Personal Loan in UAE AED 2500 Salary Apply Now Online
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| Published: 26 October 2021
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Looking for a personal loan in UAE 2500 salary? It is very unlikely for the banks to provide 2,500 salary loans in UAE. In fact, it is almost impossible to find a personal loan with an income below AED 3,000. One of the options that you can try is First Abu Dhabi Bank (FAB) Lifeline- Revolving Overdraft.
However, there are certain issues attached to this and the chances of getting these loans are dependent on the concerned cases. For instance, FAB Lifeline is an overdraft facility and not a personal loan that can be obtained on a minimum income of AED 2,000.
If you wish to opt for a personal loan in UAE 2500 salary, you must be prepared to bear a slightly higher interest rate. This is because such a personal loan is unsecured and has flexible repayment tenure, which is generally 48 months. Also, there would be many more things that you must know when you apply for a personal with low salary because the process of risk assessment is greater.
How can I avail of a personal loan in UAE 2,500 salary?
In order to be eligible for a personal loan in UAE, you will have to submit certain documents and fulfill some requirements as mentioned below. While talking about the requirements you must keep in mind that there are hardly any banks in the UAE that offer personal loans for 2500 salary, the applicant is expected to earn at least AED 3,000 per month.
Personal Loan at a Minimum Salary of AED 3,000 per month
As mentioned above, personal loan minimum salary 2500 is a rare occurrence in the UAE. However, there are a few banks that offer personal loans at a minimum income of AED 3,000. Here are some of them.
RAKBANK Personal Loan
RAKBANK is one of the banks in the UAE, which offer personal loan at a minimum income of AED 3,000 per month. It charges the borrowers with a reducing rate of interest of up to 5.99% and a flexible loan duration of up to 48 months. It also offers the borrowers an option of early settlement (fee applicable) and a huge loan amount for meeting their financial needs.
*The figures are subject to changes as per the discretion of the bank.
Dubai Islamic Bank Personal Loan
Dubai Islamic Bank or DIB is another leading bank in the UAE, which falls under this category of personal loans. It offers a high loan amount and a flexible loan duration of 48 months for making the repayment of this amount. There are 4 main types of Dubai Islamic Bank personal loan. The tables below show the highlights of these loans.
1. DIB Al Islami Goods Finance for Expatriates
Minimum Income
AED 3,000
Processing Fees
AED 1,050 to AED 2,620
Maximum loan amount
AED 2,000,000
Reducing Rate of Interest
6%
Early Settlement Charge
1% of the amount outstanding (AED 10,000 maximum)
Salary Transfer
Not Mandatory
2. DIB Al Islami Goods Finance for UAE Nationals
Minimum Income
AED 3,000
Processing Fees
AED 1,050 to AED 2,620
Maximum loan amount
AED 4,000,000
Reducing Rate of Interest
6%
Early Settlement Charge
1% of the amount outstanding (AED 10,000 maximum)
Salary Transfer
Not Mandatory
3. DIB Al Islami Services Ijarah for Expatriates
Minimum Income
AED 3,000
Processing Fees
AED 1,050 to AED 2,620
Maximum loan amount
AED 1,000,000
Reducing Rate of Interest
6%
Early Settlement Charge
1% of the amount outstanding (AED 10,000 maximum)
Salary Transfer
Not Mandatory
4. DIB Al Islami Services Ijarah for UAE Nationals
Minimum Income
AED 3,000
Processing Fees
AED 1,050 to AED 2,620
Maximum loan amount
AED 2,000,000
Reducing Rate of Interest
6%
Early Settlement Charge
1% of the amount outstanding (AED 10,000 maximum)
Salary Transfer
Not Mandatory
5. DIB Personal Finance for Expatriates
Minimum Income
AED 3,000
Processing Fees
AED 1,050 to AED 2,620
Maximum loan amount
AED 2,000,000
Reducing Rate of Interest
6%
Early Settlement Charge
1% of the amount outstanding (AED 10,000 maximum)
Salary Transfer
Not Mandatory
6. DIB Personal Finance for UAE Nationals
Minimum Income
AED 3,000
Processing Fees
AED 1,050 to AED 2,620
Maximum loan amount
AED 4,000,000
Reducing Rate of Interest
6%
Early Settlement Charge
1% of the amount outstanding (AED 10,000 maximum)
Salary Transfer
Not Mandatory
*The figures are subject to changes as per the discretion of the bank.
Arab Bank Personal Loan
Arab Bank is another renowned bank in the UAE, which offers financial and banking services throughout the Emirates. The bank offers personal loans in the UAE at a low rate of interest and a flexible repayment period. You can easily obtain a high loan amount at a salary of only AED 3,000 per month.
Minimum Income
AED 3,000
Processing Fees
AED 1,000
Maximum loan amount
AED 550,000
Reducing Rate of Interest
5.99%
Early Settlement Charge
1% of the amount outstanding
Salary Transfer
Not Mandatory
*The figures are subject to changes as per the discretion of the bank.
Documents Required to Avail Personal Loan in UAE 2500 Salary
Here is a list of the required documents to avail a personal loan in UAE 2500 salary.
A duly filled and signed personal loan application form
Certain identity proof documents that include Emirates ID, residence visa, passport, etc.
A valid passport and residence visa is mandatory documents for the expats in the UAE
Salary transfer letter and/or salary certificate
Recent (usually previous 3 months) bank account statements
Trade license is a compulsory document for those who are self-employed
Note: The documents required may vary from one lender to another.
Eligibility Requirements for Personal Loan in UAE 2500 Salary
The applicant must be 21 years old at least.
The minimum salary required is usually AED 3,000 and more. However, for the FAB Revolving Overdraft facility, the minimum salary required is AED 2,000. It is very unlikely to find a personal loan in UAE 2500 salary.
The personal loan must be paid back by the applicants before the age of 60 years if they are UAE Nationals and 65 years if they are Expatriates.
The applicants must be employed when they apply for the loan and should be working with their current employer for around 1 to 6 months (minimum).
There are many banks that ask the applicants to transfer their monthly salary to them for obtaining a personal loan.
The applicants must also maintain a good credit score to get approval for their personal loan application in the UAE.
Note: The eligibility requirements may vary from one lender to another.
To Sum Up!
A personal loan in UAE may help you in making your dreams come true. However, to obtain one, you need to submit some documents and meet the eligibility criteria as determined by the concerned bank.
Your monthly income is an important aspect when it comes to the eligibility requirements for the loan. Finding a personal loan in UAE 2500 salary may not be very simple as most of the banks offer loans to those with a minimum salary of AED 3,000. However, you can check with the concerned banks for an exception.
FAQs on Personal Loan in UAE 2500 salary
Q1. Do I need to have a credit score to get this loan?
Answer: Yes, the concerned bank will check your credit score to decide whether or not to approve your loan request.
Q2. Is the personal loan in UAE 2500 salary available for expats?
Answer: Yes, expats can obtain this personal loan; however, they must fulfil the eligibility criteria as determined by the concerned bank.
Q3. What does an overdraft facility mean?
Answer: Under this facility, the amount of loan that will be credited to your bank account and the borrower will have to make payment of the rate of interest only on that amount that he or she has used.
Q4. Do I have to provide any collateral to avail this loan?
Answer: No, there is no need to give collateral for this type of loan.
Q5: If my credit score is low, can I still apply for a personal loan in UAE 2500 salary?
Answer: Although you need to have a good credit score to be able to apply for this loan; however, you can still apply for this loan if you have a low credit score. But you will have to meet certain eligibility requirements as determined by the lender.
Q6: Is it compulsory to transfer my salary to be eligible for the personal loans for 2500 salary?
Answer: Whether or not to transfer your salary for availing the loan is also based on the eligibility requirements determined by each lender. Some of the lenders have made it mandatory to transfer salary to be eligible for this personal loan while in the case of others it is not compulsory.
Q7: Is my rate of interest high while applying for this loan?
Answer: Since your minimum income per month is pretty low, it increases the risk for the lender; hence, you may have to face slightly higher personal loan interest rate in UAE. But again, it is based on the discretion of the concerned lender.
Q8: Other than personal loan in UAE 2500 salary, are there other personal loan options available for salary below AED 5,000?
Answer: Yes, you can also opt for a personal loan in the following salary brackets-
Personal loan at AED 4,000
Personal loan at AED 3,000
Personal loan at AED 2,000
Q9: Is it necessary that my employer must be listed on the approved companies’ list of the lender?
Answer: Most of the banks in the UAE offer personal loans only to those customers who work in a company that is a part of their approved companies’ list. However, this may vary from one bank to another.
Q10: What is the minimum age to be eligible for this personal loan in UAE 2500 salary?
Answer: You should be at least 21 years old to be able to obtain this personal loan.
