Personal Loan for Non-Listed Companies

Overview

As the UAE’s economy is expanding rapidly, new organizations are being formed nearly every single day. As such, the list of companies maintained by the financial institutions slowly grows redundant. Many personal loan applicants have faced rejection for this very reason. But there is hope, as financial organizations have now taken steps to offers personal loans in the UAE without a company listing.

Features and Benefits of Personal Loans for Non-Listed Companies

Listed below are the various features and benefits of a personal loan in the UAE without a company listing:

Loan Amount

Personal loans in the UAE are can be availed upon meeting eligibility criteria as specified by the opted bank/ financial institution. They rely on various eligibility checks to analyse the riskiness of applicants. Personal loans for non-listed companies in the UAE may offer smaller loan amounts to help reduce the bank’s risk. However, it is still possible to find a personal loan in the UAE with no such restrictions.

Tenors

Fortunately, personal loan applicants belonging to non-listed companies do not face any major difference in loan tenors. Most personal loans in the UAE have a maximum tenor of 48 months/4 Years.

Additional Benefits

Personal offers in the UAE offers various additional benefits such as free credit cards, travel insurance and much more. Even applicants of personal loans for non-listed companies can avail of these benefits.

Eligibility and Required Document for Personal Loans for Non-Listed Companies

Personal loan eligibility in the UAE for employees of non-listed companies is as follows:

Applicant’s Age

Most personal loans in the UAE share a common age restriction criteria; it states that the applicant must be between 21 years to 60 years of age. This is applicable mostly on personal loans in the UAE for expat Emirati applicant may be allowed to apply until the age of 65 years.

Applicant’s Income

The applicant of a personal loan in the UAE without a company listing is considered as a high-risk applicant. As a result, their application is accepted or rejected on the basis of many factors and the one such factor is their income. The minimum salary for a personal loan in the UAE for such applicants may be higher than for applicants employed with a listed company.

Applicant’s Work Experience

Applicant employed with a non-listed company can increase their chances of qualifying for a personal loan in the UAE if they have a long employment history. Such an applicant is considered to be more financially stable, which is a plus point for personal loan eligibility in the UAE.

Applicant’s Credit Score

Positive credit history and a high credit score are positive contributors to personal loan eligibility in the UAE. A good credit score shows that the applicant is able to maintain regular payments and is worthy of a personal loan.

The documents required for personal loans for non-listed companies in the UAE are mentioned below:

  • Application Form: In order to initiate the application process, the applicant will be required to submit a duly filled application form for a personal loan.
  • Proofs: Applicant of personal loans in the UAE without a company listing will have to submit ID and address proofs such as Emirates ID, passport and visa, utility bills and other forms of government IDs.
  • Bank Statement: The personal loan issuer may ask for the applicant’s bank statement to assess their earning potential. The applicant for personal loans in the UAE for non-listed companies will require immaculate banking history.
  • Salary Transfer: Certain personal loans in the UAE require the applicant to open an account with the loan issuer and transfer salary into the same. Such types of personal loans usually require a salary transfer certificate.

The required list of documents and various criteria for personal loan eligibility in the UAE may change from time to time as per the loan issuer’s discretion.

Interest Rates for Personal Loans without a Company Listing

Personal loan interest rates in the UAE may be charged in one of two types- as a flat interest or as a reducing interest.

  • Flat Interest- A flat interest for personal loans in the UAE without a company listing is one that remains the same throughout the loan’s tenor.
  • Reducing Interest- Reducing interest is regarded as the best personal loan interest rate in the UAE, as it decreases every time the loan borrower makes a payment.

Note that personal loan interest rates are usually higher for personal loans in the UAE without a company listing.

Frequently Asked Questions

Q1-  Can I apply to any bank for a personal loan in the UAE without a company listing?

No. Most banks do not offer personal loans in the UAE without a company listing. However, as the UAE sees the formation of dozens of newer organizations, this trend is slowly changing. At the moment, only a few banks offer personal loans for non-listed companies in the UAE.

Q2- Is it possible to calculate my personal loan EMI by myself?

Yes, it is very easy to calculate your personal loan EMI. There are a variety of options available online for personal loan calculation. These can be used to quickly and effortlessly to calculate the personal loan monthly instalment amount. Personal loan EMI calculators are offered free of charge.

Q3- How can I find out if my company is listed?

Every bank maintains its own list of approved companies. The easiest way to identify which personal loan issuers your company qualifies for is to talk to your administrative or Human Resources department.a

Q4- How do I maintain a good credit history?

A person’s credit report contains decade’s worth of payment history. This means that poor credit history will remain in the person’s report for years to come. The applicant of a personal loan in the UAE without a company listing cannot afford to have a low credit score. To correct poor history, the applicant may avail of a low-cost credit card or apply for a smaller personal loan amount and make timely payments for the same.

Q5- How can I get my company listed with a bank?

Companies may request to be listed with banks and loan issuers by meeting the respective lender’s eligibility criteria. These criteria may include the total years of establishment, the company’s revenue, the number of hired employees and other such factors.