Personal Loan up to 8 times your Salary
Get personal loan at lowest interest rate
This financing option is unsecured in nature, meaning that lenders won’t require you to submit any collateral or guarantor to avail it. This is also one of the primary reasons why consumer finances are offered at a high rate of interest when compared to secured finances.
While applying for a personal loan is certainly easier, getting your loan application approved & sanctioned might be challenging. How much of the loan amount approved will depend on plenty of factors and your monthly income is one of the most important factors among all. Yes, you read it right.
Apart from the credit score, age, employment status, lenders consider your monthly salary for sanctioning you PL. The reason why your income is given preference over other factors is because a lender would want to be sure whether you will be able to make the loan repayment on time without any default.
That is why banks and financial institutions in the UAE are pessimistic about offering consumer loan with low monthly income. Thankfully, there are a few lenders that offer consumer finance with lower salaries. The minimum salary for personal loan in UAE is usually “3000 AED”. However, the minimum income requirement varies from one lender to another and how much amount you need to borrow.
Well, if your monthly salary is less than 5000 AED, then fret not as you still can opt for consumer finance in the United Arab Emirates. Dubai Islamic Bank is one of those banks that offer consumer finance to those individuals who earn at least 3000 AED in a month. Also, Bank of Baroda offers finances to workers whose monthly salary is 4000 AED given they have all the required documents that show that they have been in the UAE for at least 6 months.
First of all, you should check whether you meet the lender’s criteria for minimum salary for personal loan in UAE. Keep in mind that lender will only accept your application if your monthly income & repayment ability meet their requirement. Apart from this, you will also need to ensure if you meet other minimum eligibility requirements pre-decided by the lender, which are as follows:
Note: Please note that eligibility criteria may vary from one lender to another.
Like eligibility criteria, the list of required documents may also differ from bank to bank. Following are the required documents that you will need to submit:
Your monthly income is one of the primary factors that lender consider while sanctioning you PL. You know, why? How much you need to earn to avail a personal loan depends on how much finance amount you want to borrow. Usually, the higher your monthly income, the more amount you will be able to borrow. So, make sure you check the lender’s criteria of the minimum salary for personal loan in UAE.
However, some other factors such as your credit score, the debt-to-income ratio also play a vital role in whether your loan application will be approved or not as well as how much amount you can borrow.