Many loan applicants today face the risk of having their loan requests rejected. This is because banks worldwide depend on certain information to verify one’s creditworthiness.
In many cases, data such as the company listing records, employer’s company revenue, and the borrower’s financial records are crucial in determining whether or not one can get a loan.
Why Should My Company Be Listed?
As more new companies emerge, the list of companies listed by financial institutions also grows. The listing is essential to borrowers as it gives them an advantage for qualification for personal loans in UAE.
Large companies are usually, for that reason, listed with banks. However, all companies can’t be listed with banks as not all companies can afford the financial stability required for this kind of listing.
For a long time, this practice has been considered unfair to employees of smaller companies. Banks in the UAE have been working tirelessly to expand their list and accommodate as many companies as possible. They do this to make their staff legible for personal loans in the UAE.
Can I Still Get A Personal Loan In UAE Without Company Listing?
Today, acquiring a personal loan in the UAE depends mainly on the applicant’s eligibility criteria for the loan.
The UAE banking sector continues to grow daily, with banking institutions, financial institutions, and other private lenders giving loans to individuals who meet their eligibility criteria only.
To be eligible to attain bank loans, you must quickly learn the application process to avoid the disappointments you get when your loan application is rejected. Also, it is essential to understand the eligibility criteria used by the particular loan provider.
What Are The Standard Eligibility Criteria For Personal Loans In UAE?
There are common factors among all lending institutions that determine how interested parties will get their loan requests approved. These factors determine the eligibility of borrowers to acquire loans. They include:
- Age
- Income
- Credit score
- Work status
- Salary
Where Can I Get Personal Loan Without Company Listing?
Most of the employees affected by their company’s listing status in the UAE are those working in small and medium-sized organizations. Because most of these employees most likely earn very little, they are often in dire need of the loan cash.
However, there are still many options for getting personal loans in the UAE even without a company listing.
Some of the few companies in the UAE that offer loans regardless of whether or not the employing company is listed include:
- Abu Dhabi Commercial Bank
- Emirate National Bank of Dubai
- Mashreq Bank
- First Abu Dhabi Bank
Does My AECB Credit Score Matter?
An AECB credit score is a three-digit figure indicating the chances of making timely loan and credit card payments. The value ranges between 300 and 900.
With many banks adopting the AECB credit score in determining an individual’s legibility to acquire loans, employees of small and medium-sized organizations are now getting loans to enable them to balance their unlimited needs and wants.
A low AECB number means a more significant risk, whereas a higher figure indicates reduced risk, thus enabling you to get your loan request approved faster.
Therefore, improving your AECB credit score will take you a step closer to loan qualification without a company listing in the UAE.
What Are The Eligibility Criteria For Employees Of A Non-Listed Company?
1.    Monthly income
As much as some banking institutions may not be keen to consider whether a company is listed or not, you must have a considerably higher income to get your loan request approved.
Individuals applying for personal loans without a company listing are considered high-risk applicants. A stable monthly income remains a critical determinant of loan approval everywhere. It creates a resemblance of an applicant with the ability to repay a loan quickly.
However, the income of interested parties (employed by non-listed companies) should be more than that of an employee hired by a listed company to increase their chances.
2.    Credit Score
A credit score is a number that depicts a consumer’s chances and ability to repay a loan. A credit score improves the chances of a lender to offer an individual credit.
The more you take loans and repay them on time, the higher your credit score. A good credit score translates to a more trustworthy and financially stable borrower. Maintaining a good credit score puts you in a better position to have your loan request approved.
A few habits that can help you improve your credit score include:
- Paying your bills on time
- Working with the best credit repair companies
- Keeping your credit card account active
Therefore, your credit score will increase depending on how faithful you are in paying debts. Failure to pay previous loans lowers your credit score, making it difficult for you to secure personal loans.
3.    Age
Generally, the principle that “the younger you are, the more chances you are to get your loan approved” applies almost everywhere in the money sector. Lenders believe that younger loan applicants have more earning capacities than aged people.
Age is, therefore, one of the critical requirements for personal loans in the UAE, and you must be between 21 and 60 years of age to be legible.
There are, however, exceptional cases where the age limit is higher. For instance, the maximum legal age for expatriates is 65 years. Therefore, this means UAE expatriates can get loans until they reach 65 years, after which they are not legible for UAE loans.
4.    Work experience
Very often, personal loans are considered primarily unsecured; lenders hence look for applicants who have a regular and stable source of income. Applicants with vast experience in their jobs stand a better chance of having approval for their loans.
Since a personal loan with an unlisted company is considered unsecured, lenders only give personal loans to borrowers that they can ascertain are financially stable.
Having more vast working experience is seen as the other way lending institutions can approve your loan request since they believe you can pay the loan on time.
Looking at your working experience, lending institutions can determine whether you have the “financial muscle” to repay the loan or not.
Conclusion
As you can see, several factors will determine whether you get a personal loan in the UAE without a company listing or not. Go through this article again and learn how to improve your eligibility if your company is not listed in the UAE.
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