Everyone goes through a financial crisis sometimes: a medical emergency, a car that suddenly needs major repairs, or other matters that greatly affect your day-to-day expenses. During these situations, getting a bank loan could be a timely solution.
Whether you’re a UAE national, a Filipino, or other nationalities — rest assured that you can apply for a loan in Abu Dhabi. In this article, we will focus on banks that offer different types of loans, for citizens and expats alike. We will also discuss the eligibility criteria, document requirements, and other details about these loans.
- Getting a Loan for Pinoys in Abu Dhabi
- Banks that Offer Loans for Filipinos
- Final Thoughts
Getting a Loan for Pinoys in Abu Dhabi
Regardless of how much you need, and for what purpose (e.g. personal, car, house, business, etc.), you are likely to find several loan options in Abu Dhabi. Of course, before anything else, we need to talk about the eligibility criteria and requirements involved.
To qualify for a loan, you need to meet the lender’s criteria, which varies slightly among different banks. Nonetheless, here are some of the general criteria. A loan applicant must:
- Be at least 21 years of age;
- Be earning a minimum salary of AED 3,000 per month; and
- Be working for a company that’s listed with the lending bank.
NOTE: For most banks, the required minimum salary is at least AED 5,000 or higher. However, there are banks that provide loans for those with low salaries. Furthermore, there are banks that require additional criteria, such as salary transfer and end-of-service benefits.
The documentary requirements may differ slightly from bank to bank, as well. That being said, here are some of the most common requirements that banks often require for loan applications:
- Accomplished loan application form;
- Original and photocopy of passport;
- Original and photocopy of residence visa;
- Original and photocopy of Emirates ID;
- Salary transfer certificate;
- Proof of salary (e.g. payslip);
- Banks statements for the last 3 to 6 months; and
- Valid trade license (for self-employed individuals).
NOTE: Aside from the above, some banks may request for additional documents such as: an end-of-service benefit transfer letter or certificate from the employer, a rental contract, or a recent utility bill (e.g. electricity, telecommunications) under the name of the applicant.
Banks that Offer Loans for Filipinos
If you’re a Filipino (or other nationality) based in Abu Dhabi, check out this list of banks that offer loans for UAE citizens and expat residents. These include both domestic and international banks that have branches all over the Emirates.
This is the trading name of the National Bank of Ras Al Khaimah. Headquartered in Ras Al Khaimah, RAKBANK operates 27 branches across the country. Other than having many branches and ATMs, the bank also provides online and mobile banking for its customers.
RAKBANK provides several products and services, including the Personal Loan. Those who are earning at least AED 3,000 a month can apply for this loan. The maximum repayment term for expats is 40 months, and salary transfer is necessary.
Check out the official website of RAKBANK to learn more about its Personal Loan and other services.
2. Saudi National Bank
As the name suggests, Saudi National Bank is the largest financial institution in the Kingdom of Saudi Arabia. In the UAE, the bank operates branches in Abu Dhabi, Dubai, and other emirates.
Saudi National Bank offers a Non Salary Transfer Loan to those whose monthly salaries are at least AED 10,000. The maximum repayment period is 48 months, and the interest rates are flexible!
Visit the official website of Saudi National Bank to learn more about its Non Salary Transfer Loan.
3. Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank was established in 1985. These days, it has 56 branches all over the UAE, along with branches and offices outside the country. Filipinos and other expat residents can avail of the bank’s Personal Loan for Expatriates. The minimum salary requirement is AED 5,000 per month. Interest rates are competitive!
To know more about this Personal Loan for Expatriates, head to the official website of Abu Dhabi Commercial Bank.
4. Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank is one of the leading banks in the country. It is also the first Islamic bank in Abu Dhabi and the fourth largest Islamic bank in the world! It was incorporated in 1997.
For expats, the bank offers Personal Finance, with financing of up to AED 3 million for UAE nationals and AED 1 million for expats. The loan comes with a free Visa cashback card. To qualify, applicants should be earning a minimum of AED 8,000 per month. The maximum repayment period is 48 months, and salary transfer is mandatory.
In addition, the bank also offers other types of loans, including the Debt Settlement for Expats, which comes with flexible repayment options. One of these is a grace period (or no installment payment) for the first three months.
Head to the official website of Abu Dhabi Islamic Bank for more information about its products and services for expat residents.
5. Ajman Bank
If you are planning to purchase home furniture, appliances, electronic gadgets, or other items, consider applying with Ajman Bank for their Goods Murabaha for UAE nationals and expat residents.
Ajman Bank’s Goods Murabaha comes with financing of up to AED 3 million for UAE nationals and up to AED 1 million for expats, with a maximum repayment period of 48 months. To qualify, the minimum monthly salary requirement is AED 6,500 for UAE nationals and AED 8,000 for expat residents.
For more information about Goods Murabaha, check out the official website of Ajman Bank.
6. Emirates Islamic
Emirates Islamic was established in 2004; its clients include individuals, small business, and big companies. It has multiples branches across the UAE, including Abu Dhabi. The bank provides Personal Finance of up to AED 2 million for expats whose minimum salary is AED 10,000 per month.
Check out the official website of Emirates Islamic for more details about its loan products.
7. Emirates NBD
Emirates NBD is one of the largest banking groups in the Middle East; it happens to be the government-owned bank of Dubai.
The bank offers several products for expats, including the Salary Transfer Personal Loan. The maximum loan amount is AED 3 million, while the maximum repayment period is 48 months. To qualify, applicants should be earning at least AED 5,000 a month.
Visit the official website of Emirates NBD to know more about its products and services.
8. United Arab Bank
Among the leading banks in the UAE is United Arab Bank, which provides personal banking, corporate banking, and Islamic banking services. For expats, the bank offers the Personal Loan.
The loan comes with financing of up to AED 2 million. To be eligible, applicants should be earning at least AED 7,500 per month. For more details about this Personal Loan, visit the official website of United Arab Bank.
9. Commercial Bank of Dubai
As the name says, Commercial Bank of Dubai is headquartered in Dubai, although its has branches all over the UAE, including Abu Dhabi. One of its products is Absher Personal Finance.
This loan provides financing of up to AED 3 million for UAE nationals and AED 750,000 for expat residents. It also comes with a free debit card, current account, and other benefits. To qualify for this loan, applicants need to have a minimum salary of AED 8,000 per month.
Check out the official website of Commercial Bank of Dubai to learn more about Absher Personal Finance.
10. Arab Bank
Arab Bank is one of the most well-known financial institutions in the Middle East. It has branches all over the UAE as well as in Bahrain, Palestine, Qatar, Lebanon, and Jordan. It offers the Personal Loan, among other products and services.
This loan provides financing of up to AED 730,000, and the maximum repayment period is 48 months. To be eligible, the applicants must be at least 21 years old, earning at least AED 3,000 a month, and has been working for at least 3 to 6 months.
By the end of the repayment period, the borrower should not be more than 65 years old (for UAE nationals) or 60 years old (for expat residents). Visit the official website of Arab Bank to know more about its Personal Loan.
11. Dubai Islamic Bank (Personal Finance)
Dubai Islamic Bank happens to be the biggest Islamic bank in the UAE and the third-largest Islamic bank in the world. It was established in 1975; today, it has 90 branches across the UAE.
The bank offers several loans for UAE nationals and expats. One of these is Personal Finance, which provides financing of up to AED 4 million for UAE nationals and AED 2 million for expat residents. The maximum repayment period is 48 months. Moreover, it features a grace period (or delayed first installment) of up to 120 days for UAE nationals and 90 days for expat residents.
To qualify for this loan, applicants should be earning at least AED 3,000 a month. Head to the official website of Dubai Islamic Bank for more information about this product.
12. Dubai Islamic Bank (Goods Murabaha)
Another type of loan offered by Dubai Islamic Bank to UAE nationals and expats is Goods Murabaha, which can be used to purchase furniture, vehicles, appliances, machinery, and other Sharia-compliant items. The required salary to qualify for this loan is at least AED 3,000 per month.
The loan offers financing of up to AED 4 million for UAE nationals and AED 2 million for expats. Meanwhile, the maximum repayment period is 48 months. Once again, check out the official website of Dubai Islamic Bank for more details about Goods Murabaha.
Whether you’re a UAE national, a Filipino, or another nationality, rest assured that you can apply for a loan in cases of financial emergencies. Keep in mind that each bank has its own criteria and requirements. So before submitting your application, take time to compare different products, along with their corresponding terms and conditions.
Meanwhile, if you are specifically planning to buy a car, consider getting a car loan. Here’s a guide to applying for a car loan in Abu Dhabi, for your reference.