Getting a personal loan in the United Arab Emirates is not a difficult task at all now, while living in the UAE. It’s a very common practice in this present era and everyone can get a loan through a very simple finance process. Many various kinds of banks are doing such a job and serving their residential and non-residential also. There are many types of loans that banks in the UAE offer to their consumers. For instance, personal loans, car loans, mortgage loans, home loans, and business loans. In Which, the most common types are personal and car loans. Here is the most common question arises that, how can we get a personal loan in UAE?
So, In this article, we are going to elaborate on the complete process of UAE bank loans. Through which you can easily get your favorite amount of personal loan within a few days. At the same time, we will explore the various banking systems. especially, Islamic banking systems related to personal loans in UAE. So, let’s get started with the application procedure for a personal loan.
loan applying criteria and procedure
- First of all, there are certain criteria for getting a loan, which is very mandatory for all. According to such criteria you should be mature enough at the specifically mentioned age on the form. Bank will reject your application if you are not falling into their criteria.
- The second important thing is, that you should be able to pay back their specific amount of loan, within given time. For this purpose, the bank will check your source of income, type of business, and monthly salary.
- Bank will also check whether your personal information is correct or you are giving the wrong info. For such purpose, you have to give your data including your permanent home address. If you are an outsider living in UAE so, you have to provide your real country name with your real home address.
- The next most compulsory thing you will provide is your real identity card of the United Arab Emirates. Without the original card, you will be disqualified for a personal loan in UAE.
- Bank will investigate your business details as well. Your work experience will be considered, your experience should be not less than 3 years. And your monthly earnings should be not less than 5000AED. If you fall within such criteria so, the bank will give you approval about your required amount of loan.
- Bank will issue the loan after completing their specific process and will charge a certain amount of interest on your loan. The interest rate will depend upon the amount of the loan, it will be less or more according to personal loan value.
Islamic banking system for a personal loan
The majority of the UAE is Muslim, so because of the Muslim country, UAE also established Islamic banks. Various Islamic banks are working over there on very strict sharia laws. According to the sharia laws, interest is not allowed, instead, an exchange of goods, gold, and other precious things are allowed. Bank will keep your goods and other important documents with other personal data for a specific period. Islamic bank gives you a certain amount of time for returning the real payment of the debt of a < a href=”https://www.emiratesloan.info/business-loan.html”>Business loan in UAE</a>.
- You should be between the age of 21 and 60 and have a valid ID card. valid visa/ passport, work experience, income, guarantees of family/friends, and permanent home address with your country name should be also included.
- The process of transferring the amount of the loan will occur within 3 to 4 days after approval from the bank.