Personal Loan for Expats in UAE - Benefits, Eligibility & Documents Required
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Personal loan for Expats
UAE has a majority of expat population. Every resident is provided an opportunity to fulfill their financial dreams and banks support it by providing the right financial assistance. Expats in UAE are eligible to get a personal loan from banks. Even though the features on the loan differ from Expats and UAE Nationals, there are several banks providing personal loan in UAE with no collateral requirement and on high benefits.
Expats can get a high finance amount on competitive interest rates if they meet the eligibility criteria of a personal loan and provide the right set of documents.
Features of a Personal Loans for Expats
- The maximum loan amount can be availed is AED 4500K
- A minimum salary of AED 3000 is required(varies with banks)
- The maximum loan amount that is approved depends on the applicant’s monthly income
- The interest rate provided on the loan varies from 2.19% - 14%(varies with banks and loan type)
- The maximum tenure provided on the loan is 4 years
- Personal loan applicants can avail benefits on loans like a free credit card, installment holidays, and much more.
- Islamic Finance: Banks in the UAE also offer Islamic Personal Loans along with Conventional Loans. Islamic Finance is based on Sharia' laws.
Eligibility for Personal Loan for Expats
The eligibility criteria for a personal loan varies with each bank depending upon the applicant's profile.
- The loan applicant must have a monthly minimum salary of AED 3000 - AED 10000
- Must be a UAE Resident
- Expats must be of age 21-60 years
- Should be a Salaried individual or Self employed
- Service in work must be more than 6 months in UAE
- At few banks salary transfer to their bank account is mandatory
- Having your employment company listed is a mandatory criterion at some banks
- Debt to Burden Ratio should be more than 50%
- Good credit score
Documents Required for Personal Loan for Expats
The basic documents required for a personal loan for expats are,
- Resident Visa for validation
- Passport for validation
- Emirates ID
- Address Proofs(Utility bills)
- Salary Certificate(For salaried expats)
- Trade Licence(For Self Employed expats)
- 6 months bank statements(Where salary is transferred to)
FAQs
⭐ Is Emirates ID mandatory?
A. Yes, for a personal loan in UAE, Emirates ID is a mandatory document.
⭐ I didn’t get my Emirates ID yet. Can I apply for a loan?
A. Few banks approve the Emirates ID application form. You may verify with the banks before filling the application form.
⭐ I’m not a UAE resident. Am I eligible for a personal loan in UAE?
A. No, for a personal loan in UAE only UAE residents with valid documents are eligible.
⭐ What are the benefits provided on the personal loan for expats?
A. The benefits provided on a personal loan are a free debit card, credit card, cheque book, insurance and much more which varies with each bank.
⭐ How do I know my Debt to Burden ratio?
A. You can calculate your debt to burden ratio using ourDebt Burden Ratio Calculator
⭐ Can I cancel my loan after approval?
A. Yes, you can cancel your loan after approval but cancellation charges are levied.
⭐ How long will it take to approve the loan?
A. Loan processing time varies with each bank which may be around 1 - 7 days.
⭐ Can I get a personal loan for travel?
A. Yes, you can get a personal loan for travel.
⭐ Do I need to submit my original documents?
A. Original documents should be provided for validation and copy of original documents should be submitted along with the loan application form.
⭐ Should I get a guarantor for the loan?
A. Most of the banks provide personal loan without any guarantor.
⭐ I'm New to UAE. Am I eligible for the personal loan?
A. Yes. New to UAE individuals are eligible for a personal loan in UAE at some banks. Check Personal Loans in UAE for New to UAE