Some banks in the UAE allow applicants to take personal loans without transferring their salary. This is a good option to pursue.
Life in the UAE is wonderful, with both residents and expats enjoying a good standard of living. Additionally, the Government in the country is well-tuned to the needs of its population, thus resulting in a slew of people-friendly policies across several sectors.
Banking, for one, is a highly evolved service in the UAE, with people availing of all its benefits and extremely easy processes for their personal and professional use. Banks and financial institutions in the UAE offer many products and services with the minimum of paperwork and with a well-regulated system in place to bring down both effort and time for potential customers.
If you’re looking for a personal loan product, you could do no better than to avail of one which is perfectly suited to your needs and requirements. Considering the large expat and non-resident population based in cities like Dubai, especially, there are several personal loan options to benefit from.
In the UAE, it is possible for a person to avail of a personal loan from a bank where he or she does not transfer his or her salary – this is a rare feature, and one not offered in many countries around the world. However, this option is not offered by all banks, so choose wisely. Also, banks and financial institutions follow the thumb rule of offering a personal loan amounting to not more than 20 times your regular income. This loan amount is to be paid back in a period not amounting to more than 48 months, in regular monthly instalments not higher than half the monthly salary.
Some banks will allow you to borrow an amount of up to Dh 2, 00,000 without transferring your salary to them – if you have an account with them or if you transfer your salary, the loan amount may be higher. When you apply for a personal loan, enquire what’s the bank’s repayment policy is and if there are flexi-options for repayment. Steer clear of banks charging a fee for foreclosure of a personal loan.
Broadly, you will be eligible for a personal loan if you earn upwards of Dh 12,000, are employed with your current firm for at least six months, have all your documents (personal, visa, work permit, proof of residence, employment certificate, etc.) in place and salary slips of at least latest three months to show. Loans may be availed for a variety of reasons, right from funding immediate personal expenses to paying for children’s education.