Finance House Personal Loan Eligibility in UAE

Personal Loan in UAE

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  • Minimum Salary 5000 AED
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

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  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

Established in 2004, Finance House is one of the first independent finance companies in the UAE. Primarily operating in investment, commercial, and consumer financing, the company is known for offering impeccable finance products throughout the UAE and has its head office in Abu Dhabi. Finance House personal finance is one of the most sought-after product niches and includes Easy Finance, Gold Loan, Auto Finance, Home Finance, and credit cards.

Top Finance House Personal Loans with Eligibility

The following table shows the top Finance House Personal Loans and their respective eligibility criteria -

Finance House Personal Loans Eligibility Criteria
Easy Finance
  • Nationality - UAE nationals or expats
  • Minimum Monthly Income - AED 5,000
  • Employment - You should be employed with a government, private, or semi-government organisation
  • Age Limit - 21 to 60 years
Gold Loan
  • Age Limit - 25 to 70 years
  • UAE residents

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Finance House Personal Loan Eligibility Criteria

Given below are the general Finance House Personal Loan eligibility criteria -

  • Nationality - The ‘Easy Finance’ Finance House personal loan can be secured by both UAE nationals and expatriates. A Finance House Gold Loan, on the other hand, can only be secured by UAE residents. 
  • Employment - You should be employed in a reputed private company or government or semi-government organisation. 
  • Minimum Monthly Income - You should have a monthly salary of at least AED 5,000 to be eligible for a Finance House personal loan.
  • Age - The minimum age to secure a Finance House personal loan is 21 years while the maximum age is 60 years. If you are applying for a Finance House Gold Loan, your age should be in the range of 25 years and 70 years. 

Documents Required to Apply for a Finance House Personal Loan

Here is the list of documents required to apply for a Finance House personal loan in the UAE -

  • A copy of your Emirates ID
  • A copy of your Valid Passport
  • Authentic UAE Residence Visa (if you are an expatriate)
  • Security Cheque
  • A completed Direct Debit Authority Form
  • Recent Salary Certificate or Latest Payslips of the last 3 months

To avail of an Instant Loan against Gold, you would be required to provide these documents -

  • A Valid Passport
  • A copy of Valid UAE Residence Visa
  • A copy of Emirates ID
  • Recent Bank Statements (of at least the last 3 months)
  • Address Proof - Latest Utility Bill/ Tenancy Agreement

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Factors Affecting Finance House Personal Loan Eligibility

Let’s discuss the key factors that affect your Finance House personal loan eligibility -

  • Monthly Income - Before your personal loan in UAE gets approved, Finance House would check whether you have sufficient monthly income to repay the loan or finance within the specified period. Your salary also plays a significant role in determining your financial profile. When evaluating your income, the bank will also look into your residence type and the company you work for. Note that your secondary income sources like rent or income from leasing a property can also be reviewed. 
  • Credit History - Since personal loans are mostly unsecured, institutions like Finance House examine your credit score to determine your creditworthiness as a borrower and how you have managed your previous debts, bills, and others in the past. In case your credit score is below the minimum score set by the bank, chances are that the loan application will be rejected. Note that even if you get the approval with a low score, you will not get a low interest rate on the loan.
  • Age - Another factor that affects your Finance House personal loan eligibility is age. The minimum age to secure a personal loan in the UAE is 21 years while the maximum age can be around 60 to 65 years. 
  • Relations with Lender - Your personal loan eligibility in the UAE also depends on your relations with the bank or lending institution. How your relationship is with the said bank or financial institution will depend on how timely you repay your existing loans from the same bank. If you have been punctual with the loan repayment, you can get new Finance House loans at affordable interest rates. 
  • Employment Status - Your employment status and the reputation of your organisation also affect your Finance House personal loan eligibility criteria. If you have been employed with a reputed company for a long duration, the possibility of getting a personal loan approved is high. However, if you have an unstable employment history and have a record of frequently switching jobs, getting the approval can prove challenging for you. 
  • Repayment Period - This is another crucial factor affecting your Finance House personal loan eligibility. If you opt for a personal loan with lower repayment tenure, you can get the loan at a low interest rate. 

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How to Improve Your Chances of Getting a Finance House Personal Loan in the UAE?

Take note of the following tips to improve your chances of getting a Finance House personal loan approved -

  • Clear off Existing Loans - To improve your personal loan eligibility, it is advised that you settle all your current loans on time. Pay off all the outstanding balances within the set duration. 
  • Lessen Your Debt-Burden Ratio - As per the guidelines from the Central Bank of the UAE, the debt-burden ratio cannot be more than 50% of your salary earned per month. Thus, you should clear your piled-up debts regularly.
  • Include a Co-borrower - If your monthly income is below the limit set by the bank or you have a low credit score, you can have a co-applicant for the loan and increase the chances of getting the loan approved. In case you fail to repay the loan, the co-borrower would be required to repay it for you. You should, thus, look for someone dependable as a co-borrower like a family member or a close friend. 
  • Work on Improving Your Credit Score - To improve your credit score, make sure that you repay your credit card bills and utility bills on time. If you have any existing loan, settle it on time and avoid any default payments. 
  • Avoid Applying for Multiple Credit Facilities - You should avoid applying for multiple personal loans or credit cards at once as it can show your dependence on loans to manage finances. Another thing to note is that too many credit applications invite multiple hard inquiries from lending institutions in such a short span, which can affect your credit score and your personal loan eligibility as well. 
  • Consider Working for an Organisation that is Listed in Finance House’s List - Most banks easily approve a personal loan in the UAE for applicants who work in any of the companies mentioned in their approved list. Thus, if possible, you should consider working in one of the companies present in the bank’s approved list. 
  • Improve Your Income - The higher your salary or income, the greater the chances of your personal loan application getting approved. Some income boosters could be performance bonuses, income from investments, or variable pay. All these income sources convince the bank that you can repay your personal loan in the set duration.
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Q1. What type of Finance House personal loans can you avail in the UAE?

Ans: With Finance House, you can avail of either an Easy Finance or an instant loan against gold.

Q2. What is the minimum age for securing a Finance House Gold Loan in the UAE?

Ans: You should be at least 25 years old to apply for a Gold Loan from Finance House.

Q3. What should be the debt-burden ratio to meet the Finance House personal loan eligibility criteria?

Ans: As per the Central Bank of the UAE, your debt-burden ratio should be lower than 50% if you want to meet personal loan eligibility criteria in the UAE.

Q4. Why should you avoid applying for multiple credits at once?

Ans: Applying for too many credits at once can negatively impact your personal loan eligibility in the UAE. Multiple credit applications lead to multiple hard inquiries. These hard inquiries stay on your credit report for 2 years and can lower your credit score, consequently affecting your personal loan eligibility in turn.

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