Are you an expat looking for a bank loan in Abu Dhabi? For this article, we have gathered a list of banks that offer loans to UAE nationals as well as expat residents. Details such as eligibility criteria, documentary requirements, and loan features are included.
No matter how small or how big your financial need is, you are bound to find a bank loan that fits your situation. Keep on reading to learn more about various loan options for expats in Abu Dhabi.
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Bank Loans for Expats in Abu Dhabi
There are many possible reasons for taking out a bank loan. Perhaps you have a medical concern that needs immediate treatment, or a car that requires urgent repairs. In any case, applying for a bank loan is one of your options.
Eligibility
Each bank — and each type of loan, for that matter — has a different set of eligibility criteria. For instance, Emirates NBD’s Salary Transfer Loan for Expats requires a minimum salary of AED 5,000 per month, and salary transfer to Emirates NBD.
Meanwhile, to qualify for Abu Dhabi Islamic Bank’s Personal Finance for Expats, an applicant should:
- Be at least 21 years old;
- Have a minimum salary of AED 8,000;
- Be working for an employer in the bank’s approved list;
- Be willing to have his/her salary transferred to the bank; and
- Have a maximum age of 65 (for UAE nationals) or 60 (for expats) upon completion of the loan term.
Other banks may have slightly different criteria. For example, to be eligible for Emirates Islamic’s Personal Finance for Expats, an applicant should have a minimum monthly salary of AED 10,000, and a length of employment that’s at least 6 months.
Requirements
Just like the eligibility criteria, the required documents may vary among banks, as well. Here’s the list of requirements when applying for Commercial Bank of Dubai’s Absher Personal Finance, for example:
- Valid passport and residence visa;
- Valid Emirates ID;
- Bank statement for the past 3 months; and
- Salary certificate.
The same set of documents are required by Abu Dhabi Commercial Bank’s Personal Loan for Expats, with the addition of two more: a salary transfer letter, and details of existing loans or liabilities.
Meanwhile, if you are applying for Ajman Bank’s Goods Murabaha, you will also need to submit a quotation of the goods you intend to buy. Once again, the set of requirements depends on the bank and the type of loan you plan to get.
List of Abu Dhabi Banks with Loans
And now, here is a list of banks in Abu Dhabi that provide different types of loans for UAE nationals and expat residents:
1. Abu Dhabi Commercial Bank
Established in 1985, Abu Dhabi Commercial Bank operates 56 branches in the UAE, plus branches and offices overseas. It offers the Personal Loan for Expatriates, with simple documentation and competitive interest rates. Expats who have a minimum salary of AED 5,000 can apply for this loan.
Head to the official website of Abu Dhabi Commercial Bank, to know more about this product.
2. Abu Dhabi Islamic Bank
Incorporated in 1997, Abu Dhabi Islamic Bank is the first Islamic bank in Abu Dhabi and one of the leading banks in the UAE. It also happens to be the fourth largest Islamic bank worldwide!
For expats who are earning at least AED 8,000 a month, the bank offers Personal Finance, which comes with a free Visa cashback card. The loan amount can be up to AED 3 million for UAE nationals, and AED 1 million for expats. Salary transfer is required, and the repayment period can be up to 48 months.
Moreover, Abu Dhabi Islamic Bank provides other types of loans, such as Debt Settlement for Expats. This product features flexible repayment options, including a grace period (no installment) for the first three months.
For more information about the bank’s financial products, head to the official website of Abu Dhabi Islamic Bank.
3. Ajman Bank
For those who are planning to buy furniture, home appliances, electronics, vehicles, or other items, Ajman Bank offers Goods Murabaha for UAE nationals and expats alike.
The bank provides financing of up to AED 3 million for UAE nationals, and up to AED 1 million for expat residents. The minimum monthly salary is AED 6,500 for UAE nationals, and AED 8,000 for expats. The loan features simple documentation and fast processing, with a repayment period of up to 48 months.
Check out the official website of Ajman Bank for more information about this product.
4. Commercial Bank of Dubai
Headquartered in Dubai, Commercial Bank of Dubai has numerous branches all over the country, including Abu Dhabi. The bank provides Absher Personal Finance to those with a minimum monthly salary of AED 8,000.
The product offers financing of up to AED 3 million for UAE nationals and AED 750,000 for expats. It comes with a free debit card, a free current account, and other features.
To learn more about this product, check out the official website of Commercial Bank of Dubai.
5. Emirates Islamic
Established in 2004, Emirates Islamic caters to individuals, small businesses, and large corporations. To expats earning at least AED 10,000, the bank offers Personal Finance of up to AED 2 million. It features easy documentation, competitive rates, and much more.
Emirates Islamic has several branches in Abu Dhabi. For more details about its personal finance offerings, check out the bank’s official website.
6. Emirates NBD
Emirates NBD is the government-owned bank of Dubai; it happens to be among the biggest banking groups in the Middle East. One of its products is the Salary Transfer Personal Loan, which is offered to expats who have a minimum salary or AED 5,000 per month.
The loan provides financing of up to AED 3 million, with a repayment period of up to 48 months. Interest rates are competitive, plus there’s a first payment deferment of up to 60 days, among other features.
The bank offers a Non Salary Transfer Loan, as well. To know more about its various products and services, visit the official website of Emirates NBD.
7. Saudi National Bank
Saudi National Bank happens to be the biggest financial institution in Saudi Arabia. In the UAE, it has a flagship branch in Dubai, with branches in Abu Dhabi and other emirates, too.
The bank provides a Non Salary Transfer Loan to those who are earning a minimum salary of AED 10,000. Interest rates are flexible, and the repayment period can be up to 48 months.
To learn more about this loan, visit the official website of Saudi National Bank.
8. United Arab Bank
United Arab Bank is one of the leading banks in the country, offering personal banking, corporate banking, and Islamic banking services.
Expats who have a minimum salary of AED 7,500 can expect to loan up to AED 2 million through the bank’s Personal Loan. Interest rates are competitive, and the application process is quick and easy.
Visit the official website of United Arab Bank for more details about its Personal Loan and other services.
Summary
Indeed, UAE nationals as well as expats have plenty of options to choose from when it comes to bank loans. On the other hand, if you are planning to purchase a new car anytime soon, here is a quick guide on how to apply for a car loan in Abu Dhabi.