Frequently Asked Questions
Eligibility & Salary Requirements
General Questions
What is the minimum salary required to apply for financial products in the UAE?
Most banks require a minimum monthly salary of AED 5,000 to be eligible for personal loans, credit cards, and other financial products.
Can I apply for a loan or credit card if I am self-employed?
Yes, but you may need to provide additional documentation such as business financial statements and tax returns.
Do I need to be a UAE resident to apply?
Generally, yes. Most financial products require valid UAE residency.
What is Al Etihad Credit Bureau (AECB)?
AECB is the UAE’s official credit reporting agency that maintains your credit history, which banks use to assess your loan eligibility.
How do BNPL services like Tabby, Tamara, and Cashnow affect my credit score?
These services report your payment history to the Central Bank, which reflects on your AECB report.
Do utility bill payments affect my credit rating?
Yes, timely payment of utility bills is monitored and can impact your creditworthiness.
What happens if I have a negative credit history?
A poor credit history can lead to rejection or higher interest rates. It’s advisable to clear debts and improve your credit score.
How long does loan approval usually take?
It can range from 1 to 7 working days depending on the bank and your profile.
What documents are required to apply for a loan or credit card?
Commonly, Emirates ID, passport copy, salary certificate, bank statements, and utility bill proof.
Is salary transfer mandatory for loan approval?
Some banks require salary transfer as proof of income and to facilitate repayments.
Can I apply for multiple loans or credit cards simultaneously?
You can apply, but multiple open credits can affect your credit score and approval chances.
What is early settlement and are there penalties?
Early settlement means paying off your loan before the term ends; penalties may apply depending on lender policies.
What is a loan top-up?
A loan top-up lets you increase your existing loan amount, subject to eligibility.
Can I refinance my loan?
Yes, many banks offer refinancing options to reduce interest or extend tenure.
Are there any fees besides interest rates?
Yes, processing fees, insurance, and late payment fees may apply.
What interest rates can I expect on loans?
Rates typically range from 1.99% to 15.99% depending on salary, credit score, and lender.
What is EIBOR and how does it affect mortgage rates?
EIBOR is the Emirates Interbank Offered Rate and serves as a benchmark for variable mortgage interest rates.
How is my monthly EMI calculated?
EMI depends on loan amount, tenure, and interest rate; calculators provide an estimate only.
How can I improve my credit score?
Make timely payments, reduce outstanding debts, and regularly check your credit report.
What happens if I miss a payment?
Penalties, higher interest rates, and a drop in credit score can occur.
Is it possible to negotiate loan terms?
Some lenders may allow negotiation, especially if you have a strong credit profile.
Is my personal information safe with BestCompareHub?
Yes, we prioritize your privacy and never share data without consent except with selected financial institutions for processing.
Do you collect KYC documents?
No, we do not ask for KYC documents. Any submission is voluntary and done directly with the lender.
How does BestCompareHub protect my data?
We use encryption and follow UAE data protection laws to keep your information secure.
What types of mortgages are available?
Standard, Green, Commercial, Residential, Off-Plan, Ready-to-Move, and more.
Can I get an auto loan without a salary transfer?
Some banks allow it but usually with stricter terms or higher interest.
Are personal loans unsecured?
Most personal loans are unsecured, meaning no collateral is required.
What is a ‘green mortgage’?
A mortgage designed for energy-efficient or eco-friendly properties with better rates.
What if I have an issue with a bank or lender?
You should contact the bank directly. You may also inform us so we can assist in escalating the complaint.
Can I remove my personal information from BestCompareHub?
Yes, you can request data removal anytime by contacting support.
Do you charge for using BestCompareHub?
No, our comparison service is completely free with no hidden fees.
Are financial products on BestCompareHub regulated by the UAE Central Bank?
Yes, all products comply with UAE Central Bank regulations.
Do banks check AECB before approving loans?
Yes, AECB credit checks are mandatory for loan approvals.
Are BestCompareHub’s listings influenced by banks?
No, we provide unbiased comparisons and do not promote any bank preferentially.
What if a bank objects to its product being listed?
They can contact us and we will promptly update or remove the information.
Can non-UAE residents apply for loans or credit cards?
Products are usually for UAE residents but some lenders offer special options for foreigners.
How do international laws affect my use of BestCompareHub?
Your usage is subject to UAE and applicable international laws.
Can I use BestCompareHub outside the UAE?
Yes, but the financial products are mainly for UAE residents.
Can I use a personal loan for any purpose?
Yes, for education, travel, emergencies, consolidation, and more.
What is a buyout loan?
A loan used to pay off existing debts from other banks.
Do banks require collateral for home loans?
Yes, home loans are typically secured against the property.
Can I pay my loan EMIs online?
Yes, most banks provide online and mobile payment options.
Are there penalties for delayed payments?
Yes, delayed payments incur fines and may affect credit rating.
Can I increase my credit card limit?
Yes, maintain a good payment record and request a limit increase.
Can I apply for a loan with a part-time job?
Some lenders accept part-time income, but conditions vary.
How do I check my loan eligibility?
Use online calculators or contact lenders for pre-approval.
Who do I contact for support with BestCompareHub?
You can contact our customer support via email or phone.
Will I get calls or emails after submitting an inquiry?
Yes, lenders or our team may contact you with offers or updates.
Do you share my data with third parties?
Only with selected financial institutions you apply to; never for marketing without consent.
Can I update or delete my personal data?
Yes, you can request updates or deletion at any time.