How to get Personal Loan in UAE without Salary Transfer or Low Salary?

How to get Personal Loan in UAE without Salary Transfer or Low Salary?PolicybazaarAverage Rating / 5 ( reviews)
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There are some companies in the Emirates, which don’t open a salary account for their employees in the bank and pay their salaries via cash or cheque due to some reasons.

It may not be a problem for the employer; however, it can cause some issues for the employees, especially while going to a financial institution or lender to apply for a personal loan in UAE without salary transfer.

Amongst the most important eligibility requirements determined by the lenders is a valid proof of income for knowing if you will be able to repay the loan. Hence, they request you to submit proper documents, which verify your ability to repay the loan. This is especially for those applying for a personal loan at low salary.

The documents may include a salary transfer letter, bank statements, proof of employment, and more. Apart from this, the lenders also review your credit score for checking your history of payment. Since personal loans do not involve any collateral or guarantor, the lenders expect the applicants to transfer their income to the respective bank accounts for reducing the risk involved in lending the funds without any security.

However, there are some lenders in the UAE that offer personal loan without salary transfer or at low salaries keeping in mind the basic needs of the borrowers. All they ask is for you to fulfill their eligibility requirements and submit the documents required. 

Documents Required for Obtaining this Personal Loan

You will have to submit the following documents for getting a personal loan at low salary or without salary.

  • Emirates ID
  • A valid copy of your passport along with the resident visa
  • Address proof such as utility bills
  • Last 3-6 months bank statements
  • Updated cheque in the favour of the concerned lender

You need to keep in mind that the required documents may vary from one lender to another. Some lenders may ask for documents other than the ones mentioned above.

Eligibility Requirements for Obtaining this Personal Loan

For getting a personal loan in UAE 3000 salary or without any salary transfer, you must fulfill the following eligibility requirements.

1. Income Requirement

Each lender describes its own requirement of a minimum income for self-employed and salaried individuals for making sure the applicants are capable of repaying the loan. Hence, the borrowers must fulfill the minimum income requirement of the concerned lender for getting a personal loan.

2. Age Requirement

Age is amongst the most important things to consider while applying for a personal loan. In order to be eligible to get a personal loan without salary transfer or at a low salary, the minimum age of the applicant must be 21 years and the maximum age must be 65 years for UAE Nationals and 60 years for the expatriates.

3. Stability in Employment

Another major factor for obtaining a personal loan is stable employment. Some of the lenders need a minimum work experience with the current employer to be of 6 months for checking the job stability of the borrower. But an employment record for self-employed as well as salaried people may differ from one lender to another.

4. Credit Score

Having a good credit history is always necessary for getting any type of loan since the lender checks your creditworthiness with this. The credit report shows all the financial records, which makes it easier for the financial institutions or the lenders to check if you have been clearing your debts and bills on time or not.

5.     Employer

When you work with an organization that has a good reputation and a huge turnover, it makes it easier for you to get a personal loan at low salary. The reason is that working with a reliable employer helps in making the lender trust you more when it comes to the loan repayment.

To Sum Up!

Although it may be difficult to get a personal loan without transferring your salary or having a low salary, it is not entirely impossible. However, getting a personal loan in UAE 2500 salary is almost impossible. You must be earning at least AED 3,000 to get a personal loan in the UAE. All you need is to meet the minimum eligibility criteria and submit the documents required as determined by the concerned lender for getting a personal loan conveniently.

However, please keep in mind that these types of personal loans get approval on low limitation but their rates of interest might differ as compared to those offered to the borrowers who transfer their salary into the bank account.

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