How to Obtain a Personal Loan in UAE for those who are new?

How to Obtain a Personal Loan in UAE for those who are new?PolicybazaarAverage Rating / 5 ( reviews)
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Opting for a personal loan in UAE is pretty simple when you have all the necessary documents and fulfill the eligibility requirements of the bank. Although few people hold all the necessary documents, the banks reject their applications for personal loans. There can be many reasons behind the rejection, one of them can be the AECB credit score, which is an important factor when it comes to your personal loan eligibility requirements.

It may also include your employment details, which involve the length of your service with your current employer. The banks offering personal loans want the service of the work to be of at least six months' duration. Hence, some of the banks may reject personal loans in case your length of service with your current employer is lesser than six months. This may happen in case you are either new to the Emirates or are new in terms of employment.

There are some banks in the UAE that offer personal loans for the people who are new to employment or new to the UAE. Most of the banks offer a personal loan for expats only when they have been working with the current employers for at least six months, as mentioned above. However, there are some banks that offer personal loans without this minimum service length requirement, which are as follows.

Emirates NBD Personal Loan for New to UAE/New to Employment

Emirates NBD helps you in making your relocation as simple as possible. Moving to a new country or a new job can be both challenging as well as exciting. If you have your finances organized, it means there will be one less thing to worry about. This personal loan in UAE helps in making your financial transition much easier.

Maximum loan amount

AED 400,000

Rate of interest

5.99% (reducing) or 2.63% (flat)

Minimum salary required

AED 10,000

Minimum service duration

Not Required

 Features-

  • Get a high loan amount of up to AED 400,000
  • Rate of interest starts from 5.99% (reducing) or 2.63% (flat)
  • Minimum duration of service not needed
  • Complimentary international debit/ATM card
  • Facility of savings or current account without any minimum balance requirement
  • Option of seven-day loan return
  • Facility of double insurance cover

 Eligibility-

  • First salary should be credited to an account with the Emirates NBD
  • Minimum salary required: AED 10,000
  • Employer should be a part of the approved list of Emirates NBD

Emirates Islamic Bank Personal Loan for Salaried and Self-Employed Individuals

This personal loan for expats and UAE Nationals involves low-profit rates, quick and easy application, and approval process, high finance amount, and flexible repayment tenure. Emirates Islamic banks ensure that you do not end up in a financial crunch.

Maximum loan amount

AED 2,000,000 (for expats) and AED 4,000,000 (for UAE Nationals)

Maximum loan tenure

48 months

Minimum salary required

AED 5000

Minimum service duration

1 month

 Features-

  • Easy application and simple documentation
  • Flexible repayment term of 48 months maximum
  • Competitive profit rates
  • High loan amount of up to AED 2,000,000 (for expats) and AED 4,000,000 (for UAE Nationals)
  • Sharia-compliant loan
  • Can be useful for debt consolation into a simple payment plan at the same installment monthly
  • No over limit or additional charges
  • Follows the Murabaha structure
  • Charges nominal processing fees

 Eligibility-

  • First salary should be credited to an account with the Emirates Islamic Bank
  • Minimum service tenure: 1 month
  • Minimum salary required: AED 5,000
  • Minimum age: 21 years
  • Maximum age: 60 years (for expats) and 65 years for UAE Nationals

Mashreq Bank Personal Loan for New to UAE/New to Employment

In case you have moved to the Emirates recently or have changed your job, Mashreq Bank can help you in settling down. This personal loan in UAE allows you to meet your instant needs with a loan at competitive prices. This loan gets disbursed within 24 hours.

Maximum loan amount

AED 150,000

Maximum loan tenure

48 months

Minimum salary required

AED 7,000 (for approved companies) and AED 10,000 (for unapproved companies)

Minimum service duration

6 months

 Features-

  • Easy application, simple documentation, and quick approval
  • High loan amount of up to AED 150,000
  • Flexible repayment term of 48 months maximum (maximum 60 months for the employees of Ministry of Defense)
  • Competitive rates of interest
  • Extensive range of bundled offers available along with additional benefits
  • Facility of Islamic finance available

Eligibility-

  • Loan installment, as well as overall daily monthly installments, must not be more than 50% of the salary per month
  • Minimum salary required: AED 7,000 (for approved companies) and AED 10,000 (for unapproved companies)
  • Employer should not necessarily be a part of the approved list of Mashreq Bank

Dubai Islamic Bank Personal Loan 

Maximum loan amount

AED 2,000,000 (for expats) and AED 4,000,000 (for UAE Nationals)

Maximum loan tenure

48 months

Minimum salary required

AED 3000

Minimum service duration

1 month

 Features-

  • Easy application, simple documentation, and quick approval
  • Flexible repayment term of 48 months maximum
  • Competitive profit rates
  • High loan amount of up to AED 2,000,000 (for expats) and AED 4,000,000 (for UAE Nationals)
  • Sharia-compliant loan
  • Available for self-employed or other non-salary transfer applicants
  • Facility of payment holiday or deferment option
  • Charges nominal processing fees

 Eligibility-

  • Minimum salary required: AED 3,000
  • Employer should be a part of the approved list of Dubai Islamic Bank 

These are some of the banks that offer personal loans for those who have moved to the Emirates recently or are new in their job. It may sound strange that an expat starts looking for a personal loan in UAE within a few months of being a UAE resident. However, there can be various reasons for applying for such a loan such as purchasing a car, paying kids’ school fees, buying a house, going for a vacation, or clearing debts.

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