Personal Loan in UAE NOW

Personal Loans in UAE

Are you in desperate need of cash to meet one commitment or the other? Or looking to get the best education money can buy to secure the future of your children? Whichever the case may be, it’s in your best interest to take a personal loan or mortgage from one of the top financial institutions in Dubai.

The good news is, it’s exceptionally easy to apply for a personal loan in the UAE, and it’s all thanks to today’s advancement in technology and availability of friendly institutions.

In this post, we’re going to explore just about everything you need to know about personal loans in Dubai, and we hope you put the information to good use.

Note: it’s also an excellent idea to make plans to invest your borrowed money so you can get an impressive return when the time is right.

Let’s get started.

• Personal Loan For UAE Nationals

For starters, taking personal loans as a UAE national is a literally a walk in the park. The loans have favorable terms and conditions, and interest rates are also attractive. Moreover, the tenure is pretty convenient to customers, and the eligibility criteria are flexible. It’s also good to know that the documentation process is simple and straightforward.

• Personal Loan for Self-Employed Professionals

Self-employed individuals or those who run their own business may find it a bit difficult to get a personal loan. Why? Well, it’s only because their source of income is not fixed. It’s however good to know that a lot of banks and financial institutes such as Dunia Finance are embracing the idea of giving personal loans to self-employed people — so you can still apply if you’re one

• Personal Loan for Expatriates

Expatriates who arrive the UAE can also request for personal loans to take care of their financial obligations. It’s important to note that the terms and conditions are different from the one offered to Dubai nationals. However, the deals are still attractive, and that’s what matters.

• Personal Loan Without Salary Transfer

It’s important to note that most banks in Dubai require that the customer do a salary transfer to their bank before proceeding. On the flip side, there are quite a few banks in the UAE that actually offer personal loans without demanding a salary transfer.

Things to Know About Personal Loans in Dubai

• Many banks in Dubai provide reducing interest rates which could start from 4.99% or 2.63% flat per annum. It’s Important to note that this depends on the customer’s income as well as the amount they’re looking to borrow.
• Loan amounts are typically based on the applicant’s length of employment and monthly salary
• Loan amount offered to UAE nationals ranges from AED200,000 to AED5 million
• The minimum salary required to be eligible for a private loan in the UAE is AED3,000
• Most banks in Dubai offers repayment period of up to 48 months
• Many banks in the UAE provide personal loan up to 20 times the gross monthly salary of the customer.
  

What Are the Benefits of Personal Loan in the UAE?

• Applicants could receive optional insurance coverage
• Customers can take advantage of the no payment option which applies to the first two months — this is offered by most banks in Dubai.
• Banks in the UAE offers different packages for salaried individuals, non-salaried individuals, Emiratis, and expatriates.
• Some banks in Dubai provide free lifetime credit cards to applicants.
• Most money lenders in the UAE provide Islamic finance to their customers.
• There are also banks in Dubai that offer other value-added banking service coupled with installment deferred option.
• Expatriates are also likely to receive a free debit card from most banks in the UAE.
• Customers can choose to return their loan by using the loan return option — this is offered by some banks in the UAE.
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