Personal Loan for AED 3000 Salary in the UAE

Typically personal loan in UAE 3000 salary is offered at interest rates (2.9-6.5%) that is a bit higher than other conventional loans since they are provided without any collateral with flexible repayment tenors up to 48 months. However, with the rising population in the UAE, few banks do offer a personal loan for both expatriates as well as UAE nationals. But there are several things that you would need to know if you apply for personal loans in UAE with a low salary as the risk assessment procedure is greater.

Banks Offering Personal Loan in UAE with AED 3000 Salary.

If you are looking for personal loan in UAE with AED 3000 salary  Dubai  Islamic Bank (DIB), RAKBANK and ARAB Bank are some of financial institutions that offer them. The lenders offer personal loans Salary to meet the various financial requirements of its customers. 

Dubai Islamic Bank Personal Loan

DIB also is known as the Dubai Islamic Bank is one of the leading financial institutions in the UAE that offers personal loan in UAE 3000 salary at interest rate of 6% per annum along with a high loan amount i.e. AED 2 million for expatriates and 4 million for UAE nationals )and flexible repayment tenure of 48 months. The bank charges an arrangement fee AED 1000. They also offer personal loans in UAE without salary transfer. The DIB personal loan at minimum salary of AED 3000 is an excellent option to fulfill your emergency financial needs medical assistance, education, rent, etc.

There are majorly four types of personal loan with minimum salary 3000 by the Dubai Islamic Bank. All four products share a common feature of minimum salary requirement AED 3000. Here is a quick rundown – 

Dubai Islamic Bank Al Islami Goods Finance for UAE Nationals

The Dubai Islamic Bank Al Islami Goods Finance for UAE nationals is a personal financing product from DIB that is offered at an interest rate  6% per annum.

Dubai Islamic Bank Al Islami Services Ijarah for Expats 

Dubai Islamic Bank Al Islami Services Ijarah for UAE Nationals 

Dubai Islamic Bank Al Islami Goods Finance For Expats 

Eligibility Criteria for DIB Personal Loan in UAE 3000 Salary

If you want to get a personal loan in UAE 3000 salary, you should first check whether you meet the lender’s minimum income criteria. Keep in mind that the lender will only consider your loan application if your monthly salary and loan repayment ability meet their requirements. Apart from this, you will also   need to check if you meet the other eligibility specified by the bank, which are as follows:

• You must be at least 21 years old.
• You must be currently employed in government companies, private companies, or public sector firms that are eligible to apply for personal finance.
• You must be 60-65 years at the time of loan maturity.
• You must be currently working for around 3 to 6 months. However, it may differ from one bank to another
• Your credit score should be equivalent to or greater than the bank’s pre-decided limit for availing personal loan in UAE 3000 salary

Documents Required to Apply for DIB Personal Loan in UAE with 3000 Salary 

In order to get consumer finance in the UAE, you need to submit the following documents:

• Loan application form – completed and duly signed
• Emirates ID
• Passport copy with UAE resident visa (for expats) Salary transfer letter for salary certificate
• Bank account statement of 3 or 6 months For Self-employed individuals- Trade License
• Salary slip

*Please note that you may need to submit some additional documents as per the sole discretion of the bank.

RAKBANK Personal Loan

RAKBANK is another financial institution that offers personal loans in the UAE at a minimum salary of AED 3000. The bank offers collateral free personal loan with reducing interest rates up to 5.99% with a flexible repayment tenor of 48 months. RAKBANK personal loan with minimum salary of AED 3000 is offered with a feature of early settlement and a fee of 1% is charged on the outstanding amount as an early settlement fee. 

Eligibility Criteria for RAKBANK Personal Loan in UAE with 3000 Salary 

• You must be at least 21 years old.
• You must be currently employed in government companies, private companies, or public sector firms that are eligible to apply for personal finance with a minimum salary of AED 3000.
• You must be 60 years at the time of maturity for expatriates and 65 years for UAE nationals at the time of loan maturity.
• You must be currently working for around 3 to 6 months or self-employed for the same period
• Your credit score should be equivalent to or greater than the bank’s pre-decided limit for availing personal loan in UAE 3000 salary

Documents Required to Apply for RAKBANK  Personal Loan in UAE with 3000 Salary

In order to get consumer finance in the UAE, you need to submit the following documents:

• Loan application form – completed and duly signed
• Emirates ID
• Passport copy with UAE resident visa (for expats) Salary transfer letter for salary certificate
• Bank account statement of last 3 or 6 months For self-employed individuals- Trade License

ARAB Bank Personal Loan

The Arab Bank is a renowned financial institution that renders banking and financial services all across the UAE. The Arab bank offers personal loans at zero minimum salary along with interest rates up to 5.99%. The maximum loan amount available in case Arab bank personal with 3000 salary is equivalent to AED 550,000 coupled with flexible repayment tenor. 

Eligibility Criteria for ARAB BANK Personal Loan in UAE with 3000 Salary 

• The minimum age of the applicant must be at least 21 years.
• The applicant must be currently employed with firms or companies that are eligible to apply for personal finance with a minimum salary of AED 3000.
• The applicant must be 60 years at the time of maturity for expatriates and 65 years for UAE nationals at the time of loan maturity.
• The applicant must be currently working for around 3 to 6 months or self-employed for the same period
• Your credit score should be equivalent to or greater than the bank’s pre-decided limit for availing personal loan in UAE 3000 salary

Documents Required to Apply for ARAB BANK  Personal Loan in UAE with 3000 Salary

Here’s a quick rundown on the different documents required to apply for ARAB BANK personal loan in UAE below 3000 monthly salary 

• Loan application form – completed and duly signed
• Emirates ID
• Passport copy with UAE resident visa (for expats) Salary transfer letter for salary certificate
• Bank account statement of last 3 or 6 months
• For self-employed individuals- Trade license
• Salary Slip

Things to Consider When Borrowing a Personal Loan in UAE with AED 3000 Salary

Rate of Interest:

The personal loan interest rate levied by the bank when you borrow a loan significantly affects the cost of your loan. So, if you charged a high rate of interest on a personal loan, your total interest outgo over the period of loan tenure will be higher thereby causing you to pay more. That is why it is highly recommended that you compare the rate of interest charged for different personal loans before applying for the one.

Assess Other Fees & Charges:

When determining the total cost of a consumer loan, it is imperative to consider other fees & charges levied by the bank.

Check Your Credit Score:

 Before applying for a loan, make sure you check your credit score. It is yet another major factor upon which the lender decides whether to give you a loan or not. So, your credit score must be good to be eligible for personal finance since it depicts your repayment behaviour.

Crosscheck the Payable EMI:

After borrowing a loan from the bank, you will have to repay the loan amount through equated monthly installments. Missing even one EMI payment could hurt your credit score significantly which makes it tough for you to avail any sort of finance in the future. Therefore, it is quite important that you check the payable monthly installments by using a personal loan EMI calculator.

Benefits of Personal loans in UAE 3000 salary 

Here’s a quick rundown on the main benefits of personal loans in UAE 3000 salary-

• No collateral required
• Quick approval and disbursement
• High loan amounts up to AED 5 lakhs
• Easy application and documentation process
• Simplistic criteria of eligibility

In A Nutshell

If you want to avail a Personal Loan in UAE 3000 Salary then it becomes quite important for you to check and compare the eligibility criteria of different banks and financial institutions before applying for a loan since it will reduce the chances of your loan application getting rejected. If you would not meet the eligibility criteria required by the respective bank then chances are high that the bank will reject your loan application. So, apply for a personal loan from that lender only whose eligibility criteria matches with your profile.