Personal loans are not restricted to salaried individuals. Even Self employed individuals with a guaranteed source of income can get a personal loan in UAE. Banks provide loans for non-salaried individuals on no collateral requirement. It can be a hassle free process if the loan applicant has all the required documents.
Q. What is the minimum tenure provided?
A. The minimum tenure provided is 6 months.
Q. Can we avail partial payments facility?
A. Yes, you can clear the loan on partial payments but banks levy some partial payments charges.
Q. Do I need to provide any collateral on the loan?
A. No collateral is required on the personal loan for non salaried individuals.
Q. Do I need to maintain an account at the bank I get a loan?
A. Opening/Maintaining an account varies with each bank.
Q. Do banks check credit score for non salaried individuals as well?
A. Yes, credit score is an important criterion bank check before approving any loan.
Q. Do I get any payment holidays?
A. Installment holiday benefits are provided at few banks.
Q. Do I get a loan for business less than a year of service?
A. Most of the banks in UAE provide personal loans for self employed only if the length of business is minimum 2 years.
Q. How do I provide income proofs?
A. Self employed individuals need to provide bank statements as one of the income proof documents. Other documents vary with banks.
Q. Can non-residents apply for personal loan for self employed?
A. No, only UAE residents are eligible to apply for Personal loan for self-employed persons.