Personal loan for Self Employed individuals
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Details of Personal loan for Self Employed Individuals
Advantages
- No processing fees
- Free ADIB Booking.com Signature Card
- Can postpone 2 installments per year
Overview
- No processing fees are charged
- Can postpone loan installments without any charges getting levied
- Should submit latest bank statements
Overview
- No processing fees are charged
- Can postpone loan installments without any charges getting levied
- Should submit latest bank statements
- Can get grace period before paying the first installment
- High loan amount can be availed
- Salary transfer is mandatory
- Provides a free credit card with no annual fees in the first year
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Hide ExploreAdvantages
- Free rewards credit card
- Overdraft facility on current account
- Phone banking facility
Features
- Repayment period is up to 4 years
- The reduction rate and the flat rate is 6.75% and 3%. This denotes that the computation done was a division of the reduction rate by 1.814
- The loan is provided for a interest rate of 6.75%
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 6.75%
- Minimum salary of AED 8000 is required
- The reduction rate and the flat rate is 6.75% and 3%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 1,000,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- High Finance amount is provided by the bank
- Along with this loan free credit card is offered
- Provides insurance coverage for permanent disability and death
Advantages
- Free Credit Card
- Low processing fees
- Only 1 month salary transfer is required
Features
- Repayment period is up to 4 years
- The flat rate and the reduction rate is 3.99% and 7.34%.
- The loan is provided for a interest rate of 7.34%
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 7.34%
- Minimum salary of AED 10,000 is required
- The flat rate and the reduction rate is 3.99% and 7.34%.
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 2,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Free Credit Card is provided along with this scheme
- For the first year free of annual fee
- Repayment period is long
- Low minimum salary requirement is there for this scheme
Advantages
- No processing fees
- Free ADIB Booking.com Signature Card
- Can postpone 2 installments per year
Overview
- No processing fees are charged </li>
- Can postpone 2 loan installments without any charges getting levied
- Should submit latest bank statements
Overview
- No processing fees are charged
- Can postpone 2 loan installments without any charges getting levied
- Should submit latest bank statements
- Can get 120 days grace period before paying the first installment
- High loan amount can be availed
- Salary transfer is mandatory
- Provides a free credit card with no annual fees in the first year
Advantages
- Free Credit Card
- Only 1 month salary transfer is required
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply for this scheme
- The reduction rate and the flat rate is 5.5% and 2.99%.
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply for this scheme
- The loan is provided for a interest rate of 5.5%
- Minimum salary of AED 10,000 is required
- The reduction rate and the flat rate is 5.5% and 2.99%.
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 4,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1.05% of loan amount
Benefits
- Free Credit Card is provided along with this scheme
- For the first year free of annual fee
- Repayment period is long
- Low minimum salary requirement is there for this scheme
Advantages
- No processing fees
- Free ADIB Visa Cashback Card
- Can postpone 2 installments per year
Features
- Latest bank account statements are needed
- Required to submit Liability Certificate
- Loan applicant must be 21 years old to apply for this scheme
Features
- Latest bank account statements are needed
- Required to submit Liability Certificate
- Loan applicant must be 21 years old to apply for this scheme
- Should have worked for at least 6 months at the current organization before applying for this scheme
- Profit rate of 5.99% is charged
- Minimum salary of AED 5,000 is required
- It is a requirement to transfer your salary to apply
- Finance up to AED 3,000,000
- The early settlement fee is 1% of the outstanding amount to date
- Takaful cover is 1.25% of the finance amount.
- No Arrangement fee is charged
Benefits
- ADIB VISA Cashback Card will be provided free for the first year
- You are allowed to postpone two payments per year (without any additional charges)
- Finance repayment period is upto 48 months
- Processing fees is zero
- Free ADIB card can be availed
- Can postponement installments
- The maximum tenure of 4 years is provided
- Grace period is provided to pay the first installment
- Can get pre-approval for the loan
Advantages
- Free ADIB Visa Cashback card
- High finance amount
- No collateral required for finance up to AED 200K
Overview
- Free ADIB VISA Cashback Card will be provided
- Can postpone up to 2 installments per year
- Can avail high finance
Overview
- Free ADIB VISA Cashback Card will be provided
- Can postpone up to 2 installments per year
- Can avail high finance
- Low minimum salary requirement
- Competitive interest rates
- Salary transfer is required
- Only UAE nationals are eligible
Advantages
- Free ADIB Visa Cashback card
- High finance amount is provided
- No collateral required for finance up to AED 200K
Overview
- Free ADIB VISA Cashback Card will be provided
- Can postpone up to 2 installments per year
- Can avail high finance
Overview
- Free ADIB VISA Cashback Card will be provided
- Can postpone up to 2 installments per year
- Can avail high finance
- Low minimum salary requirement
- Competitive interest rates
- Salary transfer is required
Personal loan for Self Employed
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.
Features
- Maximum finance of AED 1500,000 is provided(varies with Nationality, Business Turnover)
- A minimum income of AED 20,000 is required
- Some banks request minimum annual sales turnover
- The finance is provided on the Flat rate or Reducing rate basis
- Flat rate starts from 8% p.a.
- Reducing rate starts from 14% p.a.
- Loan processing fees of 1%-2% are charged
- Maximum loan duration is 4 years
- Provides credit card, cheque books, insurance, etc., as complimentary
Eligibility
- The loan applicant must have a minimum income of AED 20,000 (depends on the bank)
- Both UAE Nationals and Expats are eligible
- The loan applicant must be of minimum 21 years
- Length of business must be of more than 2 years (varies with each bank)
- Minimum Annual Sales Turnover varies with each bank (depends on the bank)
- 6 Months average balance of AED 25,000 is required (depends on the bank)
Documents Required
- Trade Licence/Professional Licence
- Signed Memorandum
- Articles of Association of the business
- Power of Attorney
- Latest 6 months bank statements
- Emirates ID
- Passport (for expats)
- Resident Visa (for expats)
- Address Proofs (Utility Bills)
FAQs
⭐ What is the minimum tenure provided?
A. The minimum tenure provided is 6 months.
⭐ Can we avail partial payments facility?
A. Yes, you can clear the loan on partial payments but banks levy some partial payments charges.
⭐ Do I need to provide any collateral on the loan?
A. No collateral is required on the personal loan for non salaried individuals.
⭐ Do I need to maintain an account at the bank I get a loan?
A. Opening/Maintaining an account varies with each bank.
⭐ 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.
⭐ Do I get any payment holidays?
A. Installment holiday benefits are provided at few banks.
⭐ 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.
⭐ 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.
⭐ Can non-residents apply for personal loan for self employed?
A. No, only UAE residents are eligible to apply for Personal loan in UAEfor self-employed persons.