AI Hilal Bank Personal Loan Eligibility in UAE

Al Hilal Bank, established in 2007, is one of the leading Islamic banks in the UAE. It offers a range of personal loan options at competitive rates and with a variety of features and benefits to make it easier for customers to get the financing they need. 

With an Al Hilal Bank personal loan, you can quickly access funds to cover your personal expenses. The bank also offers flexible repayment plans so that you can easily manage your loan payments and avoid late fees. However, in order to avail of any of the personal loans, you must meet certain requirements.

Top Al Hilal Bank Personal Loans with Eligibility in UAE

Check out the table below to find the eligibility criteria for all the Al Hilal personal loans -  

Al Hilal Bank Personal Loan	Eligibility Criteria
Sukuk Finance	The minimum salary required to apply for Sukuk finance is AED 5,000. The applicant must either be a UAE national or an expatriate.
Travel Finance	The applicant must have a salary of at least AED 5,000. Both UAE nationals and UAE expatriates are eligible.
Settlement of Liabilities	The applicant must have a minimum monthly salary of AED 5,000. The applicant must either be a UAE national or a UAE expat.
Medical Finance	The applicant must have a minimum salary of AED 5,000. UAE nationals and UAE expatriates are eligible.
Education Finance	The applicant must have a salary of at least AED 5,000. Both UAE nationals and UAE expatriates are eligible.
Rent Finance	The applicant must have a minimum monthly salary of AED 5,000. The applicant must either be a UAE national or a UAE expat.
Service Finance	The applicant must have a minimum salary of AED 5,000. UAE nationals and UAE expatriates are eligible.
Wedding Finance	The applicant must have a salary of AED 5,000 or more. All UAE nationals and UAE expatriates are eligible.
Goods Finance	The applicant must have a minimum salary of AED 5,000. UAE nationals and UAE expatriates are eligible.

Click here to Apply for AI Hilal Personal Loan

Common Al Hilal Bank Personal Loan Eligibility Criteria

The following are the basic Al Hilal personal loan eligibility criteria for all its loan types: 

• Age - As each Al Hilal personal loan has its own minimum and maximum criteria, you should verify with the bank regarding the age criteria before applying for a product. 
• Nationality - Al Hilal financial institution has multiple personal loan products tailored for both UAE nationals and UAE expatriates. Those who wish to apply must confirm with the bank whether they are eligible for a certain personal loan. 
• Monthly Income - As an applicant, you must have a minimum monthly salary of AED 5,000 to qualify for any of the personal loans offered by the financial institution. 
• Salary Transfer - If you choose a type of personal loan that requires you to transfer your salary, you would be required to transfer your salary to your Al Hilal account each month to qualify for the loan. 
• credit Score - Having a good credit score is necessary in order to apply for an Al Hilal personal loan. A personal loan in UAE generally requires a minimum credit score of 580. However, a higher credit score may increase the chance of loan application approval. It is best to confirm the credit score requirement with the relevant financial institution before applying for a loan. 

Check Perosnal Loan Eligibility Criteria in UAE

Document Required for Al Hilal Bank Personal Loan Eligibility

Although the bank may ask for additional documents as per its requirements, here are the standard documents required to apply for an Al Hilal personal loan -  

Sukuk Finance

• A valid passport
• A valid residence visa page (if applicable)
• Previous 6 months’ bank statements

Settlement of Liabilities

• A valid passport
• Previous 6 months’ bank statement
• A valid residence visa page (if applicable)
• Liability letter from other bank

Travel Finance

• A valid passport
• A valid residence visa page (if applicable)
• Previous 6 months’ bank statements

Education Finance

• A valid passport
• A valid residence visa page (if applicable)
• Previous 6 months’ bank statements

Rent Finance

• A valid residence visa page (if applicable)
• A valid passport
• Previous 6 months’ bank statements

Medical Finance

• A valid passport
• A valid residence visa page (if applicable)
• Previous 6 months’ bank statements

Wedding Finance

• A valid passport
• A valid residence visa page (if applicable)
• Previous 6 months’ bank statements

Goods Finance

• A valid passport
• A valid residence visa page (if applicable)
• Previous 6 months’ bank statements
• A valid quotation addressed to the financial institution

Service Finance

• A valid passport
• Previous 6 months’ bank statements
• A valid residence visa page (if applicable)
• A valid quotation addressed to the lending institution

Factors Affecting Al Hilal Personal Loan Eligibility

Refer to the points below to know more about the factors that influence your Al Hilal personal loan eligibility - 

1. Age - The age of the borrower is an important factor in determining eligibility for a personal loan. Borrowers over the age of 65 may find it more difficult to meet the criteria for a personal loan due to age restrictions. Additionally, lenders may offer more favourable terms to younger borrowers such as lower interest rates and relaxed repayment periods. 
2. Monthly Income - Once the bank receives your Al Hilal personal loan application, the authorities will assess your monthly salary to determine whether you can make the necessary payments on time. If you have a secondary source of income, the bank will take that into account as well. Moreover, the financial institution will review if your employer is included in Al Hilal’s database, which can increase the chances of your loan being accepted. 
3. Employment Status - When it comes to being approved for an Al Hilal personal loan, both your current and past employment history can make a difference. If you have been employed with a reputable organisation for a longer duration, you are more likely to be approved for a loan. On the contrary, if you have an unstable history of employment such as frequent job changes and more, it can hurt your chances of loan approval. 
4. Credit Score and Credit History - Having a good credit score is essential for getting approved for an Al Hilal personal loan in the UAE. Moreover, while a low credit score may still result in approval, it will usually be accompanied by a higher interest rate. For this reason, it is important to keep track of all outstanding mortgages, loans, and credit card debts and be responsible with your finances to have a good credit score. 
5. Relationship with the Bank - If you availed of any credit or banking services with Al Hilal and repaid or managed finances properly, you may find it easier to get approved for the loan. 

How to Improve Your Chances of Getting an Al Hilal Bank Personal Loan in UAE?

Here are some ways explaining how you can increase your chances of getting an Al Hilal personal loan application approved: - 

Enhance Your Credit Score

In order to effectively increase your credit score, it is important to be a responsible borrower. For this, you can pay your bills on time, make soft credit enquiries, reduce the number of loan/credit card applications, and pay off existing debts. 

Doing so will help you maintain a good or excellent credit score, which shows that you are creditworthy and capable of repaying loans on time. Thus, it is always recommended to keep working on improving your credit score as much as possible. 

Add Additional Source of Income

Increasing your sources of income is a smart choice when it comes to improving your chances of being approved for an Al Hilal personal loan. The higher your income, the better your chances of getting the loan. There are several ways to increase your income such as freelancing, investments, and performance bonuses. 

Include a Co-Borrower

If your monthly income does not meet the requirements for an Al Hilal personal loan, a co-borrower can be of your help. Adding a co-borrower to your personal loan application will increase your total monthly income, which can help your application as the financial institution considers the combined income when determining loan eligibility. 

Transfer Your Salary to Al Hilal

Transferring your monthly income to an Al Hilal account can help increase your chances of getting approved for a personal loan. It is because the bank gets assurance that you would be able to repay the loan amount in the given timeframe. 

Decrease Your Debt Burden Ratio

It is important to maintain a low debt-to-income ratio in order to increase the chances of having your personal loan application approved. The debt-to-income ratio is the ratio of your monthly debt payments to your gross monthly income. As per the Central Bank of UAE, the debt burden ratio should not exceed 50% of your monthly salary. 

Work for a Company Present in Al Hilal’s Approved List 

You can also boost the chances of getting your Al Hilal personal loan application by working with one of the companies present in their approved list. 

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