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A personal loan is a type of loan that does not require any collateral or guarantor to avail it. Personal loan in UAE is the preferred means of raising short term credit for the residents in order to meet their personal financial needs. These needs may include higher education expenses, wedding expenses, starting a business, international trip expenses, and even debt consolidation.
However, when it comes to raising a personal loan at minimum salary 2000 AED, there are very few providers in the UAE market. The lenders are a bit skeptical about lending out funds to people that fall under a lower salary requirement bracket, the reason behind this being the ability to repay the loan. Since a personal loan does not require any collateral, the lender needs to be absolutely certain of your repayment ability in order to approve your loan. If you are someone who is applying for a personal loan at minimum salary 2000 AED, it is important to keep the below-mentioned factors in mind while availing personal finance.
There are a variety of benefits tied to a personal loan, some of them are:
A personal loan does not require you to mention the purpose of taking the loan when you apply. Therefore, the borrower has the flexibility to use it for any purpose from fulfilling wedding expenses to managing debt. There is no restriction on how the funds availed can be used, making it easy for the consumer to use them for any personal financial needs.
A personal loan is an unsecured loan. This means that there is no need for the consumer to provide collateral while applying for such a loan. This makes it easy to raise funds for people who do not have any collateral to opt for a secured loan.
Such a loan does not require the consumer to provide a guarantor i.e., a person who will pay for your loan if you can't afford to honor the repayment. This makes sure that the debt repayment is only your responsibility, and your loved ones are not involved in it.
In this digital era, the time involved in processing a personal loan has reduced. Minimal documentation is required and you can even apply online. The approval process is as quick as a few hours in some cases.
The amount that can be raised with a personal loan is generally high. This is beneficial for someone who is in a need of urgent funds for a financial emergency.
The lenders in the market are doubtful when it comes to approving a personal loan at minimum salary 2000 AED. This is because they are not sure about the consumer honoring the repayments. However, there is another factor apart from the salary that can convince the loan provider about your repayment capacity – your credit history.
A good credit score is important for securing a personal loan at minimum salary 2000 AED. Your credit history is a proof of your past debt repayment history. If you have honored your payments on time, then it helps the lender gain confidence in your repayment capacity.
The eligibility criteria for personal loan at minimum salary 2000 AED varies from lender to lender, however, the general criteria looks like:
The documentation for a personal loan is minimal and varies across the providers. However, the general documents required are:
The Bottom Line
It is difficult to obtain a personal loan at minimum salary 2000 AED because the lender is not confident about you honoring the repayments. Therefore, it is important to keep intact other factors such as your credit score in order to prove your past repayment history to the lender. You should also remember that the risk assessment procedure for a personal loan at minimum salary 2000 AED is strict.