It is highly unlikely for banks in UAE to offer loans with salary less than AED 3000. Some of the options you can try are FAB Lifeline - Revolving Overdraft. But there are certain things obligations attached with it and your favorability of availing these loans depends on case to case. Such as for FAB, it is not a personal loan it is an overdraft facility provided on a minimum salary of AED 2000.
This may vary from bank to bank or circumstances.
- Loan application form – completed and duly signed.
- Some identity documents like Passport, copy of the VISA, Emirates ID, etc.
- For Expatriates – Valid Passport with a valid UAE residence Visa.
- Salary certificate and/or salary transfer letter
- Statement(s) of your bank account(s)
- For self-employed individuals – Trade License
Like documents, this may vary too from bank to bank:
- You must be at least 21 years of age.
- You must be currently employed and working for around one-to-six months minimum (varies from bank to bank)
- Minimum salary must be AED 3000 or more. For FAB Revolving Overdraft AED 2000 is the minimum salary required.
- Usually, you are required to transfer your salary to the bank from which you are availing the Personal Loan.
- You must pay back the loan before you turn 65 years (for expatriates) and 60 years (for UAE Nationals).
⭐ I am an expat can I avail these loans?
A. Yes, you certainly can, provided you meet the eligibility requirements.
⭐ How likely are my chances to avail these loans?
A. If you have a good credit history then your chances of availing the loan gets increased.
⭐ Up to how much amount can I avail?
A. It depends on the monthly salary. FAB proivdes 2 times the monthly salary as maximum loan amount.
⭐ Are there any other options for salary less than AED 5000
⭐ What is a overdraft facility?
A. An overdraft facility is, the loan amount will be credited to the bank account and the loan holder needs to pay interest only on the amount used.
⭐ Does the company I work for needs to be listed on the banks approved list of companies?
A. Yes. For FAB Lifeline- revolving overdraft facility it is mandatory that your working company needs to be listed on the banks approved list of companies.
⭐ Do I need to give any collateral for these loans?
A. No, there is no requirement of collateral.
⭐What are the other personal loan options available?