Generally, the bank requires a higher salary to issue the personal loan and credit card but the financial regulation allows you to apply for a personal loan in UAE in 3000 salaries per month.
I’m writing this post to support the ex-pat workers who don’t have a good salary that every bank needs to issue a personal loan against them. You can seek a personal loan in UAE 3000 or even 2500 salary per month but you should borrow less and repay it without any discomfort.
The United Arab Emirates is one of the countries in the world that has the regional headquarters of world financial institutions. Although majorities of the country’s residences are expatriates UAE banks provide personal loans to them regardless of nationality and working position.
There is nothing to worry about for the bank to recover the personal loan or any other types of lending because of pro-bank regulation enables the financial institution to take harass legal action against defaulters or borrower who is unable to repay in the due date.
What is the personal loan the banks provide in the UAE?
The personal loan is the short term credit people want to take it for settlement of the credit card due, the expenditure of travel, purchasing business assets, meeting other financial expenses such as house renovation, children tuition fees, and wedding, etc.
A huge number of ex-pats workers are the residences of Dubai mostly from developing countries they have the other plan to receive a personal loan from the UAE bank. The main purpose that I know is buying the land or building a house in the city because still their love once staying in the ruler part of the country.
The banks of the UAE or Dubai offer two types of interest to the browsers, flat rate and another is reducing rates. The flat rate interest means the interest will not change how much installment you pay and how much principal you have reduced. For example, you have borrowed 20000 from the bank for 1yrs and the interest rates are 5% your first installment will
- 20000/12 = 1666.67 principal
- 20000 X 5%/12 = 83.34 interest
monthly installment = 1750.01
You have to make the above payment every month until the loan period expires. The principle and the interest will not change until you complete the loan repayment cycle.
The reducing rate of the interest calculates the base of outstanding principal. Every month the interest reduces along with the outstanding principal. Each month you have to pay the different installment amounts because of the reducing interest and the principal.
How can you get a personal loan in the UAE?
Whether you are the UAE national or the foreigner you must meet the bank’s criteria to apply for the per the personal loan. The bank has its requirements, which vary according to the bank. First of all, you should check on the bank website, whether, you are eligible to apply for a personal loan or not.
When you qualified then submit your application by filling the online form on their website. The bank staff will contact you for the further process after getting a review over your submission.
To quickly receive personal loans, business loans, and credit cards. You must meet the common criteria regardless you are working with the bank’s listed or non-listed companies.
Common Criteria for Personal loan in UAE;
- A UAE national or resident
- Age between 21 and 65 years old
- salary least AED 3,000+ a month
- current account or salary credited the account with that bank
- Good credit score
Required Documents for the personal loan in Dubai.
Salary individuals, businessmen, traders and other UAE residents who have regular income can apply for the personal loan or personal overdraft. Most of the bank requires to submit the following documents for issuing the loan as your need.
Common documents for all
- Valid Passport Copy with valid Resident Visa page
- Ibara page of UAE Nationals
- Original Emirates ID and Emirates ID copy
- Proof of Residency or Utility Bill
- Undated Security Cheque
- Credit Card Statements (Where applicable)
Additional documents for Salaried Individual:
- Latest 3 Months Bank statement
- Latest Salary Certificate
- Salary Transfer Letter ( Some bank do not require to transfer the salary account)
Additional documents for Self-Employed:
- Latest 6 Months Bank statement
- Trade License
- MOA (Memorandum of Association)
- POA (Power of Attorney)
Processing personal Finance with a UAE bank.
You should go through multiple measures to process and receive the loan from the UAE bank, All the steps that everyone must follow for the personal loan are as following;
Step-1 Make ready of your documents first,
- The documents listed above are the most important documents for personal finance processing in the UAE.
- If any of the necessary documents are not provided, your application may be deferred.
- Additional documents may be required at the Bank’s sole discretion.
- Collect your documents and review each item before you visit the branch
Step-2 Make aware your current employer
If you gather all the necessary documents, let your employer know that you will process the personal loan. Today the banks are more strict for the expatriate’s workers, the results for that, you should get the recommendation letter from your current employer for any type of loan in this country.
Step -3 Visit the bank sales team
You can visit the bank’s nearest branch from where you are looking for personal credit. The sales personnel will check your documents and prescribe you the limit of the personal loan based on your income and repayment capabilities, But you should always borrow an amount that can pay safely without much discomfort.
Step -4 follow up process
Meeting the sales manager or sales officers and submitting your documents to them may not enough to expedite your loan issuing process. You must contact the person who is responsible to process for your application.
There may be hundreds of loan applications on the pipeline if you miss any documents the bank staff may not notify you because of excessive loan demand they want to deffer as many as applications as possible.
Through constant contact for 2 to 3 days to the sales team, your loan application can come to them a priority, which might not review after the day of submission.
Step – 5 Your loan issuance
It is the final phase of your loan verification from the bank. The loan manager or branch manager will approve your loan application based on your documents and the recommendation of the sales team.
The loan will disburse and then it is ready to withdraw. The amount will credit to your account.
How to get a personal loan in UAE 3000 salary per month?
Although the UAE financial regulation has not defined the salary range for the individual who wants to get a personal loan. Most banks in the UAE, they need a monthly income of loaners to start with AED 5000.
Some banks offer a personal loan on 3000 wages a month, for example, RAK Bank, Dubai Islamic Bank, and Arab Bank. Are you prefer to get personal loans in 3000 salaries from Dubai Islamic Bank click here.
personal loans in the UAE 2500 salary per month
If you are the government officials, you can apply for a personal loan in any bank of UAE without salary transfer and without any limitation of your income. Although you have an AED 2500 salary per month you can get the loan from the UAE bank but they require the letter from the government office where you are working.
Conclusion:- If you want to get the personal loan in UAE in 3000 salaries, it is harder because every commercial bank considers this income source doesn’t fall under the repayment capacity, so, what is the solution of it?.
It is not much different in interest rates between the commercial banks and the private finance companies in Dubai, so then, why not you try the private financing companies in Dubai.