Many applicants did not like the feature of salary transfer when they apply for the loans. In this scenario, they prefer a personal loan without salary transfer and bank statement in UAE. If the application process is without the demand of your bank statements and transferring of salary, it becomes quite easier & simpler. Anyone with a low understanding of taking loans in the UAE can easily avail of this sort of loan.
The financial institutions and banks are most outstanding in UAE and Dubai. A person can apply for a maximum of four million AED amount for the loan. But, many banks have strict criteria for salary transfers and submit new bank statements. They made these criteria, so to avoid any risky outcome. But, the financial company Finest Loan Hub helps their clients to receive the debt amount without doing extra effort in applying. The professionals also assist in filling out the complete form. The specialty of this company is that if you apply for a loan through them, you will not need to pay extra charges.
Specifications of personal loans without salary transfer & bank statement
Now, let us talk about what are those specifications for you to get a personal loan without transferring your salary. You will also get approval with no submission of the bank statement. The prominent specifications are:
- You have the option to get a debt of more than 150000 AED. But, the maximum amount will only give when you have a good source of income. And, your monthly income should be higher, so your request for a higher amount will approve.
- The interest amounts are pocket friendly because of the highly competitive rates. Everyone gets debt with a specific interest rate according to their income and credit score.
- The tenure for the repayment of the amount is at least 48 months. If the loan amount is higher, the tenure is also more.
- In addition to non-salary transfer, the lender will not demand any other collateral.
- The processing of this loan application is faster and does not need complicated paperwork.
- In UAE, the best advantage of availing the personal loans is that you will get discounts & rewards.
Eligibility criteria for the loans with non-salary transfer
If you choose this loan of non-salary transfer, it is mandatory to meet all other criteria of eligibility. These criteria are easier to meet just need your attention on them. Never apply through the lender if you have any confusion about their requirements. It helps in not facing the rejection of the application. We will describe those criteria that are basic and almost common in every lender’s terms. Consequently, the qualification is easier for the applicants.
- Monthly income must be more than the mentioned limit of the bank’s criterion. However, the minimum salary must be 3000-5000 AED. For the higher amount of loans, the banks demand a more high salary of applicants per month.
- You have to show the employment status with proof. Personal loans are not given to unemployed individuals. Moreover, your working duration from the current company must be more than six months.
- The installments will never increase to 50% of your salary. As per your salary, the loan amount with the tenure will decide. Thus, apply the amount with consideration of your monthly income.
Important required documents without bank statements
All other required documents besides the bank statements must attach to your application form. The documents are for the surety that you are an eligible person in the UAE to apply. They help in providing your identification proof. Check out the list of the following documents:
- Copy of passport & visa (both of them must have validity)
- Debit form
- Requirement of Emirates ID copy
- Submit the security cheque to enhance the eligibility of your application
- No need for bank statements but the salary certificate must be new and submitted to the lender
- Fill out the personal loan application form and after filling you should do proofreading to avoid any mistakes.
These above-mentioned documents are an essential part of the processing of the loans. Lenders verify all documents with the form. So, they ensure that the applicant is not risky for their financial status.
Where you can use UAE Personal Loans?
The using purpose of this loan is wider. There are so many situations in which you need the fund to make your financial situation good. Finest Loan Hub offer any amount of debt for managing any financing issue. In case you have taken different debts, you have to pay much interest rate. But, when you obtain one personal loan, you can easily pay off the existing debts’ amounts. The advantage is that the interest amount is lower as compared to the combined interest amounts of the previous debts.
Many times, family members decide to renovate their homes. So, choose this loan and make your home more modernize. Further, the wedding is an event that needs a high amount of finance. In normal life, spending all your savings in one day is not a nicer idea. It is because you have to save your money for any emergency situation. Thereby, arrange your wedding day with this type of loan.
Whenever you feel difficult how to pay bills or your child’s school fees in any month, the amount of debt can easily take and use for paying. Furthermore, you should give focus on your health. In this way, for any medical examination, there is a demand for extra finances. So, you can handle these finances through the debt amount.
Many individuals also take this fund to buy a car or any other property. This debt can use for these purposes also. But, you can also choose car or mortgage loans. The reason borrowers choose this loan is its lower interest amount which gives good financial benefits.
How to calculate EMI?
The calculation of EMI is easier as well as essential. When you know about the estimated monthly repayments, you can make your budget accordingly. In this way, you have an idea of how to not spend extra money on unnecessary things. The measuring of its calculation depends on the debt amount with the interest rate. Always remember the due date of repayments, so that no repayment will delay. Avoid delaying because some lenders also add extra charges as a penalty for late payment of installments.
Additional benefits of personal loans
Personal loans are without the characteristic of transferring your salary. The funds will transfer to your account directly which you can avail through simple cheques or using your debit card. It means there is no extra longer procedure for getting the amount. The banks & lenders have not only their online websites but also provide their services through mobile apps. Such apps are extremely friendly. No one can face any issues in using them.
The professionals are always available during the working hours of the banks. They give guidance on the complete application process. Even, they suggest how much loan amount is suitable as per your financial needs. In UAE, the managing financial situation is easier just because of the great financial market. To borrow any debt amount, consider the eligibility points and also attach all necessary documents with the form. In the end, you will only get the happiness of approval of your loan request.
