Personal Loan

In any financial emergency situation, a Personal loan in UAE is only a strategy to meet your financial needs instantly. The amount to borrow is fixed. But, you will return in the form of monthly repayments. These repayments are with a certain interest rate. Now, it is beneficial news for both residents & expats that EasyLoanly offers personal loans for every individual. Here, we will tell you some conditions, and the whole procedure of applying.  

Conditions to apply

Personal Finance in Dubai has some conditions that you have to fulfill. It is just like a commitment between you and the lender. The conditions are:  

• UAE nationality or residential proof is a must condition. A person who has no connection with UAE cannot apply for the loan.  
• The age limit starts from 21-65 years. This age is a little different from the business loan that starts from 25 years.
• The average salary of applicants must start from three thousand to ten thousand AED.
• Lastly, you have to create a new account if you have no previous one. If you have already, the bank must be UAE authorized.      
• Many banks only give funds to those who work in authenticated companies. Without an authentic profession/job, receiving a loan is also challenging, especially in the United Arab Emirates. Moreover, the banks also mention the names of authenticated companies and they confirm the providing of loans to their employers.
• However, if your company is not listed in the bank’s list, there are some other factors also depending on the approval or rejection. If you meet other requirements, you may get the fund of your choice.  

Complete Process

Whenever you want an online Loan in UAE, EasyLoanly is an ideal company to provide all different types of loans more efficiently. When you meet all the above conditions, then you become eligible to apply.

• Firstly, you need your sign-in to account. After signing in, the next process will continue. But, without an account, no application process will start.   
• Secondly, clear in your mind how much amount you want to borrow.
• Thirdly, visit the bank you choose. You can also go to the official bank’s website.
• Fourthly, the documents for both process of online & offline (in the bank’s branch) are similar. With Emirates ID, you have to keep your salary transfer letter. So, if any bank demands it, you can submit it without wasting time. In the case of expats, the essential documents include a passport copy with a valid visa.
• 3-6 months of bank statement gives surety of your monthly income.
• If you are a self-employed person, you need a trade licensee to submit.     
• After applying with all documents, now wait for the response from the lender.

When the lender gives approval, the loan will transfer to the account. The procedure for transferring such money is the same in almost every UAE bank.   

Things to Remember

Never take a loan that is very higher because the high loans will also disturb your future finance. If your loan is twenty times more than your salary, you will feel too burdened with the repayments.

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You have to set the duration of a maximum of 48 months for monthly installments. Its benefit is that you will pay less interest rate and return the loan amount in a short time.      

FAQs

Where you can get a personal loan? 

 In UAE, different banks or many financial institutions offer personal loans. Even, the official website of the UAE contains a complete list of the licensed institutions that offer many types of loans.     

How to know the best banks for personal loans? 

The banks that provide loans at low-interest rates with an easier process of applying are the best. They ensure that their clients always be happier because of their cooperative customer service. Mashreq, Citibank, and DIB are excellent ones.

Which bank gives the loans with the lowest interest rate? 

Every bank is with different interest rate. If you want a low-interest rate loan, compare the banks. So, you will know which bank offers how much interest rate. The minimum interest rate is 2.55%. However, the majority of loans are with more than 5%.

After knowing all aspects, you will apply for a personal loan more confidently. Your complete fulfillment of requirements is crucial in order to get loans.