A personal loan in UAE is a loan given to you by the bank. You can get a personal loan, and pay it back in instalments based off your salary, end-of service benefits, or another source of income that can be verified.

You are able to apply for a personal loan from any bank, not just the bank where your income is being transferred, though this rarely happens. UAE Central Bank the maximum amount for your personal loan should not be higher than 20 times your income, and the loan should be paid back within 48 months at the most, or no more than half of your annual salary. A personal loan gives you a convenient way to meet long-term and short-term financial needs.

Personal loans Eligibility Criteria

The best way to get the best rates for personal loan in UAE is to have a clean credit history. The worse your credit history is, the greater your rates will be, or you won’t be eligible to get a private loan at all. In UAE there is a Credit Bureau that tracks your credit history and banks share credit information with Etihad Credit Bureau. Banks use this as the parameter for determining your interest rate. Don’t leave one bank, and hope that the other will give you a loan, after you have had a bad history with the first one. A good repayment track record amongst any banks that you have used will ensure you approval for a private loan, and one at a low interest rate. If you want to be considered for your application you should be sure to have your employer on your approved list of companies.

Also remember that usually you can only get a personal loan that should not be higher than 20 times your income as that is the maximum amount that you can get. Also there is a maximum of 48 months for you to pay your loan entirely.

Required Documentations

If you want a personal loan UAE, you will need a certain number of documents. Banks use a process of providing loans to companies that are on their approved list. This form is the most basic requirement.

  • Usually banks require proof of identity.
  • UAE residence visa.
  • Income documents.
  • And also 3 to 6 months of your bank statements.