Many times in our lives, we need financial assistance to manage different issues of finances peacefully. For instance, if you have a dream of spending time with your family during vacations, taking a loan is the best option. Moreover, this option is better for consolidating previous debts or purchasing property or a car. But, one question for all the people living in the UAE is which loan is the perfect to select. It is because of numerous types. So, borrowers should apply for personal loans because of so many benefits and the easier process of applying.
In addition, it gives a chance to all applicants to apply for up to 20 Salary Multiples Personal Loan. There is no restriction to apply for the higher amounts if you meet the lender’s criteria. Not every bank offers a loan amount of salary 20 times. But, numerous UAE banks are now offering it also. Therefore, we will provide the details of those lenders who offer higher amounts of this debt. One common thing is that this debt can impact your credit score. So, you should know its pros and cons as well, which are mentioned below.
Significance of 20x salary Personal loans in the UAE & Dubai
All over UAE, the personal loan is widely popular because of its significance. Without any must requirement of salary transfer, you can receive a debt amount of up to 20x salary. In general, the population of expats is also more in the country. Thereby, the banks provide loans to both ex-pats & nationals. With this debt, you can use the amount for any financial need, from paying fees to expanding of business. It even suggests an easier way to renovate the house or buy a new house.
Every financial institution gives strong competition to each other. They ensure to offer the best services to their customers. That’s the reason for providing debts with attractive interest rates. The purpose of lower interest rates is for the repaying of the amount without financial stress. But, in the UAE, the lenders strictly follow their terms of eligibility & required documentation. They ensure that those who meet their criteria of eligibility and provide all essential documents easily receive the funds.
Financial institutions offer loans of up to 20 Times of Salary.
Many banks and online lenders include in the list of financial institutions that offer loans of 20 times a borrower’s salary. But not every lender provides this option. So, before applying, you have to know if the lender gives you a higher amount or not. Otherwise, there is no benefit in applying the application. If some banks offer this amount, they also demand salary transfers. However, many lenders do not demand it. You have to clear in your mind if transferring of salary is suitable or convenient for you or not.
Some popular banks include Mashreq, Noor, Citibank, etc., that offer loans of 20 salary multiplies. But, there is also the criterion of maximum limit for applying it. For instance, the Mashreq bank is with a maximum limit of debt amount is 5 million AED. It will never exceed this amount, no matter if your salary is higher or this amount is lower than twenty times your salary.
Many borrowers face difficulty in the application process of the banks. Therefore, they want to choose another financial company that gives them debt but with a simple procedure. FinestLoanHub is one of the leading companies for giving a chance to clients to obtain high debt amounts, which is 20 times more than your monthly income. There is no tough part during the procedure of applying. As a result, you will do it quickly and get approval also in a shorter time.
Pros and Cons of Up to 20 Salary Multiples Personal Loan
No doubt, in the UAE, the variety of loans is exceptional. Every loan is with its own pros and cons. Before finalizing your decision, check out the pros & cons of personal loans:
Some major pros are:
Unsecured: It is a kind of unsecured loan that does not need any collateral. Without any demand of a guarantor, you will get the amount.
EMIs: The monthly repayments remain the same for the whole tenure because of the fixed interest amount.
Versatility: It is a versatile loan that can use for any purpose in contrast to specific loans such as debts for cars or homes.
Approval and Disbursal: In comparison to many other loans, the approval & disbursal of a personal loan is quicker. Some lenders provide the amount instantly after the approval.
On the opposite side, the cons are:
Higher rates: Although the interest rate is not higher, if the borrower’s credit score is lower, then the rates are higher.
Early repayment: Early repayment is only possible with the addition of extra charges as a penalty.
Eligibility Criteria for Personal Loans in UAE for up to 20x salary
Every lender has different criteria also for making a borrower eligible to apply. But, the FinestLoanHub guides all of its clients about the eligibility criteria professionally. Their professionals are so expert that they also give suggestions about which loan with how much amount is suitable for you. In addition, they assist you in choosing the debt that you get instantly according to your financial profile.
Age limit: The applicant’s maximum age must in between 60 and 65 years. On the other hand, the minimum age starts from twenty-one years.
Salary: The salary limit is also different in every lender’s terms. But, the monthly salary must be higher than four thousand AED. For higher amounts of debt, the salary must be higher as well.
Credit score: Personal loans are available for every applicant, including the applicant’s good credit score or not. But a good credit score is for the eligibility to get higher funds. If the score is bad, you cannot apply for the high debt amounts.
Employment: The unemployed person cannot eligible to apply. Your working profession is crucial. In particular, both salaried & self-employed persons enable to receive up to 20-salary multiplied by debt. Another criterion that you must consider is your employment history.
Essential Documents for Personal Loans
You must know about the essential documents that are required to submit the application. It is helpful to have all your documents before applying. So, your time will never waste in filling out the application form. After filling out your form, attach all the documents and submit them to your lender. Some common and essential documents are up to 20 Salary Multiples Personal Loan:
- Valid Emirates ID
- If you are an expat, you will also need one copy of your passport with an ID copy.
- Statements of your bank account for the last 3-6 months.
- All those borrowers, who are doing their own business, just need to provide a copy of their business’s trade license. The license shows that your business is legal in the UAE.
The above-mentioned documents are common. But some lenders require additional documentation to complete the process of applying.
For getting up to 20 salary multiples personal loans in UAE, make sure you completely meet the eligibility criteria. Otherwise, the lender does not approve such a loan application which is not fulfilling the criteria. So, if you also want to apply for the highest amounts with instant approval, consider the required documents and eligibility factors.