Personal Loans
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Personal Loan in UAE.
A personal loan is an unsecured loan, meaning it does not require collateral or a guarantor. An individual obtains a personal loan in the UAE to suit a variety of personal financial demands, including weddings, higher education, overseas travel, starting a new business, and debt consolidation.
The maximum amount of a personal finance loan might be 20 times the monthly earnings, with a 48-month repayment period. The interest rate on a personal loan in the UAE and the size of the loan are determined by factors such as the applicant’s source of income, credit history, age, and job status, no matter whether you are getting it for off-plan property finance or vehicle loans in UAE.
The maximum amount of a personal finance loan might be 20 times the monthly earnings, with a 48-month repayment period. The interest rate on a personal loan in the UAE and the size of the loan are determined by factors such as the applicant’s source of income, credit history, age, and job status, no matter whether you are getting it for off-plan property finance or vehicle loans in UAE.
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Eligibility for a Personal Loan in Dubai, UAE
When applying for a personal loan in the UAE,
certain criteria must be met
- You must be a UAE national or resident aged 21-65 years
- Your monthly income should be AED 3,000 to AED 10,000
- Have a current account with an authorized UAE bank
If eligible, follow these steps to get a personal loan
- Consider the monthly installment plan
- Determine your loan amount
- Apply online or at a branchSubmit documents like Emirates ID, salary letter, passport copy, bank statements, and trade license (if self-employed)
- Await loan approval
Once approved, the loan amount is transferred to your account. This process is similar across major UAE banks.
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