Last Updated on December 11, 2019
There are many reasons why a person in the UAE and Dubai might be in need of a personal loan. While the majority of resources tend to cater to those who have a local nationality, expats might also find themselves in a situation where they are in need of a lump sum money. This might be for a medical procedure, to pay off existing debt, or perhaps to help them cover other expenses that they have incurred in the country.
Understanding the differences between personal loan requirements when looking at those who hold a local nationality and UAE expats is important when considering the submission of an application. We take a closer look at the specific criteria that need to be met by a UAE expat in order to potentially qualify for a personal loan.
Personal Loan Requirements For Expats In UAE
Applying for a loan as an expat in the UAE is possible, but the person in need of the financial services need to ensure they meet the minimum criteria that are set out by the institutions.
When it comes to submitting this type of application, the client should first note that the specific criteria and requirements for a personal loan application may differ somewhat between the financial institutions in the country. There are, however, a few factors that tend to remain the same.
There is a minimum age for people to be eligible for a personal loan throughout the UAE. While those who hold a UAE nationality may apply for personal loans at an age younger than 21, expats in the country need to be aged 21 or older before they are allowed access to these services.
A minimum salary requirement is usually advised when a person decides to apply for a personal loan. There is no specific minimum, as each bank will have its own requirements when looking at how much the applicant earns on a month-to-month basis. In many cases, the applicant should earn at least AED 7,000 per month.
It should be noted that, apart from a minimum salary requirement, some banks may require the client to transfer their salary to an account that is held at the same institution. Not all banks have this requirement, but it is still worth noting.
The applicant will need to provide the financial institution with certain documents in order to submit an application for a personal loan. The first is usually a completed application form. In some cases, the application can be filled out online.
In addition to the application form, the applicant will also be required to submit some form of identification, which can be a copy of their Visa or passport. Proof of income is also required to provide evidence that the applicant will be able to repay the loan.
UAE expats in need of financial assistance in the form of a personal loan can be helped at certain facilities in the country, but it is important to take note of the requirements that should be met. While a lot of the criteria required by expats are similar to those needed by a person who holds a UAE nationality, some differences do exist.