How to apply for a personal loan in the UAE for non-salaried person?
There are not many financial institutions in the UAE that offer personal finance without a salary transfer. That is why looking for a financial institution for personal finance without requirements of salary transfer can be hard work. Even when the financial institution provides a personal loan without salary transfer, the eligibility requirements can be quite high. The minimum monthly salary required can be a bit higher than the one for salary transfer personal loan. The non-salary transfer can also affect the interest rate.
The lists of financial institutions that provide a personal loan for non-salaried person in UAE are below-
Emirates NBD Personal Cash Loan
With Emirates NBD personal cash loan, even a customer not employed at the Emirates approved list can get a loan. Anyone can apply for this personal loan. Salary transfer is not required in this loan.
Eligibility Requirements
Banking relationship of 12 months minimum
Must be employed at the present company for 6 months minimum
Must have a minimum salary credit of 6 months
Existing credit card members, account holders or auto loan customers must have a monthly salary of AED 6000
Account holders with no credit card or auto loan must have a minimum salary of AED 12,000
Features and Benefits
Salary transfer not required
Finance amount up to AED 800,000
Salary transfer is not required
Employment at Emirates approved list not necessary
7-day loan return option
Customers of Emirates NBD can return the loan without any charges within 7 days if the loan is not satisfactory. Although, there are some conditions to the 7-day loan return option. These conditions include-
The customer should notify the bank or agent about the loan return within 7 days of the loan disbursal
The proceeds of the loan must not be withdrawn from the account till the return date
The 7-day return option is only available to new loans
Emirates NBD offers personal loan to UAE nationals and expats without any salary transfer. Emirates NBD decides the maximum loan amount and the applicable rate of interest depending on the profile of the customers. Emirates NBD also provides cash loan for home improvements to UAE nationals. Expats are not eligible for home improvement cash loans.
Documents Requirements for Emirates NBD Loan for Salary Transfer are
Copy of passport
Expat’s residence visa
Copy and original Emirates identity card
Address proof (utility bill)
Security cheque (undated)
UAE National’s Idbara page
Eligibility Requirements
Minimum salary required is AED 10,000
Must be employed at Emirates approved list
Must be employed at the present company for 6 months
Benefits and Features
Salary transfer not required
Personal finance up to AED 500,000
Reducing interest rate starting from 14.99%
Direct Debit System repayment system
Up to 4 years of repayment tenure
Dubai Islamic Bank Al Islami Goods Finance for UAE Nationals
This personal finance is good for customers whose monthly salary is AED 6000 or more. This personal finance is provided against goods of Sharia-compliance.
Eligibility Requirements
Minimum salary of AED 6000 for non-salary transfer
Minimum salary of AED 8000 for non-listed companies
Benefits and Features
Salary transfer not required
Personal finance up to AED 4,000,000
It is Sharia-compliant
The repayment tenure is up to 48 months
Insurance for Takaful cover is not included
United Arab Bank Personal Loan
United Arab Bank offers flexible personal loan plans to both UAE nationals and expats. The interest rate can start as low as 5.25%.
Eligibility Requirements
The applicant must be between 21-65 years of age
Minimum salary required is AED 7500 per month
The applicant must work for Government, Semi-Government or an UAB approved company
Features and Benefits
UAE Nationals can get personal finance up to 20 times the salary or AED 2,000,000
Expats get personal finance up to AED 2,000,000
Up to 48 months for a repayment tenure
Buying out of the loan is available
Payment deferment is available
The available facility of top-up
Overdraft facility is revolving
Quick approvals
Credit card is free for the first year
Deem Personal Loans
Deem personal loans are the only personal loan in this list that comes with credit life. However, the Deem credit life and Deem credit life plus comes with a fee of AED 22.05.
Eligibility Requirements
The applicant must be aged between 21-60 (expats) and 21-65 (UAE nationals)
Minimum salary required is AED 5000 per month
Features and Benefits
No salary transfer required
Finance up to AED 150,000
Repayment tenure up to 48 months
Attractive rates of interest
Application is approved within 2 days
Loan Repayment through Direct Debit system
Simple documentation
Deem credit life
Deem credit life Plus
Documents Required
Passport copy
Residence visa for expats
Copy and original Emirates ID
Bank statement of 3/6 months
Address proof (utility bills)
Latest pay slip
Credit card copy with a recent statement of the credit card
Finance House “Yaseer” Islamic Personal Finance
Finance House is a facility designed for personal finance of the customers. It is Shariah-compliant personal finance. The interest rate on Finance House is based on a reducing rate of interest. It starts from 9.99% to 39% highest.
Eligibility Requirements
Minimum salary required is AED 5000
The age limit is between 21-60
The applicant must be employed at a government, semi-government or reputed private establishments
Must be employed at the current company for 6 months minimum or a confirmed employee
Features and Benefits
Finance amount between AED 10,000 – AED 250,000
Up to 36 months of repayment tenure
No salary transfer required
1% of the outstanding amount is charged as early settlement fee
1% of the finance amount is charged as the processing fee
Free card for life cover
Credit approval is done within 21 hours
Documents Required
Copy and original passport
Residence visa for expats
Copy and original Emirates ID
Bank statements of 3 months
Latest salary certificate
Copy of recent pay slip
Final Verdict
Before you apply for a personal loan in UAE, know the following facts. The interest rates are a bit higher for a non-salary transfer customer than the salary transfer customer. But to pay off a debt or get a personal loan for emergencies, above mentioned are the best options. As for the high-interest rate, you can negotiate with the financial institution if you have a good credit Score.
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