How to Get a Personal Loan in Dubai

personal-loans

Personal loan, is a type of loan to meet your present financial needs. Being an unsecured loan there is no security against it. It is usually taken by borrowers who are looking for quick and easy loans with suitable interest rate and proper documentation. You can use a personal loan as according to your convenience without being observed for the actual end usage.

Personal Loan in Dubai

A personal loan comes in extremely useful when it comes for an individual’s special and important needs.You may think that getting a loan in Dubai is somewhat a hard task but it is not so. You have to jot down out the nearest banks available and compare interest rates that might suit you.You may not be aware of the loan procedures or the way to get quick access to the money that you need without the help of someone who has sufficient knowledge of the lending industry.

There are many banks offering personal loans in Dubai. Approaching a bank for a loan without a third party guiding you through then you would need to go through a stack of data to get to know the requirements for the loan .T his may take days or even months for a person to complete.

Eligibility

One of  the most important eligibility factors of getting your loan permitted is having a clear credit history. Repayments without any hold-up for loans requested earlier irrespective of which bank you have loaned it from is an important factors that would be thoroughly looked into. Banks use this as parameter for fixing the interest rates for the loan too.
Make sure you comply to the following eligibility criteria:

  1. Reimbursement of the amount loaned should be done within 48 months
  2. You are allowed to apply for an amount  not exceeding 20 times your monthly income
  3. You should have been an employee for at least six months at the time of loan application 
  4. Your employer has to be on the standard list of companies

Requirements

Some of the important documents that will be required while undergoing  the process  is as follows:

  1. Proof Of Income
  2. Proof Of Identity
  3. Dubai Residence Visa

Estimated Rates:

Interest rate Low as 7.50% (based on reducing balance)
Fees Salaried: 1% of the loan amount (maximum of AED 2500) Self-Employed: 1.5% of the loan amount
Insurance 1% of the loan amount


Sources

Personal loan for Emiratis – Emirates NBD, Mashreq Bank
Personal loan for Expatriates:

  1. Self-Employed: Dunia
  2. Without Salary Transfer : Citibank, Doha Bank, Dunia, FGB, Finance House
  3. With Salary Transfer: ADCB, Citibank, ADIB, CBD, CBI, ENBD, HSBC, NBAD, NIB, SCB, UNB
  4. Islamic Finance: DIB, EIB, Mashreq, RAK Bank, Reem Finance, SIB

Personal loans for marriage in Dubai – Simplylife from ADCB
No Transfer Financing Program – Emirates NBD

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