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Personal Loan in UAE without a Salary Transfer

Personal loan in UAE without salary transfer feature allows the loan seeker to apply for personal loan without having to transfer their salary in to a particular bank account. When it comes to loan eligibility criteria in the UAE, the most common eligibility is to transfer monthly salary, in order to reduce the risk factor. However, considering the growing demand or needs of the potential customers, several banks and financial institutions have started offering personal loan in UAE without a salary transfer for both expats and UAE Nationals.

These types of loans may come with limited restrictions. However, there could be a slight difference in the rate of interest or amount to be borrowed based on the norms of the individual bank. Moreover, an Annual Percentage Rate (APR) is charged depending on the loan amount.

Personal Loan in UAE Interest Rate for without Salary Transfer

The non-salary transfer Personal loan in Dubai can be availed at an attractive rate of interest. However, the rate of interest on Personal Loan is calculated in 2 ways:

  • Flat Interest Rate: This type of interest rate remains fixed & is levied on the principal amount of Personal Loan. Flat interest rate is calculated on the full loan amount, without considering the reduced amount on the total debt. Simply put, it is a fixed rate of interest that remains unaffected throughout the loan tenure. Let’s say- if AED 100,000 is offered at 5% flat interest rate, where AED 25,000 will be paid by the borrower as interest ((100,000 x 5% = 5,000 and 5,000 x 5 = 25,000)
  • Reducing Interest Rate: Reducing interest rate is calculated on the outstanding loan amount. Each time the borrower makes a payment, the rate of interest will decrease. Usually, the interest on the next loan payment is calculated based on the latest unpaid amount. Let’s consider the above example again- If AED 100,000 is offered at a 5% reducing rate of interest, in order to repay the amount in 5 years, let’s imagine someone pays AED 20,000 each year. So, the first-year interest to be paid will be calculated as (100,000 x 5% = 5,000). But in the next year, the reduced rate of interest will be applied on AED 80,000 (100,000 – 20,000) and interest to be paid will be (80,000 x 5% = 4,000). Thus, every time the loan borrower pays of AED 20,000, the calculation would be repeated on the reduced amount.

Top Banks offering Personal Loan in UAE without Salary Transfer

Consider the below list of providers offering personal loan in UAE without salary transfer:

Provider

Minimum Salary Required

Loan Amount

Rate of Interest

Type of Interest

Emirates NBD

AED 10,000

AED 500,000

14.99%

Reducing

Dubai Islamic Bank

AED 3,000

AED 4 million for Emiratis

AED 2 million for Expats

Competitive Profit Rate

-

Standard Chartered

AED 15,000 P/M

Up to AED 500,000

7.55%

Reducing

Mawarid Finance

-

AED 100,000

Profit rate based on credit score

-

* Disclaimer -Interest Rates are subject to change at any time

Personal Loan without Salary Transfer Eligibility Criteria

Here are the eligibility criteria for a personal loan in UAE without salary transfer:

Age

Most of the banks and financial institutions have a common age criterion. In order to be eligible for a personal loan in UAE without salary transfer, the minimum age of the applicant is 21 years. However, the maximum age is 60 years for expats & it is 65 years for UAE Nationals.

Income

To apply for consumer loan without salary transfer, the applicant must have a steady source of income. Moreover, the minimum income requirement varies from lender to lender.

Company Listing

Generally, providers offering personal loan in Dubai without salary transfer have a list of approved employers in the UAE. It might get difficult to avail a personal loan in UAE without company listing.

Employment Status

To be eligible for a personal loan in Dubai without salary transfer, the applicant must be salaried or self- employed.

Work Experience

Applicants whose employer is not listed with any bank can enhance their chances of approving their loan application if they’ve got a long employment history. Few of the banks & financial institutions require the minimum work experience of 6 months at the present company to be eligible for a non-salary transfer loan.

Documents Required for Personal Loan without Salary Transfer

In addition to meeting the minimum eligibility criteria requirements, the applicant needs to submit the following documents to avail non-salary transfer personal loan in UAE:

Application Form

Application form for personal loan in UAE without salary transfer can either be submitted online or offline based on the norms of the respective bank or financial institution.

ID & Address Proof

The applicants will have to submit their UAE residence visa (for expats), passport, and Emirates ID.

Employment Proof

Some banks or financial institutions also ask for a job confirmation letter with the current employer, salary slip, etc.

Bank Statement

Lenders usually ask for the bank statement of last 3 to 6 months to sanction a personal loan in UAE without salary transfer.

Note: The applicant may need to submit additional documents as per the sole discretion of the respective bank.

Features & Benefits of personal loan in UAE without Salary Transfer

Following are the eminent features & benefits of the consumer loan without salary transfer:

  1. Loan Amount: The borrower can avail a suitable loan amount to meet their various monetary needs with a personal loan in Dubai without salary transfer.
  2. Competitive Interest Rate: The benefit of a personal loan without salary transfer also extends to an attractive interest rate. Non-salary transfer personal loan levy the competitive rate of interest-based on the credit score of the applicant.
  3. Flexible Repayment Tenure: The borrower can enjoy flexible repayment tenure of up to 48 months to suit their personal needs.
  4. No Guarantor/Collateral: The process of the non-salary transfer consumer finance is quick & speedy, and no guarantor or security is required to avail personal finance.
  5. Quick Disbursal: Personal loan in UAE without salary transfer gets disbursed into the applicant’s bank account within a very short span of time.
  6. No Salary Transfer: The borrower is not required to transfer their salary into the respective bank.
  7. Minimal Documentation: The document process is also simple and the paperwork involved is minimal, thus helping the borrower to save on time & effort.

Frequently Asked Questions

Q.1.  Do banks offer a personal loan in UAE for expats without salary transfer?

Ans: Yes, there are several banks & financial institutions that offer Personal Loan without salary transfer for expats in the UAE.

Q.2.  Is there a minimum income requirement for availing Personal Loan in UAE without salary transfer?

Ans: Well, yes! There is a minimum income requirement on non-salary transfer personal finances as lender checks your repayment capacity based on your income. However, the minimum salary requirement differs from one bank to another.

Q.3.  Can I avail a non-transfer personal loan without salary certificate?

Ans: Salary certificate is a mandatory document for availing a personal loan in the UAE without a salary transfer.

Q.4.  Do lenders check credit rating before offering consumer finance in UAE without salary transfer?

Ans: Yes, banks or other lenders consider your credit score before offering a loan to know how financially responsible you are.

Q.5.  Is there any minimum work experience required to be eligible for a personal loan in UAE without salary transfer?

Ans: A minimum of 6 months of work experience is required to be eligible for non-salary transfer consumer loan.

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