Today loan is a basic need of most people, because of the increased inflation throughout the UAE. Inflation is prevailing not only in the UAE, but it is throughout the world and it is increasing with time. This is a very alarming situation because it will ruin all the industries and marketplaces, even if an individual can not bear the home expenditures smoothly.
In such circumstances, people look at the safe and secure way through which they can fulfill their needs. Getting a personal loan is an authentic and safe way to get rid of this problematic situation.
If you are living in the Dubai state of UAE, the decision about taking a personal Loan in Dubai will be appreciated. In UAE, you can get a personal loan in many ways, you can take it from banks and financial institutions.
Likewise, from private institutions, online money lenders or via various online Apps, etc. Here is the main point that arises, what kind of loan is safer and good for an individual or family living in Dubai, UAE? The answer is that the safer and more accurate kind of loan in the whole UAE is a personal loan.
Key Features of Personal Loan in UAE
- Banks of UAE will allow you to avail of their loan service only if you are mature enough and your age is up to 21 years. Less than 21 will not be allowed to take a loan and the maximum age range would be almost 60 years.
- If you are a job holder or a businessman doing business in UAE, Your earnings will be accountable for every month. If your earnings are not less than 5000 AED, the bank will allow you to take a loan.
- Your working background will also be an essential point for the bank. Your working period should be almost 5 to 6 months, it will be favorable for you while getting a personal loan in UAE.
- You will have to show the rest of the important documents in front of the bank staff. The names of these mandatory documents are copies of a legally valid passport and visa of UAE, trade slip, experience letter, driving license, etc. If you have all these with authenticity and validity, you will easily get a personal loan.
Personal Loan for expats
Expats refer to the outsider that came to the UAE for a specific purpose or some kind of job. Banks of UAE will also give them the chance to avail the facility of personal loans. Expats need this type of loan to reduce their financial burden through the best banking services in the UAE. Likewise, the citizens of UAE, expats also face the same procedure during loan application. There are but few changes in the requirements, especially in terms of the salary range. Personal Loans for Expats will be allowed only if their salary is approximately 7000 AED. This is the normal range but this range may not be the same in every bank. It will depend on your bank’s loan application structure.
Other things involved the past few years history of a candidate, which can be in the form of any document or slip. Credit history can be derived from the bank as a previous bank account record or can be through the business sector. You have to reveal your residential proof as well, the proof should be about 6 months old or more. The residential status will be given on various utility bills or another kind of house rent paper.
Personal loan with a rate of interest for expats
Expats can get a personal loan in the UAE with two varieties of interest rate. One is usually known as a flat interest rate, which will be constant and will not change with time. The other one is reducing interest rates which can be changed or reduced with time. especially whenever you send the money from a personal loan to outsiders of UAE.
Personal loans for listed companies
The companies that are enrolled in the banks of UAE due to their high-level performance in Markets are known as listed companies. Banks will like to choose the companies to give them a personal loan, that are famous due to their good repayment performance. Few things are important for banks while selecting the companies, the Company can earn a good income, and have a large number of people as staff members. Similarly, the company is legal and working for several years, has a great labor force, etc.
The major questions that people normally used to ask are, how can we know that our company is listed? When personal loans for listed companies are approved? The answers are so simple that your company will be automatically included in the list of banks for personal loans due to good performance. A few days later, your loan will be approved and you will get your loan easily. Eligibility for such kind of loan will depend upon these major things:-
- Your company got a good financial reputation in the market, which means your company’s financial growth should be well-worth.
- Another important thing is that your company generates good revenue every month and on annual turnover. This means you earn a good profit every month and also annually.
- Your company’s product selling capacity should also be good.
- Your company should be famous and well-known with many other companies.
- Your credit history should be wonderful and incredibly strong.
- You got a good human resource or labor force and you pay them a good salary.
Personal loan without salary transfer
A person can get a personal loan from two well-known sources from the bank. The one method is without salary transfer and the second one is with salary transfer. Without transferring salary is the best option and most people like to adopt such a way to send their repayment to the bank.
People find this way very convenient because every month their salary will not transfer directly to a bank account. They can easily pay their debts back with regular procedure. Some banks offer this option at the beginning of applying procedure and people can select the option of the personal loan without salary transfer.
Eligibility for such loan will also depend on the bank you applied to, but normally in UAE, the most highlighted bank is Citibank. The minimum salary would be almost up to 8000 and the total amount of the loan would be up to 175000 AED.
Personal loan with advantages
- The major benefit you get from a personal loan is the instant approval facility, you will not have to wait many days for the approval process. Bank will call you as soon as possible and you will avail your loan service.
- If you are applying for a personal loan, there will be no extra or hidden charges that the bank will impose on you.
- UAE banks not only serve their nation via financial services but banks will also give you the facility of roadside assistance. In which, you will not only get a personal loan in UAE but all the roadside services. For example, tire changing facility, urgent cash delivery in the center of the road, fuel delivery, etc.