Borrowing terms vary in UAE banks' loan offers

Comparing three of the Emirates' best salary transfer personal loans

National Bank of Abu Dhabi Personal Loan

Benefits:With a reducing rate starting from 5.75 per cent per year, this is one of the best deals on the market. Those earning Dh7,000 and above can apply with a maximum loan amount of up to Dh5 million. This is available to both expats and Emiratis.

Watch out for: You need to transfer your salary to the bank; there is an arrangement fee of 1 per cent of the loan value and an early settlement fee of 1 per cent of the outstanding balance. Your company must be on NBAD's list of approved employers.

Standard Chartered Saadiq Personal Finance

Benefits: The minimum salary to take out this Islamic loan is only Dh5,000 and there is no early settlement fee. Available to both expats and Emiratis, there is also an instalment deferment option allowing you to defer payments twice a year and you can borrow for up to four years.

Watch our for: There is a 1 per cent upfront fee (maximum Dh2,500) and an 8 per cent reducing profit rate - certainly not the lowest on the market - plus you need to transfer your salary to the bank.

CBD Personal Loan for Expats

Benefits: This is a competitive product with a reducing rate starting from 6.5 per cent depending on your salary and the option to defer two payments a year. Lenders will receive a free gift, loyalty points with the bank and free insurance. The product can also be either Islamic or conventional with a maximum loan period of four years.

Watch out for: You need to transfer your salary to the bank and there is an early settlement fee of 1 per cent of the outstanding balance and an arrangement fee of 1 per cent of the loan.