salary is AED 1,500… could you still apply for a personal loan in the UAE? Check out this article to answer this question!
