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Listed Companies for Personal Loans in UAE

Listed Companies for Personal Loans in UAE

When applying for a personal loan in UAE, One important question everyone hears is “Is your company listed with the bank?” Most of the banks approve loans only if your company is listed with them. Not all the companies are listed in every bank and it is not easy for the companies to get listed with every bank.

What is listed company?

Personal loans in UAE are quite popular. It is known for the low-interest rates. But this lending business is putting banks into trouble during the payback times. About 80% of the personal loan holders delay their payments because of the salary deferment. So keeping this in mind banks in UAE started providing loans to people working in only certain companies which don’t defer in the salary payments. And this can be known for their annual turnover.

Why do companies need to be listed?

Most of us think what companies have to do with the banks? All this is interlinked. Banks list companies which have good growth, revenue and number of employees. This kind of companies have a good credit history. If a company maintains a good credit history, it would be easy for the employers to get a loan if needed.

If the companies are listed with the particular bank, it would be easy to have your salary transferred to the bank where you hold a personal loan. Basically, banks don’t want to take a risk in the lending process. So they just want to make sure they provide a loan to the employees in the long-lasting firms. 

What if your company is not listed?

They are many banks which provide personal loan for non-listed companies. But the only criteria if your company is not listed is the minimum salary.

You must have a minimum salary of AED 5000, for getting a personal loan if your company is not listed with the bank. 

Top banks which provide personal loans for Non listed companies 

Below is the list of banks which offer personal loans.

Personal Loan in UAE for non-listed CompaniesLoan Amount (AED)Rate of InterestTenure 
ADCB Personal loan for UAE nationals20 times the salaryStarting from 5%48 months
Emirates NBD Personal Cash LoanAED 500,0008.99% (reducing)48 months
Emirates NBD Self-Employed Personal Loan for ProfessionalsAED 300,00018.99%48 months
FAB Islamic Personal FinanceAED 5,000,0004.99% (reducing)
Mashreq Bank Personal Loan for ExpatsAED 1,000,0006.49% (reducing)48 months

Note: The details given here are subjected to change from time to time.

  1. ADCB Personal loan for UAE nationals

An attractive interest rates are provided with higher multiples of salary as the approved loan amount. There is flexibility in repayment and loan tenure with minimum eligibility criteria. 

Below are the details of requirements.

Features

  1. Emirates NBD personal cash loan

Emirates NBD personal cash loan will aim at providing financial stability for the needy. The loan applicants are eligible for applying for a personal loan which is offered by the bank.

Below are the details of the requirements

Features

3. Emirates NBD Self-Employed Personal Loan

Emirates NBD self employed personal loan will aim at providing financial stability for the needy. The loan applicants are eligible for applying for a personal loan which is offered by the bank.

Below are the details of the requirements

Features

4. FAB Islamic Personal Finance

FAB Islamic personal loan offerrs financial assistance to all those who need it. The applicants working in a non-listed companies are also eligible to apply for this personal cash loan offered by the bank.

Below are the details of the requirements

Features 

5. Mashreq Bank Personal Loan for Expats

This bank fulfills the borrowing needs of the salaried expats employed in the Emirates. Mashreq bank provides financial assistance to the expats in the UAE. 

Below are the details of the requirements

Features 

Interest rates for personal loans on non listed companies

Interest rates can be charges flat interest rates or reducing interest rates from non listed companies.

A flat interest rate is that which remains the same throughout the loan term and the company charges interest rates which range from 5 percent to 18 percent. 

Reducing interest rates is that which is decreasing every time when the borrower makes the payment on the loan. The interest rate on this type of loans ranges from 5 percent to 12 percent.

It is to be noted that personal loan interest rates are generally higher for personal loan for non listed companies. 

Also check below links

How is a company listed?

Not all banks will have the same criteria to get companies listed with them. The factors which most of the banks consider are revenue a company is generating, the number of employees, a company in service and a few more.

Apart from having the companies listed with them, banks provide some exclusive services to the employees in the company right from a savings account where the salary can get transferred, various loans benefits to free debit or credit cards.

How to know whether your company is listed? 

Most of the well-known companies are automatically listed with the banks. If you are working in an MNC(Multinational Company) the, there higher chances of having your company listed with most top banks.

All the large-scale companies i.e companies with good profits and more number of employees will definitely be listed with the bank.

The bank where your salary is getting transferred will have your company listed. One easiest way is to ask the HR Department of your company in which banks the company is listed with or inquire with the bank you want a loan from.

Even Personal loan agents in UAE can give you details about which companies are listed with the banks. 

Few Companies that are listed

All the notable companies will be recorded with the bank.

Here are few sources which have the list of companies which can have chances of getting listed.

Benefits of a company listed with the Bank

If your company is listed with the bank there are many advantages you get

Check: Few Loan options you may not be aware

Companies listed with the bank can be one of the criteria to be eligible for personal loan. Apart from this, there are some more important things banks consider, like AECB Credit Score, documents required, minimum salary, etc. Check with the banks and prefer the one which suits your requirements without falling into the high-interest rates. 

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