UAE expatriates are now eligible for unlimited loans to meet unexpected financial crises. But to get an easy loan you need to meet certain criteria. However, in this guide, we have listed all the details based on the eligibility criteria for UAE Personal Loan Eligibility Criteria for Expats based on the Central Bank of UAE.
You can read this article till the end and get more details while trying for a personal or education loan for UAE expats easily and hassle free. This is an easy walk through guidelines and eligibility criteria for taking loans for non UAE residents. Have a look.
Some basic rules you should know
First thing first, the popular banks in UAE provide personal loans in two variants, they are a loan with salary transfer and loan without salary transfer. And you should know some basics;
The maximum amount that expats can borrow under a personal loan in the UAE is 20 times their monthly salary with a repayment period of up to 48 months. According to banking rules in the UAE, personal loans cannot exceed 20 times the value of the borrower’s salary.
Banks should ensure that the deduction is limited to 30 percent of income or salary if the repayment period of the loan or banking facility extends up to retirement age.
Now move on to the eligibility criteria for Expats to take loan in UAE,
Before going to banks to take loan, you should quickly follow below give guidelines,
Age: You must be 21 years of age to apply for a personal loan in the UAE. The maximum age to apply is 60-65 years, although some banks may allow people aged 18 to apply for a loan.
Job eligibility: You must be a salaried employee with a corresponding salary for at least 6 months (must provide proof of employment).
Income: A monthly income of at least AED 5,000 is required.
How much do you get: Following the rules and regulations, some banks will offer 5 million AED (you must meet additional criteria to receive this amount).
Needed Documents
Submitting the right documents will help you get UAE Personal Loan Eligibility Criteria for Expats in a smooth manner. Here we have listed some of the documents required to be produced before the bank authority for expats to get loan;
- You should submit an Emirates ID or valid passport. (Don’t forget to submit a valid residency visa.)
- Submit a valid salary transfer letter from the company head.
- Must show the last 3 three month bank statements and credit card statements.
- Also you need to submit your credit score to check the details of your active loans and understand your credit history.
Getting a personal loan in the UAE as an expat requires careful planning and overcoming legal issues. Understanding the eligibility criteria, including minimum salary, work history, and credit score, is critical to a successful application. We hope we have listed here all the information you need to get your load very easily with less time and effort.