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Location : Abudhabi

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The reason why loans for personal purposes are widely chosen is because there is no need for any collateral or security in order to acquire them. Also, the freedom of spending the loan amount according to your personal preferences is another benefit. You can apply for a personal loan in UAE for all possible personal reasons such as travel, wedding expenses, studies, home renovation, credit payments, or any other sudden unplanned expenditure.

The rate of interest and loan repayment terms differ from bank to bank. Some of the banks also ask your goal behind the loan so that they can tailor make the plan to align with your expected outcome. If you are finding it hard to get started, check out this listing on Storat as we have featured all the topmost banks of Sharjah and the rest of UAE offering all types of loans with great offers.

Banks in UAE offer loans for personal purposes either on fixed rate of interest (ROI) or reducing rate of interest.

Personal Loans at Fixed ROI

With flat or fixed ROI on your loan, you have to pay a fixed amount as interest along with the sum payable. That means you will have to repay a fixed amount as installment which will remain the same until you pay off the entire loan.

Personal Loans at Reducing ROI

While loans with fixed ROI make you repay a fixed amount with each installment, loan with reducing ROI has different installment amounts. As you begin paying off your loan, the principal amount keeps reducing. The rate of interest in such a case is calculated on this ever decreasing principal amount. However, percentage of the interest remains the same throughout the repayment cycle.

Unsecured Personal Loan

Most of the loans offered by banks in the Emirates are unsecured in nature. So you do not need to provide any type of collaterals like property or vehicle as a security in order to get loan approval. This is also why it becomes quite difficult for banks to grant a personal loan in UAE because they don’t have anything to seize in case you default.

Secured Personal Loans

While most of the loans are unsecured, there are some banks which offer secured loans. In such a case, you will have to provide a security or a collateral to get your loan approved.

Salary Transfer Personal Loan

Applying for a salary transfer loan can be the best choice if you are a salaried employee and already have a salary transfer account with a bank. Not only do you get competitive ROI on such loans but you also receive other incentives such as no minimum or zero balance bank account in UAE (in case of opening a new salary account with them). The loan repayment tenure is also attractive and flexible - ranging from 6 months to even 48 months, depending upon the bank.

There are many banks providing salary transfer loans, you can easily find one on Storat. All you need is proofs of your salary to get started apart from other documents.

Personal Loan Without Salary Transfer

You can still apply for loan even if you don’t have a salary transfer account with the bank. Most of the banks of Emirates offer loan without mandating you to transfer your salary or provide a security. Expats can also apply for such type of loans other than UAE nationals.

Personal Loans for Self-Employed

If you thought getting a loan will be harder because you are self employed then that’s not the case. Many UAE banks offer loans to individuals who are self employed. The benefits, repayment duration and interest rates may vary from bank to bank.

You can browse this listing of Storat to contact your nearest bank for a detailed personal loan procedure and a great interest rate.