UAE Central Bank Removes Minimum Salary Requirement For Personal Loans

2025-11-17 11:15:34

(MENAFN- Khaleej Times)

The Central Bank of the UAE has instructed banks to cancel the long-standing minimum salary requirement for obtaining personal financing, previously set at around Dh5,000 at most institutions, Emarat Al Youm reported.

Banks will now determine salary thresholds based on their own internal policies, a move aimed at giving lower-income earners broader access to financial services, including“cash on demand” products.

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Central Bank officials told Emarat Al Youm that in the coming period, all residents in the UAE, particularly youth, low-income workers, and labor-sector workers, will be able to open bank accounts. These accounts will be linked to the Central Bank's Wage Protection System (WPS), enabling banks to directly deduct loan installments from monthly salaries as soon as they are transferred.

Officials said the initiative is designed to expand financial inclusion and ensure that every individual in the UAE has access to essential banking services.

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