Personal Loans for Self-employed Professionals

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  | Published: 15 November 2019 | Last Updated On: 05 February 2021

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More than 50 percent of the UAE’s workforce is self-employed. While the entrepreneurial bug is spreading its wing far and wide in the Emirates, it does have its challenges. For example, when it comes to procuring finance, whether it’s a personal loan or home loan, salaried individuals may still get higher preference over those people who are self-employed. This is because salaried have a steady source of income whereas self-employed individual’s income is uncertain which is why lenders consider them as risky applicants. Also, they might hesitate in offering them personal loans or any other loans.

But that doesn’t mean that you can’t avail one. Yes, you read it right. If you are also a self-employed individual and you need extra funds to scale up your new business or some other personal needs then fret not? There are a few banks in the UAE that offer personal loans for self-employed professionals to address your short-term financial needs. 

Lenders that Offer Personal Loan for Self-Employed Professionals

Emirates NBD

Being your boss can be rewarding but at the same time, it can be financially draining for some people. So, if you have started a new business and want extra funds to scale up your business then you can opt for Emirates NBD Personal loan for self-employed professionals. This loan is customized for professionals such as accountants, engineers, doctors, and architects.

Features & Benefits of Emirates NBD personal loan for self-employed professionals

Following are the key features & benefits of the Emirates NBD consumer finance offered for self-employed professionals:

  • Attractive rate of interest starting from 18.99 percent reducing.
  • The flexible repayment tenure period of a maximum of 48 months.
  • High loan amount of a maximum of 300,000 dirhams.
  • A minimum 1-year length of business is required to procure a personal loan.
  • Double insurance coverage.
  • Seven-day loan return facility.

CBI (Commercial Bank International)

Being a self-employed professional, you may need additional funds at any point in time to meet your various financial goals. During such a financial crisis, you can opt for a CBI personal loan for self-employed professionals. But you must have been established in business in the UAE for at least three years to be eligible for this CBI loan. 

Features & Benefits of CBI consumer loan for self-employed professionals

  • Attractive rate of interest
  • The easy and hassle-free application process
  • High finance amount of a maximum of 500,000
  • Insurance coverage in an event of unfortunate circumstances
  • The minimal and fast documentation process

What Is the Eligibility Criteria for Personal Loan for Self-Employed Professionals?

Individuals who are not salaried and earn income through their businesses are referred to as self-employed professionals. Well, every lender has its eligibility criteria for consumer finance so it may differ from lender to lender. Following is the basic eligibility requirements that you need to meet to procure one:

  • Both expatriates and UAE Nationals are eligible.
  • The minimum age of the loan applicant must be 21 years.
  • The maximum age is capped at 65 years for Emiratis and it is 60 years for expatriates. 
  • Minimum Length of business should be 1 year or more than that (different from lender to lender).
  • Minimum annual sales turnover differs from lender to lender
  • A minimum of 6 months' average balance of 20,000 is required. However, it also varies with each lender. 

List of Required Documents for Availing Personal Loan for Self-Employed Professionals

When applying for consumer finance for self-employed professionals, you will need to submit some documents. The documents that are commonly required by the lenders in the UAE are as follows:

  • Emirates ID
  • Valid passport copy and UAE resident Visa (applicable for expatriates)
  • Address proofs in the form of utility bills
  • Bank statement (for some specific number of months)
  • Trade License
  • Power of Attorney

Note: You may also need to submit some additional documents as per the sole discretion of the bank. 

Final Words

Hence, personal loans are not only offered to salaried individuals in the UAE. Self-employed professionals can also procure it to address their short-term financial needs. All they need to meet the eligibility criteria and submit the documents required by the respective bank to get personal loan for self-employed professionals.