The UAE is one of the best places to live if you are a high salaried professional. The average salary of a person living in the UAE is $3,500 per month. This means that you can earn this much.
Getting a personal loan in UAE with a 3000 salary per month is hassle-free. But you will have to look out for the options that meet your needs. What are the requirements and eligibility criteria for personal loans in UAE?
What is Personal Loan Eligibility In UAE
When you earn 3000 AED in the UAE, you are eligible for a personal loan of up to 10,000 AED. To obtain a loan, you need to meet certain criteria as shown below.
- You need to be at least 21 years old
- You should be an employee of a government or semi-government organization
- If you are an expat, your minimum salary should be 3000 AED per month
- You need to have a good credit score and history.
- You need to be living in the UAE for at least 2-years with a valid residence visa.
- You need to have a clear criminal record and must not have any outstanding debts or financial obligations that are payable within 6-months from now.
- You must be employed full time by an employer willing to give you an employment letter saying that they will pay back your loan if something happens where you can’t pay it yourself (e.g., death or disability).
The above are the minimum requirements that you will usually find when applying for any personal loan in UAE. However, some banking institutions may have additional requirements, like the minimum number of months you have worked in your current company. Certain things can help you get a personal loan despite earning less than the minimum required salary. One of them is having a co-applicant with a higher salary or better credit score than you. Some banks even allow guarantors to help their customers take out a personal loan in UAE despite having a low income.
Reasons Why Your Personal Loan Was Declined in UAE
The vast majority of banks in the UAE (99.9%) won’t approve a personal loan for anyone earning less than Dh3,000 per month. However, this doesn’t mean it’s impossible to get a loan.
There are three possible ways you can improve your chances of approval:
Get a GuarantorÂ
If you can find someone to guarantee your loan with their salary, you can significantly improve your chances of approval.
Find an Alternative LenderÂ
The finance industry is changing quickly and there are now several online lenders that will approve loans even if you’re earning less than Dh3,000 per month. These loans are typically more expensive than traditional loans, but they could save you a lot of money
 Use a credit cardÂ
if your credit is good and you need less than Dh50,000, a 0% interest credit card might be the best option.
What are The Documents That You Need to Get a Personal Loan Approved?
There are five important documents that you need to present to lenders. If you have a salary of 3000 and above, these are the documents you require for personal loan approval.
- You need an ID card
- Your salary statement
- Your bank account statement for the past 3 to 6 months
- Your passport copy showing your visa as an indication that you legally reside in UAE
- Your trade license (Make sure it’s furnished if you are self-employed)
Advantages of Opting for Personal Loan in UAE 3000 Salary
If you are looking for a personal loan in UAE with a 3000 salary in a month, you’ll be glad to know that many benefits come with it.
- To start with, the applicants should have a valid UAE residency visa with a minimum salary of AED 3000.
- You can avail yourself up to 20 times your last drawn monthly income as a personal loan in UAE with 3000 salary in a month.
- Depending on the lender you opt for, you can repay the amount over a tenure of 12 months to 60 months.
- The interest rates are usually lower when compared to other financial providers available in the market.
- The processing fees levied on personal loans in UAE with 3000 salary in a month are friendly.
- The documentation process is much easier than other financial instruments available in UAE hence it’s one of the best options to look at if you need funds right away
Banks That Offer Personal Loans in UAE 3000 Salary
Consider the top banks if you’re looking for a bank to offer you a personal loan in UAE with 3000.
RAKBANK
This bank offers personal loan with a lower reducing rate of 3.99%.
The personal loan given by RAKBANK fixes your financial urgencies, and salary transfer is the first requirement before any loan processing is done.
The bank charges 1 percent for all the borrowed amount of the early settlement and redemption penalty fees.
When you make regular payments in the first-year term, you qualify for a top-up loan.
Dubai Islamic Bank
The personal loan given in this bank is in alignment with sharia law.
They have a 6 percent flat rate and 11 percent reduction rate, which is reasonable.
Only 1 percent of the early settlement fee is charged for the loan amount.
The bank does not require you to transfer your salary amount.
Dubai Islamic Bank gives you a repayment period of 4-years.
When your personal loan in UAE 3000 salary is approved, the bank offers you an arrangement of AED 1050. This is best if you plan to purchase furniture, home appliances, commercial machinery, and more.
Arab Bank
Arab bank does not require salary transfer.
The arrangement fee is AED 1000, which is better than most UAE banks offering personal loans.
The bank gives you ample time to repay your loan
Personal loan in UAE 3000 salary from this Arab bank provides its customers at a rate of 5.99 percent reducing rate and 1 percent for redemption penalty.
Conclusion
Personal loans in UAE with a 3000 salary a month offer you many advantages. Taking this type of loan is a safe and efficient decision. In addition to the high convenience of loan processing, the appropriate application for this kind of loan is possible even without collateral. The best variant for the timely solution of financial problems and the opportunity to save or invest money is a personal loan in UAE.
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