DUBAI, UAE -- (ARAB NEWSWIRE) -- A personal loan is an easy and convenient financial option while tackling situations that require large amount of funds that an individual may not be able to afford upfront. Whether it's for a wedding, debt consolidation, home improvement, travel expenses or any medical emergencies, personal loans can be used flexibly. However, it is to be noted that personal loans cannot be used to make down payments on mortgages.
Several banks and financial institutions in UAE may offer personal loans to individuals who fulfil the specified requirements. Customers can avail a personal with or without a salary transfer. Some banks in UAE may require individuals to transfer their salary to the bank to avail a personal loan. So, it is important to check with the bank if they offer a loan with or without a salary transfer.
Requirements for a Personal Loan in UAE
There are multiple factors that a bank considers while providing a personal loan. An individual needs to fulfil these requirements to be eligible for a personal loan in UAE. Some of the requirements are mentioned below:
1. Minimum Monthly Salary
Different banks in UAE have different minimum monthly salary requirements for a personal loan. While some banks offer personal loans to individuals who are new to the country, most banks require individuals to be employed for a few months and have a confirmed salary employment. Individuals need to check with their bank to know if they qualify for the loan accordingly.
2. UAE Residency or Citizenship
To apply for a personal loan in UAE, an individual needs to be a UAE national or resident.
3. Age Limit
The minimum age requirement set by most banks and financial institutes in UAE is 21 years.
4. Good Credit Score and Repayment History
A good credit score and repayment history can play an important part in getting a personal loan in UAE.
Documents Required for Personal Loan in UAE
To avail a personal loan in UAE, individuals may need to submit the following documents:
1. ID Proof of UAE
To apply for a personal loan, it is important for an individual to have a valid ID proof, such as passport copy or Emirates ID copy.
2. Residency Proof
Some banks may require individuals to submit a valid residency proof while applying for a personal loan.
3. Bank Statement of Minimum Three Months
To track regular salary credit and an individual's earning potential, a bank may usually ask for a bank statement of minimum three months.
4. Salary Slips and Income Certificates
Some banks may require individuals to submit their salary slips, salary transfer letters or income certificates to prove their employment.
Conclusion
Before applying for a personal loan in UAE, an individual needs to fulfil the above-mentioned personal loan requirements. It is advisable to plan the finances properly and calculate the equal monthly instalment (EMI) of the loan beforehand using a loan calculator. To enjoy a hassle-free loan application process, individuals can apply for a personal loan online.
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