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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.
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.
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 -
adcb personal loan for Expatriates
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 -
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 -
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 -
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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