(MENAFN- Khaleej Times)

The Central Bank of the UAE has removed the minimum salary requirement of Dh5,000 for a personal loan. This decision, according to experts, is a major game-changer for the UAE as it will give them access to finance to meet their personal needs and investment purposes.

Despite the removal of the Dh5,000 requirement, AbdulAziz Abdullah Al-Ghurair, chairman of the UAE Banks Federation BF, told Khaleej Times in an interview recently that not the entire workforce in the country will be eligible for a personal loan, as many fall into very low-income category and may not meet the eligibility criteria.

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Some banks still list a minimum salary requirement of Dh5,000 and above for personal loans on their websites. According to the UAE Central Bank, personal loans to UAE residents reached Dh547.7 billion at the end of the third quarter of 2025, an increase of Dh74.4 billion or 15.7 per cent year-on-year.

For those UAE residents and employees looking for some cash, these banks are offering them personal loans:

First Abu Dhabi Bank (FAB):

• UAE nationals can get up to Dh5 million with a salary transfer account and with/without holding a FAB credit. They will pay between 4.7 per cent fixed to 6.2 per cent interest per annum with a 365-day grace period.

• Expatiates in the UAE can get up to Dh2 million loan with a grace period of 275 days and an interest rate in the range of 5.44 per cent to 7.2 per cent per year.

• Applicants aged 21 years and above with a minimum salary of Dh7,000 are eligible for personal loans. They should be employed with a government, semi-government or a reputable private company.

Emirates NBD:

• Loan amount up to Dh4 million is offered to Emiratis and Dh3 million to expatriates.

• It claims attractive interest rates for customers.

Mashreq Bank:

• It offers loan up to 20x of your salary and as high as Dh2 million.

• Minimum monthly salary of Dh5,000 for approved companies and Dh10,000 for unapproved firms

• Should be a confirmed employee for 6 months or more at the current company

• First EMI deferral period up to 90 days

Abu Dhabi Commercial Bank (ADCB):

• Interest rate starts from 5.24 per cent for nationals and 6.49 per cent for expats

• It also offers up to 2x of salary draft with flexible eligibility criteria

• L an is granted against the assignment of the customer's salary and end-of-service benefit (gratuity)

• Processing fees is 1.05 per cent of the loan amount.

• Loan repayment tenures start at 6 months and are up to a maximum of 48 months.

Commercial Bank International:

• Customers can borrow up to 20x of their salary.

• Insurance is covered in case of any unforeseen circumstances.

• National Bank of Fujairah:

• Loans amount up to 20 times of monthly salary.

• Maximum of Dh1 million for expats; Dh3 million for nationals

• Loans tenors of up to 48 months

• Extended loan tenors with a repayment period up to 48 months

• Interest rate of 5.25 per cent

Ras Al Khaimah Bank (RAKBank):

• Applicants should be 21 years or older with a minimum monthly salary of Dh5,000.

• Interest starts from 5.49 per cent per annum.

• End-of-service benefits and salary transfer to the bank until the repayment of the loan is completed.

• Minimum Al Etihad Credit Bureau (AECB) score of 541

• Customer must be employed with a bank-approved employer.

• Nationals and expats have 48 months to repay the loan. UAE Armed Forces staff have 60 months.

Dubai Islamic Bank (DIB):

• Up to Dh5 million

• Takaful coverage up to Dh100,000

• Instalment deferment option

Abu Dhabi Islamic Bank (Adib):

• Up to Dh3 million in financing for the national

• Up to Dh2 million for expatriates

• Reducing the profit rate from 4.59% per annum

• Flexible repayment terms up to 48 months

• 2 instalment postponements without fee

Note: The information above is sourced from UAE banks' official websites. Each bank may have additional terms and conditions for personal loans, as well as calculators to help determine exact eligibility and repayment details. Khaleej Times advises readers to contact the respective banks for further information.

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