How to get a personal loan in UAE in easy steps? – After world

How to get a personal loan in UAE in easy steps?

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How to get a personal loan in UAE in easy steps?

Table of Contents

Personal Loan Conditions Steps to Obtain a Personal Loan in UAE General Questions and Answers

Life can be expensive, especially if you have children, from the need to get a car to go to work or school fees for children as well as daily living expenses, life in the UAE is not cheap at all, and Cost of living in Dubai and can be quite high elsewhere, many people rely on borrowing, whether for debt repayments, paying for a car or house, home remodeling, purchasing appliances, wedding expenses, and even vacation expenses and moving expenses for health emergencies . At the same time, reasons are different, especially those who are new to UAE might feel lost when getting personal loan in UAE; Today we will show you simple steps to do it.

Conditions for a personal loan in the UAE

The following are the main terms and conditions for a personal loan in the United Arab Emirates:

According to the UAE Central Bank, you can only apply for a personal loan if you have a steady income and end-of-service severance pay from a well-defined source. Loans should not be more than 20 times salary value or total income, so for example: If you are looking for one Personal loan in UAE 3000 salary monthly, 3000 x 20 is 60,000 AED, and you can’t get more than that with a single loan. The repayment period should not exceed 48 months. Banks and finance companies are only allowed to take from the customer the number of postdated checks for the value installments that do not exceed the credit value of 120% or the debit balance. Interest may accrue on a loan. However, the bank or company must explain this to you before you agree to the loan. Applying for personal loans in the UAE is done through registered banks and finance companies. You must be a legal citizen or resident of the UAE. Your age should be no less than 21 and no more than 65 to apply for a personal loan. Your salary should be at least 3000 AED. You should have an authorized bank account in the UAE.

Steps to get a personal loan in UAE

If you meet all the terms and conditions to get a loan in UAE, follow these steps to get one:

Select the authorized bank or finance company. Choose the monthly installment plan that best suits your needs. Either apply online or visit the bank and submit the required documents such as license and any additional documents required by the bank. Once the loan is approved, the money will be deposited into your account.

Frequently asked questions and answers

In this section we answer the most common questions about personal loans in the UAE:

What is the maximum personal loan?

You cannot get more than 20 times your current salary in a single loan.

Which bank is best for personal loans in the United Arab Emirates?

There are many banks where you can get a personal loan in UAE such as:

Emirates NBD First AbuDhabi Bank (FAB) Emirates NBD ADCB Emirates Islamic Bank Dubai Islamic Bank (DIB) ADIB RAKBank

And there are many more banks in the UAE.

How do I transfer a home loan to someone else?

It’s possible, but it varies from bank to bank.

Can I buy a car with a personal loan?

Yes, you can use a personal loan to buy a car. Once you get the money, you can use it to buy what you need.

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This article was posted on United Arab EmiratesMoments

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