DUBAI : The Central Bank of the UAE has instructed banks to cancel the long-standing minimum salary requirement for obtaining personal financing previously set at around Dh5,000 at most institutions, Emarat Al Youm reported.
Under the new directive, banks will establish their own salary thresholds based on internal policies, a move aimed at widening access to credit and financial services, including “cash on demand” products, for lower-income earners.
Central Bank officials told Emarat Al Youm that, in the coming period, all UAE residents especially youth, low-income employees, and labor-sector workers will be able to open bank accounts. These accounts will be linked to the Central Bank’s Wage Protection System (WPS), allowing lenders to automatically deduct loan installments directly from monthly salaries once transferred.
In a significant policy shift, the UAE Central Bank has removed the minimum salary requirement for personal loans, previously around Dh5,000. Banks will now determine their own criteria, broadening financial access for lower-income groups. This initiative will facilitate easier account openings and loan repayments through the Wage Protection System, benefiting youth and labor-sector employees.