The Central Bank of the UAE has directed banks to remove the longstanding minimum salary requirement for personal loans. Previously, most banks required a salary of Dh5,000 to qualify. Now, each bank can set its own criteria based on internal policies, enabling more residents to access financial services.
Greater Access for Low-Income Residents
This change allows young people, labourers, and low-wage earners to open bank accounts in the UAE. Furthermore, these accounts will connect to the Central Bank’s Wage Protection System (WPS), which automatically deducts loan instalments when salaries are transferred. As a result, borrowers with lower incomes can manage repayments more efficiently.
Boosting Financial Inclusion
The move is part of a wider effort to enhance financial inclusion across the country. By expanding access to regulated banking services, the initiative ensures that all residents, regardless of income level, can participate in the formal financial system. Consequently, it strengthens both convenience and financial security for low-income earners.
