Loan in Dubai/UAE-Agreement (cont...)

Personal loan agreement

  • Article (3)-Interest, commissions and fees-
  • Interest is usually calculated by banks on the daily balance of the drawn and unpaid amounts of the

    personal loan from the date of the withdrawal based on the actual days lapsed and a 365 day a year, to be added to the loan balance and paid with the monthly installments. The bank in Dubai/UAE will charge commission, fees and expenses incurred on the loan as per the instructions of the central bank of UAE as may be amended from time to time.

  • Article (4)-Events of Default-
  • The loan elapses and all the installments, interest and any other fees and expenses become due and payable immediately without having to give any notification or any court ruling and without prejudice to any other rights of the Bank according to this agreement or in accordance with the law in the event of occurrence or any of the listed below events:

  • 1. If the borrower is terminated for any reason.
  • 2. If the monthly salary of the borrower or any part thereof is transferred to any other body without the prior written approval of the bank
  • 3. If the borrower violated any of its undertakings or obligations arising from this agreement
  • 4. If the borrower failed to pay three consecutive installments or six non-consecutive installments of the monthly installments without approval of the bank in Dubai/UAE
  • 5. If at any time, the information or documents submitted by the borrower to the bank are incorrect or any acknowledgement or undertaking submitted by him or provided for under the agreement is invalid.
  • 6. If the bank in Dubai/UAE, notices that there are grounds which could lead to the inability of the Borrower and or any or any of his guarantors, as permissible under Central Bank’s prevailing regulations, to fulfill his obligations towards the Bank in Dubai/UAE.
  • 7. The death of the Borrower/client or his leaving of the country permanently
  • Article (5) General Provisions:-
  • 1. All accounts of any kinds of name currently opened or will be opened in the future in whatever currency in the name of the borrower with the bank in Dubai/UAE or any of its branches shall be securing each other and the bank in Dubai may set off any accounts due to the bank from the borrower from any funds pertaining to the borrower with the bank or any of its branches

    2. If any amount falls due, on a non-business day, the payment shall be made of the following business day. The business day means any day in which banks operating in the UAE are open for dealing.

    3. The bank’s books and records shall be final and conclusive evidence in all matters relating to the borrower’s indebtness unless proved otherwise according to the applicable laws.

    4. Without prejudice to the applicable laws, the non-exercise of the Bank of any of its rights nor considered as a waiver for realization of the terms and conditions set out in this agreement.

    5. The bank shall have the right to delegate advocates and collection, agents (inside the UAE or abroad) to follow up the collection of any amounts due to the bank from the borrower. The borrower authorizes the bank to provide them with any information or documents relating to the accounts of the borrower. The advocates and collection agents shall have the right to take any appropriate action on behalf of the bank for purpose of carrying out their mission which includes contacting the borrower.

    6. In the event the loan is granted to more than one borrower, the borrowers shall jointly and severally be responsible for the payment of all obligations under the loan. The bank shall have the right, at its absolute discretion to claim from any of them singly or jointly as it deems appropriate.

    7. The borrower may not assignor transfer to third parties any of his rights or obligations under this agreement without obtaining the prior written consent of the bank. The borrower agrees that the bank shall have the absolute right to assign or transfer any of its rights under this agreement in addition to mortgages, guarantees, or any other securities to any authority without having to obtain the Borrower’s consent on such assignments or transfer.

    8. This agreement is made in two originals, sets both English and Arabic and in the event of any contradiction between the two texts; the text written in Arabic language shall prevail. Each party will retain the original set after its execution.

  • Article (6) Life Insurance:-
  • The borrower agrees that the bank may obtain, but not obliged to do so , a life insurance policy and disability insurance. The proceeds of such policy shall be used only to settle the loan and the remaining loan amount, if any, in addition to the interest and any other amounts due shall be paid by the borrower or his heirs, as the case may be. The borrowers undertakes to pay the insurance premium monthly on the loan installment due date or in advance provided the insurance policy has been taken with his consent.

  • Article (7) Applicable law and competent courts:-
  • The agreement is subject to and shall be construed pursuant to the applicable laws of the United Arab Emirates and applicable law of the Emirate in which the loan account is opened as the case may be. In the event of any dispute arising in relation to this agreement, the Courts of the Emirates in which the loan account is opened shall have jurisdiction provided that the bank may, if it deems appropriate, bring proceedings in any other jurisdiction, inside or outside the United Arab Emirates.

  • Article (8) Notices and correspondences:-
  • All notices and correspondences between the parties to this agreement shall be deemed valid and binding when in writing and addressed to the addresses mentioned at the beginning of this agreement and by registered mail or hand delivery with acknowledgement of receipt unless any of the two parties notifies the other party in writing about the change of address.

  • Article (9) Validity of the agreement:-
  • This agreement shall be valid, executed with all its terms and conditions, and binding among the parties and their successors from date of signing and remain valid till the payment of all the Borrower’s liabilities towards the Bank.

Annual Percentage Rate

Implications of non-payment

Tags: loans in dubai, loans in uae, personal loans in dubai, personal loans in uae, personal loans in dubai without salary transfer, personal loans without salary transfer in dubai, Personal Loan in UAE Without Salary Transfer, personal loan without salary transfer in uae, personal loans in uae without salary transfer, uae bank loan without salary transfer, uae loans without salary transfer

Apply for Loan in U.A.E

Personal Loans

Get a personal loan in UAE.


  • Documents required for loan application

    1-Passport copy

    2-Visa copy

    3-Emirates ID front and back copies

    4-Salary certificate/3 Months Payslips

    5-Three months bank statement/Salary slips/WPS Statement

    6-Credit card copy (face)

    7-Credit card statement

    8-Security Cheque

    Loan amount 10 000-300 000 (AED)

    Salary must be minimum 4000 (AED) +

    Do you have a credit card? If so, what is the limit?

    Do you have a loan from another bank ?

    Do you have benefits at work for example accommodation, insurance, commission, bonus, overtime, transport, air-ticket or uniform?

    Contact Us


  • Documents required for SME Partner-loan application

    1-Passport copy
    2-Visa copy
    3-Emirates ID front and back copies
    4-Six months bank statement
    5-Credit card copy (face)
    6-Credit card statement
    7-Memorandum of Agreement (MOA)
    8-Tenancy Contract
    9-Copies of invoices (optional,increases chance)
    Loan amount 10 000-300 000 (AED)

    Contact Us