Personal Loan in Dubai, UAE
A personal loan is an unsecured loan, meaning it does not require collateral or a guarantor. An individual obtains a personal loan in the UAE to suit a variety of personal financial demands, including weddings, higher education, overseas travel, starting a new business, and debt consolidation.
The maximum amount of a personal finance loan might be 20 times the monthly earnings, with a 48 month repayment period. The interest rate on a personal loan in the UAE and the size of the loan are determined by factors such as the applicant’s source of income, credit history, age, and job status.
Personal Loan Interest Rates in the United Arab Emirates
Reducing Rates
Unlike a flat interest rate, this rate of interest decreases with each installment paid by the loan borrower. The interest rate on a personal loan in the UAE is levied only on the outstanding principal amount of the loan, which can range from 5.24 % to 39.99 %. To acquire the best personal loan interest rate in the UAE, you should constantly compare personal loans online.
Flat Rates
The total loan amount is charged a flat rate of interest that remains constant during the loan term. The lowest interest rate for a personal loan in Dubai and the rest of the UAE is 2.63 %, with rates ranging from 2.63 % to 22.22 %.