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A personal loan refers to an unsecured loan that means it does not involve any guarantor or collateral needed to get it. Personal loan can be procured in the UAE by an individual for meeting his or her different financial requirements like higher education, wedding, funding for a vacation, medical expenses, beginning a new business, and debt consolidation.
There are different types of personal loans in UAE, which include the ones offered without salary transfer, the ones offered to expats, and also the ones offered to the UAE Nationals. Here are some of the different kinds of personal loan options that you have in the UAE.
Those who are not the residents of the Emirates, but have been living there because of a business or a job are known as expatriates. The expats have the option of requesting a personal to fulfil their financial needs. The terms and conditions on Personal Loan for Expats may be strict as opposed to those offered on the loans for the Emiratis.
Now, you should know that the personal loan in the UAE can be classified on the basis of salary transfer as well.
While a lot of banks require the applicant to transfer their respective salaries with them for availing a personal loan in UAE, some of the lenders do not consider it to be a strict rule. They offer personal loans without salary transfer to those applicants also who do not have a salary account. However, they might ask the applicants to submit a valid proof of income, which shows that they earn a stable income.
A majority of the lenders in the UAE have pre-decided the requirements for obtaining a personal loan. One of these is the salary transfer. This type of loan makes it compulsory for the applicants to transfer their salary to the lender. They expect the applicants to have a salary account with them and submit their salary certificate in UAE.
Since the list of companies maintained by the lenders gradually becomes redundant, many applicants of the personal loan in UAE get rejected due to this reason. But financial institutions have taken steps for offering a personal loan with non-listed companies. They just have to be earning a stable income.
This type of personal loan is especially for Emiratis. It is quite easy to get a personal loan for the UAE Nationals. The terms & conditions also remain more favorable as compared to that provided on the personal loan in the UAE for the expats.
Self-employed individuals are the ones who have their own business. These people may sometimes find it hard to receive loans because they do not have a fixed income. But they might also apply for these loans with a specific financial institution in the Emirates.
You can apply for the best personal loan in the UAE simply and conveniently in the following ways.
It is very easy to apply for a personal loan online as there are many generous loan options. Moreover, you can use these portals for comparing different plans online, which helps in finding the loan with the lowest rate of interest. All you need to do is fill-up the form online, fulfill the eligibility criteria, and submit the required documents.
If you wish to apply for a loan directly from the branch of the bank, you need to visit your nearest branch, fill up the application form, take assistance from the representatives there to understand the loan rates better and submit the required documents. After your documents are verified and you meet the eligibility criteria of the bank, you will be approved for the personal loan in the UAE.
Over to You!
There are different types of personal loans available in the UAE depending upon various factors, such as salary transfer, residence, employment, etc. You need to check the category you fall under and select the type that suits you the best according to your situation.