Now Available! Paperless and Instant Personal Loan in UAE

Now Available! Paperless and Instant Personal Loan in UAEPolicybazaarAverage Rating / 5 ( reviews)

Are you in urgent requirement of a personal loan in UAE? Did you know some banks are now offering paperless and instant personal loans in UAE? Hang on and read through this thread to find out more about what these banks are!

ADCB – Abu Dhabi Commercial Bank

ADCB i.e. The Abu Dhabi Commercial Bank based in the UAE has recently announced that it is now offering its customers instant personal loan in UAE that is also paperless. It sounds appealing, doesn’t it? Wait, there’s more! On top of this, you do not even need to go and physically visit a bank branch, as you can access the personal loan application online from anywhere in the world, and at any time.

The bank has claimed that this concept was inspired by its aim and commitment to helping its consumers by allowing transactions that are hassle-free and paperless. ADCB personal loan service helps in making transactions quick and simple by eliminating the period that is dedicated to processing the approvals for lending out the funds and is now offering instant credit of the funds for the personal loan in UAE to the account of the customer.

The higher authorities and experts at the bank have claimed that most of the time when loan seekers apply for a personal loan in UAE it is because of an immediate requirement of funds, generally for some emergencies or for some urgent medical treatment or other such important expenses. They have also claimed that in order to attend to these instant needs of their consumers, they have come up with this service that is instant in nature and also is cutting-edge. It aims at taking away the pain of the customers in order for them to receive funds that are hassle-free and are obtained in a manner that is self-serviced.

So here’s how you, as a customer can avail this service:

  • First of all, you are required to be a pre-approved client of the bank. You will know if you are permitted to obtain a personal loan in UAE through an official notification on a monthly basis on the online portal for banking. This will inform you regarding your eligibility to take advantage of this instant loan service.
  • Following the above step, all the pre-approved customers of ADCB, those who are assessed based on their profile as well as their credit behavior in the past, can log onto their account for online banking, complete the three-click process for application, after which the funds for the personal loan will be immediately credited to the account of the customers.

Emirates NBD

Emirates NBD is a bank in the UAE that allows its customers to seek funds immediately during emergencies, even in the middle of the night, using the paperless and instant personal loan service.

Emirates NBD personal loan has eliminated all of the paper handling involved in the processing of the requests for a personal loan in UAE and has announced the launch of InstaLoan. This is said to be the first virtual loan service launched in the entire region.

Through this service program, the consumers that require immediate funds assistance for any financial emergencies can borrow money using the online banking services without any paperwork involvement. All that they need to do is log in on their account for online banking and receive the funds in just a few minutes.

Experts have said that the bank has offered this service to provide instant cash relief to the clients, especially the ones facing any medical or other kinds of emergencies. They have also claimed this instant loan facility to be similar to that of an overdraft limit in one’s account. This facility is more common in markets that are well developed outside the region such as in the United Kingdom or the United States, where the approval of loans largely depends on the credit ratings of the applicants. They have also said for this paperless disbursement loan service is a pre-approved credit or line for the existing clients. At the time of availing these funds, the customers would not have to give documents as they would have already presented them while obtaining the line of credit. The pre-approved limit for this loan would also be affected by the repayment behavior of the customers.

So here’s how you, as a customer, can avail this service:

  • Each of the customers with online banking has a fixed pre-approved amount of loan. This loan amount is fixed by considering a number of factors such as monthly income, capacity for repayment, credit history, among others.
  • If the customer, at any given date finds himself in a cash crunch, he can just access his online account in order to get an instant personal loan in UAE. Upon doing so, an interactive screen will pop up on the device of the customer, and all that he has to do is choose the option to apply for either the full or less than the amount that is pre-approved.
  • There is no requirement for him to print out any forms and fill them. Within just a matter of seconds and a few clicks on his device, the loan amount will be disbursed.

To Further Conclude

These paperless and instant services offered by the leading banks in the UAE will help the customer in obtaining cash immediately at any time without the involvement of any paperwork regardless of where they are in the world.

This service will immediately help the customers during any financial emergency, as they no longer need to spend time visiting the bank branch, filling out the forms, submitting various documents, and then waiting for a couple of days for the funds to reach their account.

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