Applying For a Personal Loan with a Salary of AED 2000?

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Personal Loan in UAE

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  • Minimum Salary 5000 AED
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

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Personal loans make for one of the most efficient ways to finance your personal requirements. Personal loans certainly come in handy when you quickly require monetary support for personal requirements such as your child’s education, marriage, or even an emergency fund. 

Banks and financial institutions in the UAE offer personal loans to both UAE nationals and expatriates albeit with certain conditions. It is mandatory to qualify for the requirements set by banks to obtain a personal loan - one such criterion is the minimum salary requirement. 

In this article, we will exclusively discuss if you can get a personal loan with a salary of AED 2,000. 

Is It Possible to Get a Personal Loan with a Salary of AED 2000 In the UAE? 

Banks and lending institutions in the UAE do not offer personal loans to those with a monthly salary of AED 2,000. As an applicant, you must at least have a minimum monthly salary of AED 5,000 in order to be eligible for a personal loan in UAE. This holds true even if you may come across certain banks mentioning personal loans at a salary of AED 3,000 on their official websites, as such providers, too, don’t actually provide such loans. 

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Personal Loan with a Salary of AED 5000

As mentioned above, you cannot obtain a personal loan below a monthly salary of AED 5,000 in the UAE. Let’s now go through the list of banks that offer personal loans at a salary of AED 5,000 -  

Emirates NBD Personal Loan for Expatriates 

  • You can avail of a loan amount of up to AED 3 million.
  • Deferment facility available - you have the option of first deferment for up to 45 days.
  • You can enjoy up to 2 non-consecutive deferments in your loan cycle.
  • Flexible loan tenure of up to 48 months
  • The bank offers you a 7 days return option.
  • Upon getting the personal loan, Emirates NBD offers you a free credit card with eligible points for the first year. 
  • As this is a free zero-balance account, you won’t have to maintain a minimum balance on your personal loan account.
  • You can enjoy the benefit of the free first-year Setup fee on overdraft. 

Deem Finance Personal Loan

  • Attractive interest rates varying between 15.99% and 34.99% per annum
  • With this personal loan, you can enjoy the service of Deem Credit Life Plus. This specific feature covers the loan’s outstanding amount in case of an unfortunate event such as terminal illness or death. Deem Credit Life Plus also compensates for repatriation due to death by taking care of the repatriation expenses.
  • Minimal paperwork and easy documentation involved during the loan application process
  • You can make the loan repayment within 1, 2, 3, or 4 years.
  • Simple and quick approval process 

adcb personal loan for Expatriates

  • The bank offers personal loans at competitive interest rates starting from 5.75% per annum.
  • For every loan amount of AED 1,000, you can earn up to 300 TouchPoints.
  • With this personal loan, you can avail of credit life insurance.
  • The bank also offers up to two times the salary overdraft.
  • You can avail of loans of high salary multiples.
  • You get a free ADCB credit card with this personal loan in UAE. 
  • You can utilise the loan for consolidating debt.
  • Easy documentation for the entire loan process

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Which Documents are Required to Apply for a Personal Loan in the UAE? 

To process your personal loan application, banks, and financial institutions would ask you to submit certain mandatory documents for verifying your eligibility and identity verification. Mentioned below is a list of the standard documents required for personal loan applications in the UAE -  

  • Valid Emirates ID 
  • Salary certificate
  • Valid passport 
  • Valid residence visa (applicable to UAE expatriates) 
  • Previous 3-6 months’ bank statements 
  • A valid proof of salary such as a salary slip (only for salaried employees) 
  • Valid trade licence (for self-employed individuals) 
  • Completed and signed personal loan application form

What are the Eligibility Criteria for a Personal Loan in the UAE? 

Those seeking a personal loan in the UAE must meet the specific criteria set by different banks and financial institutions. The standard requirements are as follows -   

  • The applicant must be at least 21 years old to apply for a personal loan. 
  • The maximum age to apply for a personal loan is 60-65 years. This would depend on the nationality of the applicant. 
  • The applicant must be a UAE national or a resident. 
  • The applicant must fulfil the salary requirement mentioned by the respective bank. 
  • The applicant must be employed when applying for a loan and must have completed 6 months or more with the current employer. 
  • The applicant must possess the credit score mentioned by the concerned financial institution. 

Wrapping Up 

Getting a personal loan in the UAE is a convenient process as it requires minimal documentation, provided you qualify for the bank’s eligibility requirements. It is of the utmost importance to look into the banks’ eligibility criteria before applying for a loan. One of the essential criteria for the same is the salary requirement.  

As a loan seeker, you must note the fact that none of the banks in the UAE offer personal loans to individuals with a monthly salary of less than AED 5,000. It’s also worth noting that even if you may find certain bank websites mentioning personal loans with a minimum monthly salary of AED 3,000, you still won’t be eligible for a personal loan in UAE with such a salary. 

Here are some commonly asked questions related to personal loans in UAE - 

Frequently Asked Questions 

Q1: What does an early settlement option in a personal loan mean? 

Ans: By availing of the early settlement option, you can complete the loan agreement of the repayment period before the agreed duration.  

Q2: What are the different ways to apply for a personal loan in the UAE? 

Ans: You can seamlessly apply for a personal loan online through Policybazaar.ae. Alternatively, you can apply through your preferred bank’s website or by visiting a bank branch in person.   

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