What is Personal Loan ?
Personal loan is a form of unsecured loan which is offered to the applicant based on the repayment eligibility and credit history. Repayment of this loan can be done only in EMI as entered in the agreement with the bank. The amount given as loan is for the personal use of the applicant and bank will not ask for the purpose of the loan.
Personal Loan In UAE
One of the most expensive loans available in the market is personal loan. There is huge demand for personal loans in the present market. This may be due to a number of factors such as personal commitment, education fees, medical emergency and much more. Availing a personal loan has become an easy task as the banks in UAE offer immediate support for the loan seeker. The EMI’s of personal loan is smaller than other available loans and so it becomes easy for the consumer to pay. No foreclosure charges are taken for personal loan.
Personal Loan in UAE Without Salary Transfer
Many banks in UAE has made borrowing even more easy for their customers by offering personal loans without salary transfer. The top banks in UAE provide similar loans to both expats residing in UAE and UAE nationals. The loans are easy to avail and have no restriction on what the loan amount can be used for. There is no need for the customer to go through the hassle of transferring their salary to the bank in order to avail the personal loan.
Types of Personal Loans in UAE Available
- UAE Nationals Personal Loan
- Self-employed professionals Personal Loan
- Expatriates Personal Loan
- Personal Loan for applicant with No Salary transfer
Eligibility Criteria of Personal Loan in UAE
Eligibility criteria may vary from one bank to the other for personal loan. Below are the general criteria common for all banks
- The employment duration need to be minimum 3 months to 1 year
- Monthly transfer of Salary is a must. In alterative case, applicant needs to provide salary certificate from company.
- Monthly transfer of Salary is a must. In alterative case, applicant needs to provide salary certificate from company.
- The maximum age for applicant who is UAE nationals at the time of loan maturity is 60 years. For expatriates the maximum age can be 65 years.
- The applicant need to be of minimum 21 years
- Monthly repayment 6Month to 48Month
- The loan applicant minimum salary 5000AED.
- Interest rate starting from minimum 2.69% to up to 17.99%
Eligibility for a Mortgage loan in Dubai
- You need to be at least 21 years of age to buy a property
- You need to have a steady income to be able to get a mortgage loan as your monthly income alone can help determine your loan amount
- Maximum age to get a home loan is 58 years if you are salaried and 60 years if you are self-employed but this can change according to the lender
- Clean credit record
Benefits of hiring our services
- Easy and quick solutions to all your personal financial problems
- Hassle-free application procedure
- Quick turnaround time in processing and sanction by the banks
- We provide you with the latest information with reference to the eligibility criteria and the procedures involved in the lending process
- We help you compare the interest rates on personal loans in Dubai offered by the various banks and help you make an informed decision in opting for the most advantageous offer