In our daily routines, taking a personal loan becomes a requirement of almost every human being’s financial needs. However, the rules, terms, and other factors vary from one lender to another. The eligibility criteria and the required documents are also not the same in every lender’s terms. We will provide you with complete guidance on the Documents required for personal loan in UAE. But before knowing to documents, you should be aware of the exact meaning of personal loans with tenure. Moreover, we will also elaborate what are the eligibility factors. Because without meeting these factors, there is no benefit to applying for the loan’s application and submission of documents.
What is the Personal Loan? Documents required for personal loan in UAE
It is a way to get the amount for any financial need. This loan amount can use for the event of your wedding day, home renovations, traveling, paying bills, and many more things. Now, not only banks offer this loan but credit unions & online lenders also provide the best personal loans. Mostly, people prefer to apply through an excellent financial company. The reason is that they need less time in giving you approval. In addition, there is a need for less time in the filling and submitting of its form with the documents.
So, if you also want it, an Finesloanhub is an exceptional choice. This company offers the loans with lowest interest rates. Furthermore, they do not charge extra fees for applying. Only you need to pay off the amount within tenure. As a result, you will pay down the entire amount in the duration with a reasonable interest amount.
Features of the Personal loans
There are unique features that make the personal loan an ideal one to take. Due to these features, borrowers choose it and easily repay the amount within the selective period. The prominent features are:
- These loans are short-term. They can utilize for any of your personal finance. A variety of expenses can easily pay through the use of the amount.
- Numerous loan providers are available that offer the type of personal debt.
- It is a sort of unsecured fund, so without any security, you can obtain the amount. However, you have also the option of choosing the secured type. In this condition, you will need collateral and then you can avail the debt.
- Every lender has different terms for this loan regarding the interest amount, charges, and tenure. You have numerous options to choose from in terms of all lenders.
The features of a personal type of debt are exceptional. You can apply for any amount of this debt. Usually, the long-term & short-term also depend on the total amount of the loan.
Personal Loan Tenure
As we told you, this loan is a kind of short-term. That means the tenure is not too long. Its tenure range is from six to forty-eight months. You may get longer tenure if you apply for higher amounts. Moreover, the Annual Percentage Rate starts from 8% and goes higher up to 34%. This rate also depends on the financial profile of the applicants. Lenders also made their specific category on the APR of loans. Some banks also charge almost 0.95 percent as their processing fee.
Personal loans for every applicant in UAE
In UAE, every borrower can apply for the loans. We will explain how different categories of applicants can apply for it. It is not too complicated even if you are applying for the first time. Here, you will know about the requirement for documents. In addition, you have to check the eligibility criteria and then make sure you have all documents. Thus, you will get quick approval on your application. Let’s look at these criteria and requirements:
Personal Loan for Ex-pats
Many banks in the UAE have limited options for ex-pats. Even, now the number of expats is increasing day by day. So, many financial companies including Finest Loan Hub offer excellent loans to all ex-pats also. The ex-pats can now enjoy financial help and live their life without the stress of finances.
Eligibility Criteria:
- The first step for your qualification is that your salary must be higher than the criteria of the lenders. This criterion is a monthly basis of the applicant’s income.
- Expats below 21 years are not eligible. However, if your salary is higher and your age is more than 21 years you can easily obtain it.
- Besides, the monthly criterion of salary, you have to show proof of your employment history. For this proof, the easier way is to submit a copy of the salary slip. The slip shows your monthly income and also your employment history.
- As we mentioned, the expats have lesser options but still, they get the best kind of debt. But, their credit score is also a factor that influences the application’s approval. The score must be good, otherwise, the only chance is the rejection of the application.
Required Documents:
- Bank statements of at least three to six months
- Passport copy (some lenders require one and some require two of its copies)
- Proof of excellent credit score
- Your UAE ID card
- You will show proof of your monthly income through the salary certificate
If you have a valid residency visa, no one can stop you from obtaining the debt. But its total amount will never be twenty times higher as compared to your salary. It is the basic law of finances in the UAE.
Personal Loan for Self-Employed
If you are not working in any company and have your own business, you can also apply for it. There is little difference between the eligibility criteria and the required documents. The requirements for the self-employed person are the following:
Eligibility Criteria:
- Your income must according to the bank’s demand
- There are fewer turnovers annually by the lenders
- Most probably, the business must work for at least the past two years continuously. Some banks require more duration of the working of your business.
- High credit score
Required Documents:
- Fill out the form completely, after filling again check it, so you will sure there is not any missing part
- Passport copy with the UAE ID
- Document of salary certificate or salary transfer
- Your valid trading license
- Bank statements
- Proof of the power of attorney
Most lenders only allow UAE nationals to apply for debt if they are self-employed. Further, they also do not require any collateral from such applicants. If you have all the documents, the application process is hassle-free.
Personal Loan for UAE Nationals
The UAE Nationals have numerous options to apply through any of the amazing lenders. No doubt, they can avail of any type of debt but still, the eligibility criteria with documentation are necessary. Without them, no UAE national can get the fund.
Eligibility Criteria:
- For monthly salary requirements, check the bank’s terms
- Your employment history must be great that shows you are a hardworking person and works for many years
- Likewise other debts, the minimum age must be 21 years. These funds are not for teenagers.
Required Documents:
- With the complete fill of the application form, attach copies of your passport, Emirates ID, etc.
- If salary transfer is a compulsory factor, do the transfer of salary and submit its document.
- Lastly, attach the bank statement with the form.
Personal Loan for Non- Listed companies
The banks have created a list of listed companies. Such companies are trustworthy, so a bank also trusts their employees. They have surety that the borrowers will repay the amount within the period. But, those applicants who are working in non-listed companies get worried if they avail of the loan or not. But now, the lenders decided to offer a dent to such applicants also. if your company is also not listed, the eligibility factors and the need for documentation are:
Eligibility Criteria:
- The salary requirement is higher in contrast to an applicant of a listed company. You must earn a high amount monthly.
- However, the age limit is the same as 21 years.
- You will need to show how many months or years you are working in the non-listed company.
Required Documents:
- Copy of salary certificate
- Valid passport & Emirates ID
- Complete the application form
- Your post-dated cheques and also there is a need for an updated cheque. This documentation considers a security factor.
The major reason for the failure of availing personal loans in UAE is that the applicant works in a non-listed company. But, the lenders also check the company’s financial record. A stable company will never make cause of any risk to the bank. That’s the reason an employee of a listed company gets personal loans more efficiently.
Personal Loan for Salary Transfer
Many banks demand a salary transfer if you want to receive this fund. The eligibility criteria and the documents required for personal loan in UAE are the same as the above-mentioned one. Only you have to transfer your salary to that selected bank as your lender. Some lenders consider it an essential factor. After doing it, you will only need to attach the letter of salary transfer with the form.
