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Tips to get the best rates for a personal loan

Two options are available to expatriates in UAE – either they can get low-interest personal loans which are the best way to manage urgent financial needs or they have to tackle higher interest rate loans. The question is where we need to use such loan amounts. Well, a number of critical situations have to face in life like in case of financing your child’s wedding, booking a holiday with your partner, or funds for medical treatment. All of the needs can be fulfilled with a personal loan scheme. If you have an account in a bank in UAE then you can bankroll all your needs with a personal loan scheme.

But, the lenders are quite diverse in nature as a bank, private lending firms or an individual where one can get a personal loan without a salary transfer package. The point is getting a loan at the most competitive rate is important for all you. This will help you make repayments with complete ease and without any extra interest. This is really important to manage the loan repayment because once you stuck into this problem, it would be really hard to get out of it. So, finding the best rate is an absolute must for all expatriates in the UAE.

There are few things which one should carry with proper care so that to get maximum benefits from a personal loan scheme.

  • Try to maintain a good credit score
  • One should do an in-depth analysis of lenders
  • Optional and seasonal loan offers
  • Understanding of basic eligibility criteria
  • Management of credit score

Most of the bank account holders at first don’t have any idea about credit history but this is the most important and crucial thing. You want to take any priority-based service you’re your respective bank, the only way you can get the best rates if you have a credit history on your name. This can be achieved through proper working and consistent usage of your banking services. Your credit score shows your creditworthiness and how much you are eligible for a personal loan package. Your credit score or credibility will be based on how you have managed credit in the past.

If we compare the rates of credit history, a score of over 600 or 650 plus will make you a good candidate for a personal loan package in UAE. As a rule, the higher you score, the better it is for you because you will be considered a responsible candidate. This is actually a reliability scale to check the worthiness of a customer. After that, the next thing is the repayment method which can be decided with a consensus between the lender and a borrower. Both can decide repayment terms, loan amount and the interest rate based on a loan package.

If you have a good credit history or a higher score, it will give you an upper hand when it comes to negotiating terms and interest rates on the actual loan amount.
Which one is the most suitable lender in the UAE?

As we have mentioned above that lenders are diverse and one can approach a lender according to his/her own requirement. In most of the cases, international investors prefer Dubai banks for personal loan schemes. A little research will give you the exact idea about your lender for the ideal personal loan deal. You can compare personal loans lenders on the basis of interest rate they will offer you. Look at the local market in UAE to find the loan with the best interest rate and features so that to manage your deal with complete terms. This will take some time and I know it’s quite hectic as well, but it will ensure that you make the right choice.

Also, there are two systems available for personal loans apply in UAE – Islamic bank loan offers which are available without any interest rate while on the other hand conventional banking loan offers with the fixed interest rate on a specific loan package.

Personal loan offers

Most of the banks in UAE provide loan offers using a priority-based category and it will happen in case a bank is trying to deal with the financial crisis. This situation for sure will work for an expat and don’t miss such opportunities. If you are going to take a loan offer then do prepare yourself in advance with the best credit history. Also, banks in the UAE notify customers about special offers through SMS and email. Other than this one can get updates from the official site using his smartphone at any time.
You must keep a sharp eye for these offers to make your personal loan more affordable. These offers and packages make you’re able to get limited-period discounts on the interest rate. The only thing is the interest rate on the actual loan amount and if you can manage it, everything will work in your favor. There are few other occasions where these discounts are available when you apply online, during festive periods.

Basic eligibility criteria

As an expat, if someone is working in a reputed organization and draw a high salary then getting a loan offer isn’t a big deal. If you are working from a few years back with a reputed public or private sector Company in UAE, your lender will consider you a genuine client and it makes you a stable candidate in the eye of the lender. Most of the international investors used to get such services and you should also use this to your advantage to negotiate a lower rate of interest.
If you have an account in a bank that deals with your company’s financial matters, then this will work in your favor. Your company’s good reputation can help you get the best rates for a personal loan package in the UAE.


If we have a look at the lender category, the best personal loans bank is better than any other private lending firm. With this important point in mind, you can easily find the best rates for a personal loan scheme and it shouldn’t be difficult now for all of you.