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applying for personal loan in uae at the best rates

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A personal loan is also known as an installment loan or unsecured loan. This is because it does not require any collateral i.e. like a vehicle, house, etc to be kept as a mortgage. Personal loan in Dubai is obtained by a person to meet their different individual monetary requirements, for example, weddings, advanced education, global outing, beginning another business, for obligation solidification. Hence to know more about the needs and requirements for applying for personal loan in UAE, Etihad UAE Visa brings out detailed information about the same and how you can successfully get one.

There are some important points to be kept in mind when you apply for one can be given as follows – 

  • The personal loan in the UAE is only approved after seeing certain criteria like salary, age, source of income, medical history, etc. 
  • The loan yet to be approved in no terms, should be more than 20 times of the actual salary of the applicant. 
  • The repayment period should be within 48 hours of the loan given.

Below are all the details you need to know before applying for a personal loan in UAE for ex-pats as well as natives –

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COMPULSORY CONDITIONS FOR APPLYING FOR A LOAN IN UAE

While not every bank provides the same rules and regulations when applying for a loan, here are some common conditions that surely need to be met – 

BE A PERMANENT RESIDENT OF UAE 

To be eligible to apply for a loan in UAE , you should be a permanent resident of UAE , it is a obvious thing as it is a compulsory condition for any country when providing any type of loans .  

AGE BAR 

To be eligible to get a personal loan in UAE there is a set age limit beyond which or less than which you will be straight away rejected for a loan .

The person applying for the loan should be atleast or more than 21 and not beyond the age of 65 years .

MANDATORY EMPLOYMENT 

To be eligible to apply for a loan in UAE , a person has to be employed somewhere and a earning otherwise will be straight away rejected for a loan .

Some banks set a bar or time period the person should be employed for before they can apply for a loan . In this not so common case , Personal loan in UAE without company listing is not possible. 

BANK ACCOUNT 

The applicant should have a verified bank account in any of the banks in UAE which is again an obvious condition .

SALARY TRANSFER 

Again there are both case scenarios where some banks provide loans on the basis of salary transfer while some simply do not . The beneficial one for the applicant , however , remains applying for a salary transfer. 

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DIFFERENT  TYPES OF INTEREST RATES ON LOAN IN UAE

Interest rate, in simple terms, means the amount charged upon the principle amount of loan that gets approved. In UAE, there are two types of Rate of Interest that are levied which include Reducing Rate of interest and Flat Rate of interest are explained as follows – 

REDUCING RATE OF INTEREST

In this type of Rate of interest, the amount that is levied the very first time on your first repayment of installment of loan tends to reduce every time as you keep on paying. While different banks provide different interests, it is advised for you to research the best fit for yourself. 

FLAT RATE OF INTEREST

In this type of Rate of Interest, the amount is charged on the total loan you are getting and remains the same all through the repayment period. Again the best fit for you should be known only after brief research. 

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PROCESS OF APPLYING FOR LOAN IN UAE

There is a proper process to be followed when applying for a personal loan i.e. as follows – 

  1. Go to your choice of bank or visit their website online. 
  2. You will get a loan application form that needs to be filled without any mistakes otherwise straight away rejection will happen. 

There are some important documents that you need to keep handy when applying that are as follows –

  • ID PROOF OF THE APPLICANT 
  • RESIDENT PROOF OF THE APPLICANT 
  • BANK STATEMENT 

The bank statement that needs to be provided should be somewhere between the past three to six months. 

  • SALARY TRANSFER LETTER 

This one depends on the bank you choose to apply for a personal loan from. 

  • SPECIAL FOR EXPATS 

RESIDENT VISA AND SCANNED COPY OF PASSPORT 

  1. After submitting all documents and form filling, the bank needs to verify and approve the application.
  2. Once the submitted application is approved, the loan amount will be transferred to your bank account. 

FOR EXPATS 

Expats are people who reside In the UAE but are not actually permanent residents of the UAE. 

Almost all the rules and regulations while applying for a personal loan as a native is the same for applying for a personal loan as expat like the documents required, job requirements, age requirements, bank statement, the only big difference is that the ex-pat has to show visa and passport copy as well.

There are some banks in UAE who sometimes provide an exception by giving loans to expats whose companies are non – listed in the UAE. These banks give ex-pats loans just like the natives by seeing only their income and reputation as an employer. 

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SOME TOP BANKS IN UAE

  • First Abu Dhabi Bank (FAB)
  • Abu Dhabi Commercial Bank (ADCB)
  • Citibank 
  • HSBC Bank Middle East (UAE Branch)
  • Abu Dhabi Islamic Bank (ADIB) 
  • Al Ahli Bank of Kuwait
  • Al Khaliji France 
  • Al Hilal Bank
  • ABN Amro Bank N.V. 
  • Arab Bank for Investment & Foreign Trade. 

Hence with these requirements and needs being all specified, you can get on applying for personal loan in UAE by yourself. 

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