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You never know that when a requirement or need for money knocks on your door and many times, we don’t have enough savings to get rid of that financial emergency on our own. That is where the personal loan comes in. It is indeed the most suitable option when it comes to handling a financial emergency. Whether you’re salaried individual or a self-employed one, an easy yet flexible borrowing option like personal loan can immediately provide you financial assistance in a hassle-free manner. There are array of key factors such as repayment capacity, income, credit score, and employment history that determine your eligibility as well as the rate of interest for the personal loan.
So, here in this article, we have mentioned that what are the eligibility criteria for a personal loan in UAE for self-employed & salaried individuals? Also, know other requirements that are essential for availing the personal loan in the UAE.
Age is one of the primary factors of personal loan eligibility. Each & every bank has its own minimum & maximum age requirement for procuring a personal loan in the UAE. Well, general guideline followed by the majority of the banks in the UAE for salaried and self-employed individuals is that their minimum age should be 21 years. However, the maximum age for salaried individuals is 60 years and for self-employed, the maximum age depends on the bank you approach but the maximum age could be as high as 65 years.
Monthly income is something that banks or personal loan lenders always look into before offering a personal loan. This is basically required by the bank/financial institution to evaluate the repayment ability of the borrower and it varies from lender to lender. Well, the minimum income eligibility is usually higher for a self-employed individual than a salaried individual considering the uncertainty associated with a business or start-up.
This is yet another major factor that banks/financial institutions consider before providing a personal loan in the UAE. The borrower must be salaried or self-employed in order to meet the eligibility criteria. But please note that the eligibility criteria for salaried individual quite differ from the self-employed individuals.
A salaried individual must have a minimum of 2 years of working experience and the applicant should have spent at least 6 months in the current company. Whereas a self-employed individual must have a minimum of 5 years of total experience and the applicant must have a minimum of 2 years of experience in his/her current business. Mind it, these are the general guidelines followed by most of the banks in the UAE. However, it may vary from one bank to another.
Some banks may or may not sanction a personal loan in UAE without a salary transfer. That is a few banks make it compulsory for the borrower to transfer their salary into an account held with them or any other bank’s account to be eligible for a personal loan. The reason behind this is they want to see secure & stable income with proper proofs. While in case of some banks, they do not require that the applicant’s salary should be transferred into the bank account so it varies from bank to bank.
Please note that the eligibility criteria for a personal loan in UAE for self-employed & salaried individuals differ from one bank to another & are subject to change as per the bank’s discretion. Be sure, you check the eligibility criteria before you opt for a personal loan.
The list of documents for procuring a personal loan in the UAE for self-employed & salaried individuals will depend on the applicant’s status being an expatriate or a UAE national. Following are the documents that are required to avail a personal loan in the UAE:
In addition to above-mentioned documents, there are some other documents that salaried & self-employed individuals may require in order to avail a personal loan. And they are as follows:
In a Nutshell
Being aware of the eligibility criteria such as minimum salary for personal loan in UAE, age, employment status, and other requirements can maximize your chances of getting out the best deal. So make sure you go through all the key factors mentioned above in this article before opting for a personal loan in the UAE for self-employed or salaried individuals.