Personal loan for Self Employed individuals
Your details are safe and secured
Credit Bureau Consent, Welcome Offer & General Terms & Conditions
I hereby acknowledge and agree to allow Citibank to share my details with any UAE credit bureau and make enquiries about me with any UAE credit bureau at its sole and absolute discretion. I agree to the Terms and Conditions listed below. Citibank Terms and Conditions apply, are subject to change without prior notice and are available upon request. For the current Terms and Conditions, please visit our website www.citibank.ae. All offers are made available on a best-effort basis and at the sole discretion of Citibank, N.A. Citibank, N.A. makes no warranties and assumes no liability or responsibility with respect to the products and services provided by partners/other entities. By inquiring about our services, offers or products, you will be authorizing our representatives to approach you on your contact details including your telephone/mobile number for any product or service offered by Citibank. The applicant agrees to be bound by Citibank’s General Terms and Conditions available on the website www.citibank.ae. The applicant hereby represents and warrants that the information provided herein is true, accurate, and complete and that he/she agrees to remain responsible for and to indemnify Citibank, N.A. from and against any losses, claims and/or liabilities incurred by Citibank NA as a result of having relied on such information. Citibank, N.A. is not required to verify the information provided by the applicant and neither is the bank obliged to provide the applicant with any loans or credit facilities based on the provided information. The products and services mentioned on this website are not offered to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, The Isle of Man or the UK. This page is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to such individuals.
Thank you for providing your details.
Details of Personal loan for Self Employed Individuals
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%
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 0.82% 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
Explore
Hide ExploreAdvantages
- 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
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply for this scheme
- Enjoy the benefit of competitive interest rates & Interest rates range from a low 5.50% to a maximum of 18% per annum (reducing).
- 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 2,500,000
- Early settlement fee is 1% of finance amount
- Life insurance is provided at 0.82%
- 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
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%
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
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.