The Central Bank of the UAE (CBUAE) has directed all banks to scrap the long-standing minimum salary requirement for personal loans, a threshold that was typically set at Dh5,000 across most institutions.
Under the new rule, each bank can now set its own salary criteria based on internal policies, giving low-income residents wider access to banking services, including small personal loans and “cash on demand” facilities.
The move also allows all residents, especially young people, low-wage earners, and labourers, to open bank accounts linked to the Wage Protection System (WPS). This system enables banks to automatically deduct loan instalments directly from workers’ monthly salaries once transferred.
The initiative is part of a national effort to increase financial inclusion and ensure that every resident has access to secure and regulated banking services in the UAE.
