personal loans in Bahrain

Personal loans are one of the very important financial products provided by banks. These unsecured loans are preferred when some instant cash is needed be it for any reason like a wedding, vacation, home renovation or medical treatments. Banks in Bahrain are always ready to provide financial assistance if the applicant meets the eligibility criteria. There are several banks that provide a personal loan in Bahrain. Here’s a list of the best personal loans in Bahrain

Top 10 personal loans in Bahrain

1. State Bank of India (Bahrain) personal loan

State Bank of India (Bahrain) provides personal loans to fulfill the needs of every individual in Bahrain.

Features

  • No prepayment charges
  • Salary transfer is mandatory
  • Maximum loan amount provided will be 12 times the net monthly income of the applicant
  • A flat rate of 3.75% and reducing rate of 7% is charged

Eligibility

  • A minimum monthly income of BD 800 is required
  • Only salaried individuals are eligible

2. Bank of Bahrain and Kuwait Consumer Loan

Bank of Bahrain and Kuwait(BBK) provides different kinds of loans like mortgage loans, auto loans, loans for retirees, etc. They even provide exclusive loans for women in Bahrain. Among the various loans, BBK consumer loan is the personal loan provided to meet the financial requirements of their customers.  

Features

  • Can defer monthly payments
  • Easy processing and quick approval
  • Maximum loan amount of BHD 10,000 is provided
  • A flat rate of 3.5% and reducing rate of 6.3% is charged

Eligibility

  • A minimum monthly salary of BHD 200 is required
  • Both salaried and self-employed individuals are eligible

3. Bahrain Islamic Bank Tas’heel personal finance

Bahrain Islamic Bank(BisB) follows Islamic principles while providing Tas’heel personal finance.

Features

  • Follows Islamic laws
  • Maximum finance provided is BHD 100,000
  • Salary transfer is mandatory
  • A flat rate of 3% and reducing rate of 5.4% is charged

Eligibility

  • A minimum salary of BHD 350(salaried individuals if the company is listed with the bank) is required
  • A minimum salary of BHD 500(for expats) is required
  • A minimum length of work of 4 months(Bahrainis) and 1 year(Expats) is required

4. National Bank of Bahrain personal loan

National Bank of Bahrain(NBB) provides various loans like expat loans, mortgage loans and personal loans on competitive rates. All the products at NBB are sharia-compliant.  

Features

  • A maximum loan amount of BHD 100,000 is provided
  • Quick processing of loan
  • Hassle free documentation
  • A flat rate of 3% and reducing rate of 5.3% is charged

Eligibility

  • A minimum salary of BHD 200 is required
  • Salary transfer to NBB is mandatory

5. HSBC Basic personal loan

HSBC provides different personal loans in Bahrain- Premier personal loan, Advanced personal loan, and Basic personal loan.

Features

  • Provides HSBC current account
  • Need not maintain a minimum balance in the current account
  • Maximum loan amount of BHD 25,000 is provided
  • A flat rate of 6.66% and reducing rate of 11.99% is charged

Benefits

  • A minimum income of BHD 500 is required
  • Both Bahrain nationals and expats are eligible

6. Citi personal installment loan

Citi provides a personal installment loan on quick and easy documentation and a few benefits.

Features

  • Provides citi current account
  • No minimum balance requirement in the current account
  • Salary transfer is not mandatory
  • Maximum finance of BHD 11,340 is provided

Eligibility

  • A minimum monthly salary of BHD 300 is required

7. Standard Chartered Personal loan

Standard Chartered Bahrain provides flexible loan options to fulfill the needs of every individual.

Features

  • Flexible repayment period
  • A maximum loan amount of BD 80,000(for Bahrain nationals) and BD 25,000(for expats) is provided
  • A flat rate of 9.5% and reducing rate of 17.1% is charged  

Eligibility

  • A minimum salary of BHD 300 is required
  • Only Bahraini residents are eligible

8. Ithmaar Bank Personal Finance

Ithmaar bank provides financial services according to the Sharia principles and helps in meeting the financial needs of the customer.

Features

  • Three months grace period is provided
  • Provides Life takaful
  • Maximum finance of BHD 200,000 is provided
  • Competitive profit rates are charged   

Eligibility

  • A minimum monthly salary of BHD 400(Bahraini nationals) and BHD 450(for expats) is required
  • A minimum monthly income of BHD 2000 is required for self-employed individuals

9. Ahli United Bank Consumer Loan

Ahli United Bank provides consumer loan on quick approval and hassle-free documentation.

Features

  • Provides free Rahal express card
  • Provides free Ahli United Bank Mastercard credit card
  • Can skip installments once in every 6 months
  • A flat rate of 6.5% and reducing rate of 11.7% is charged  

Eligibility

  • A minimum annual income of USD 100,000 is required
  • Salary transfer to Ahli United Bank account is required

10. Arab Bank Personal loan

Arab Bank provides flexible personal loans according to the requirements of the applicant.

Features

  • Free Arab Bank credit card is provided
  • A maximum loan amount of BHD 40,000 is provided
  • A flat rate of 9.69% and reducing rate of 17.44% is charged  

Eligibility

  • Both Bahrain nationals and expats are eligible
  • Only salaried individuals are eligible
  • A minimum income of BHD 300 is required
These are the top 10 personal loans in Bahrain that provides high benefits on competitive rates and easy documentation. Before opting any personal loan it is required to compare the rates and benefits provided on the loans. Along with the comparison, it is equally important to calculate your personal loan installments using a personal loan calculator before applying for a loan in Bahrain.