Personal Loans in UAE

Personal Loans in UAE

A personal loan is a short to medium-term loan which has been an answer to one's financial needs. This type of loan does not require any collateral/security. Once the specific amount is issued by the lender within a few hours or days, it is issued to the customer post verification by the financial institution.

Points to Remember When You Compare Personal Loans in UAE

Personal loans have been an attractive option for any personal finance use because of less paperwork and availability with no collateral/security while availing. But with a lot of options available, Soulwallet can help you select the best personal loan in UAE. All you need is just consider a few points before applying for the best bank for a personal loan in UAE. They are:

• Rate of interest : Rate of interest is the key factor that will help you decide whether the loan is suitable for you. Lower the interest rate the less cost need to be paid by the borrower in the loan tenure. Also, it depends from one financial institution to others on the rates applicable.
• Fees and other charges : Before applying for the loan you need to be aware of all the fees and charges beforehand to avoid any unnecessary expenses.
• Minimum income : Before applying for a personal loan make sure to check the minimum salary criteria and select the best-suited option.
• Repayment Amount : while repaying the borrowed amount the EMI plays an important role, the less the EMI the more you save from your income.

Various Types of Personal Loans in UAE

In today's world, there are so many banks and financial institutions offering various types of loans to meet the needs of their customers. The banks in UAE offer different types of personal loans for both expats and as well as UAE nationals. Soulwallet assists you in comparing personal loans offered by different banks in the UAE and helps you choose the right one for you. Here is a list of recommended personal loans offered in Dubai and Abu Dhabi.

• UAE National Personal Loans : Personal loans offered for UAE nationals are exclusively considered keeping in mind of the residents where one can apply for a high finance amount for their investment purposes, medical emergency or higher education and more.
• Buy out Personal Loans : If you wish to get a loan to clear your debts off buy out personal loans are the best. Buy out loans help you clear multiple debts off and pay off one loan.
• SME/Business Personal Loans : With flexible payment options and attractive offers on the rate of interest you can expand your business or set up a new one with SME/Business personal loans in UAE.
• Salary Transfer Personal Loans : Salary transfer personal loans are is better in comparison to non-salary personal loans for various reasons like great offers on the rate of interest and such applicants are low-risk applicants so you can apply for a high finance amount.
• Non- Salary Transfer Personal Loans : These loans are generally second loans while the first one being a loan with a Salary Transfer requirement. In general, these loans have a higher interest rates and underwriting criteria is more stringent. Most of the banks use the AECB score and sometimes employment profile of an individual to assign rates. Better the score is lower the interest rate. This is also an option for customers who’s companies are not listed with banks for a Salary Transfer loan option.

Eligibility Criteria for Personal Loans

The basic requirements are regular income and a resident visa. The eligibility criteria

Salary : Starting from AED 5000. This varies bank to bank.
Income Document : For a Salary Transfer Loan there would be a Salary Transfer Letter required on a specific format as required by the bank. Incase of a non-Salary Transfer Loan, a generic Income Certificate stating designation, income and years in the company. Recent months, banks have started using an automated solution to pull customers income details directly from the bank to which the salary is being transferred. This has reduced the need for income documents.
Identification documents : Emirates ID, Passport and Visa copy for expats. EID is a must.

How to Apply for a Personal Loan?

You can apply for personal loans online by visiting www.soulwallet.com and select the loan that suits your financial eligibility need. When you finalize the loan from a particular bank, you can click on "Apply Now" and fill the form. You can also use the loan EMI calculator before finalizing the loan.