Usually, for personal loan in UAE a minimum salary of AED 5000 or more is required. But there are a number of things that you should be aware of if you are going for a loan at that salary range. Since the salary range is less, hence banks tend to be more cautious regarding the loan sanction.
Q. What is the minimum salary requirement usually for personal loans in UAE?
A. Usually, banks in UAE have a minimum salary requirement of AED 5000 for personal loans.
Q. Is it possible for me to acquire if I am an Expat with monthly salary AED 5000?
A. Yes, it is available for both UAE Nationals and Expats.
Q. Are there any other lesser monthly salary options available?
A. Yes, you can avail a personal loan with a minimum monthly salary of AED 3000 and AED 4000.
Personal loan in UAE with salary AED 3000
Personal loan in UAE with salary AED 4000
Q.What are my options for a personal loan with minimum monthly salary AED 5000?
A. There are a number of options for you, as many banks sanction personal loans with a minimum salary of AED 5000. Some top options are ADCB personal loan, RAKBANK personal loan and Dubai Islamic Bank personal loan.
Q. Will there be any complications regarding the loan amount?
A. The loan amount depends proportionately on the salary range, you would not be able to avail high finance amount. If banks do sanction a high amount than the interest rates would be higher.
Q. What are the interest rates that would get charged on these loans?
A. The interest rate would differ from bank to bank but expect a higher rate as the salary required is less.The flat interest rate normally ranges from 2-11% whereas the reducing rate varies between 4.9-19%.
Q. Is insurance required for these loans?
A. It is at bank's discretion, but most insurance would be required to offset the risk and we would advise you to take it too.
Q. Do I need to provide my salary certificate?
A. Yes, they would mostly require your salary certificate. This is asked by the bank during your application processing stage to understand your expenditure breakdown. They would also want your designation at the company and your position to safeguard themselves from any fraud.
Q. Is salary transfer necessary?
A. Banks would usually prefer you have an account in their branch where your salary is transferred. This helps them to offset the risk involved in an unsecured form of finance. It also gives them the security and keeps a track of your income.
Q. Are there any banks which do not require a salary transfer?
A. Dubai Islamic Bank Personal Finance may provide more competitive rates and flexibility if you transfer your salary however it is not mandatory. Even if the company you work for is listed then the bank may waive the requirement.
Q. Is company listing necessary?
A. It is not mandatory for the company you are working to be listed. But if it is then it would fasten your process and increase your probability of approval.
Like documents, this may vary 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 5,000 or more
- 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)
This may vary from bank to bank or circumstances
- Loan application form – completed and duly signed
- Some identity documents like Passport, a 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