Personal loan for Self Employed individuals

Flat Rate

3%

Minimum Salary

AED 8000

Reducing Rate

5.5%

Max Loan Amount

AED 3000000

Early Settlement Fee

1%

flat-rate

3%

Flat Rate

minimum-salary

AED 8000

Minimum Salary

5.5%

Reducing Rate

loan-amount

AED 3000000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • Free debit card
  • Current account with no minimum balance
  • Can avail top-up facility

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 3%. This denotes that the computation done was a division of the reduction rate by 1.836
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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 8,000 is required
  • The reduction rate and the flat rate is 5.5% and 3%. This denotes that the computation done was a division of the reduction rate by 1.836
  • It is mandatory to transfer your salary to apply for this scheme
  • Finance up to AED 3,000,000
  • Early settlement fee is 1% of finance amount
  • Takaful is provided free of cost
  • Arrangement fee is 1% of loan amount

Benefits

  • For every loan amount of AED 100,000 you can earn up to 500 Attijari points
  • High Finance amount is provided by the bank
  • Availability of buy-out facility
  • Determent facility available - maximum 2 times a year without additional profit
  • Free Debit Card is provided along with this scheme
  • Free Current Account is provided along with this scheme with no minimum balance requirement
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Flat Rate

3.03%

Minimum Salary

AED 8000

Reducing Rate

5.5%

Max Loan Amount

AED 750000

Early Settlement Fee

1%

flat-rate

3.03%

Flat Rate

minimum-salary

AED 8000

Minimum Salary

5.5%

Reducing Rate

loan-amount

AED 750000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • Free debit card
  • Current account with no minimum balance
  • Can avail top-up facility

Features

  • Repayment period is up to 4 years
  • The reduction rate and the flat rate is 5.5% and 3.03%. 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 5.5%
Apply Now

Features

  • Repayment period is up to 4 years
  • The loan is provided for a interest rate of 5.5%
  • Minimum salary of AED 8,000 is required
  • The reduction rate and the flat rate is 5.5% and 3.03%. 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 750,000
  • Early settlement fee is 1% of finance amount
  • Takaful fee is 1% of the finance amount
  • Arrangement fee is 1% of loan amount

Benefits

  • High Finance amount is provided by the bank
  • Availability of buy-out facility
  • Determent facility available - maximum 2 times a year without additional profit
  • Free Debit Card is provided along with this scheme
  • Free Current Account is provided along with this scheme with no minimum balance requirement
Hide Explore

View details on bank page

Flat Rate

3.3%

Minimum Salary

AED 7500

Reducing Rate

5.99%

Max Loan Amount

AED 730000

Early Settlement Fee

1%

flat-rate

3.3%

Flat Rate

minimum-salary

AED 7500

Minimum Salary

5.99%

Reducing Rate

loan-amount

AED 730000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Features

  • Repayment period is up to 4 years
  • The reduction rate and the flat rate is 5.99% and 3.3%. 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 5.99%
Apply Now

Features

  • Repayment period is up to 4 years
  • The loan is provided for a interest rate of 5.99%
  • Minimum salary of AED 7,500 is required
  • The reduction rate and the flat rate is 5.99% and 3.3%. This denotes that the computation done was a division of the reduction rate by 1.814
  • It is not mandatory to transfer your salary to apply for this scheme
  • Finance up to AED 730000
  • Early settlement fee is 1% of finance amount
  • Takaful fee is 0.5% of the finance amount
  • Arrangement fee is 1% of loan amount

Benefits

  • Arab bank provides loan boy-out facility
  • About 45 days grace period is provided by the bank
  • Loan application processing is fast
  • A dedicated manager will assist you all throughout the process
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View details on bank page

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.

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