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A personal loan serves as one of the best financial solutions that enable individuals to address a variety of personal expenses. This type of loan provides the necessary funds to meet the expenses related to education, marriage, or even emergency funds.
Individuals have the flexibility to borrow a fixed amount from a lending institution and repay it over a predetermined period. Personal loans in the UAE are typically unsecured, requiring no collateral and minimal documentation.
However, individuals must meet specific eligibility criteria, which include meeting salary requirements as well. In this article, we will explore the possibility of obtaining a personal loan in the UAE with a salary of AED 3,000.
No, individuals possessing a monthly salary of AED 3,000 are not eligible for a personal loan in the Emirates. To apply for a personal loan, the minimum requirement is to have a salary of AED 5,000.
Although certain bank websites mention personal loans at a monthly salary of AED 3,000, they still require the applicants to have a salary of at least AED 5,000. Thus, you should have a monthly salary of AED 5,000 or more to get a personal loan in UAE.
Here are some banks offering personal loans with a minimum monthly salary of AED 5,000 -
|Click here to Apply for Emirates NBD Personal Loan for Expatriates
|Click here to Apply for Deem Finance Personal Loan
|Click here to Apply for ADCB Personal Loan for Expatriates
Here is the set of documents generally required to apply for a personal loan in the UAE -
The eligibility requirements for each financial institution regarding personal loans vary. However, you can have a look at some of the general criteria required to obtain a personal loan in the UAE -
Note: Depending on the requirements of your bank, you may or may not be required to make a salary transfer.
There are multiple banks and lending institutions in the Emirates that provide personal loans, making them easily accessible with minimal documentation and eligibility requirements.
To obtain a personal loan, you will be required to submit a few mandatory documents and meet the eligibility criteria set by the respective bank. Additionally, your monthly income holds significant importance in determining your eligibility for a personal loan.
With a monthly salary of AED 3,000, you will not be eligible for a personal loan in the UAE even though certain financial institutions mention it. Consequently, personal loans in the UAE are predominantly available to individuals with a salary of AED 5,000 or higher.
Q1: Is it mandatory to show a salary certificate as well as a bank statement to apply for a personal loan in the UAE?
Income proof documents vary for each bank. Some banks may require you to submit either of the documents, while others may require you to present both.
Q2: Do I need to possess a specific credit score to apply for a personal loan in UAE-based banks?
Each financial institution has different requirements for credit score. It is suggested to contact the bank of your choice to know the exact credit score requirement.
Q3: What is the highest amount a bank offers in a personal loan?
Financial institutions offer personal loan amounts depending on your eligibility criteria. However, the highest that they can offer is mostly 20 times your salary value or your total income.
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