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It has become relatively easier to get personal loans in the UAE. Most banks offer personal loans without any collaterals or guarantor, as long as the clients meet the personal loan eligibility in UAE. Also, the documents required have to be complete.
To get a basic idea, below are the requirements for the personal loan eligibility UAE and the documentation required for a personal loan.
Eligibility in UAE and the list of documents required for a personal loan in UAE.
Note- As long as an expat have a valid residency visa, it is possible for expats to apply for a personal loan. But the loan amount cannot be more than 20 times the expat’s salary as per UAE law.
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Note- Only UAE nationals are eligible for a self-employed personal loan. Most banks do not require collaterals for self-employed personal loans. It is quick and hassle-free as long as the client has all the necessary documents.
Note- One of the reasons for failing personal loan eligibility criteria in UAE is the fact that the company is not listed with the bank. For a company to be listed under the bank, banks check on the history of the bank. Bank tends to look at the number of years the company has been around and its financial records. Stable companies represent less of a risk factor for the banks. Thus the employees working under the listed companies had better chances at the eligibility criteria for the personal loans.
Note- Salary transfer letter is one of the important factors for personal loan eligibility UAE. Though not all banks ask for the salary transfer letter, many banks do. A salary transfer letter is prioritized by most banks and it is becoming inevitable.
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As seen above, the eligibility criteria are simple and hassle-free. All banks require a minimum salary for personal loan in UAE which can range from AED 5000 to AED 20000, depending on the individual bank. However minimum age limit remains the same for every bank. As for the salary transfer letter, the client can easily obtain it from their individual company.
As for the documents required, all banks have similar requirements. In certain cases like a personal loan for self-employed, clients will need to present some other documents too. These documents include power of attorney, memorandum of association, etc. Though not all banks require power of attorney for the personal loan for self-employed individuals, some banks do require it.
In case of a minor, few banks do offer personal loan to minors. But the bank requires for the client to be accompanied by the business partner (who should be above 21 years of age). The collateral for the personal loan for self-employed is usually signed by the business partner.
In short, personal loan eligibility criteria in UAE is accommodating to clients looking for a loan for both personal and business needs.