Many human commitments majorly require a financial boost to be achieved. Sometimes getting the right financial aid or the required finances may not be that easy.
Unlike other bank loans, personal loans are easy to secure to meet your needs and sort emergencies. This is because they need little documentation, can be quickly processed and disbursed, and are unsecured which means there are no collaterals pegged on them. Most people, therefore, find them more convenient.
Also, with personal loans, you can pay off many small debts to remain with one debt that is manageable and easy to pay off. The loans also give you an avenue to secure bulk purchases or cater to business and home emergencies.
Keep reading to find out more on how you can secure a personal loan with AED 4000 salary.
How To Get A Personal Loan In UAE On 4000 Salary
Securing a personal loan on a 4000 salary in AEU has not been that easy due to the hesitancy of most banks to offer such loans. This is because most banks peg their loans at AED 5000 minimum salary.
There is, however, still some hope even with a monthly earning below AED 5000 a month.
This is because getting a personal loan with a 4000 salary is now possible due to more demand for this kind of loan among the low salaried people. Selective financial institutions consider offering such loans to people in the UAE.
You must, however, qualify before making your application. Visit your bank branch at any time to check if you meet their eligibility criteria.
Eligibility Criteria
Banks have different basic requirements that should be met by anyone considering applying for a personal loan in UAE.
On the other hand, securing a loan in UAE on a 4000 salary is no hardship when applying through the Dubai Islamic bank.
You need to check that you meet the following requirements.
- You must be either self-employed or salaried.
- You must be earning through the bank or have a salary transfer to the bank.
- You should have a minimum monthly earning of AED 4000
- You should have attained a minimum age of 21 years and not older than 65 years at the time of application.
Who Provides Personal Loans In UAE On 4000 Salary?
Even though UAE has many banks that can facilitate loans for nationals and expatriates, there are very few banks that offer loans with a monthly earning of AED 4000. Most of these banks can facilitate personal loans on basic monthly earnings between AED 5000 and 7500.
This should, however, not make you lose hope, for there are few banks that can actually consider loaning you with a salary as low as AED 3000 per month!
For instance, the Bank of Baroda offers personal loans to both nationals and expatriates with a monthly income of AED 4000, while Dubai Islamic Bank and RAKBANK will approve your loan with earnings as low as AED 3000 a month.
Dubai Islamic Bank
Dubai Islamic Bank is a financial institution that sees the needs of those who need financial assistance even with a minimum earning of AED 3000.
This kind of loan requires few documents and has a flexible payment period with convenient interest rates, quick processing, and fast disbursement.
Major positives that come with applying for personal loans with DIB bank include the following:
- Minimum monthly earnings of AED 3000
- It’s easy to apply for loans
- Quick approval time
- Offers flexible repayment plan of Up to 48 months
- Fewer documents are required for loan processing
- No non disclosed charges or fees
- Attractive interest rates
- Higher loan amounts for both the expatriates and the nationals up to AED 2 million and 4 million respectively
Dubai Islamic Bank offers personal loans with interest rates between 11- 21.99 percent per annum of the initial amount borrowed plus a reducing balance on every monthly installment made. It also gives up to 90 days of reprieve for the first loan repayment.
With as low as AED 3000, you can secure a personal loan spread out for 48 months, making it a more flexible repayment plan.
Who Can Apply For This Loan?
To apply for a personal loan with a 4000 salary, you must meet either of the following conditions.
- You must be working either for a DIB-approved company but have a different bank as your pay point.
- You are a recognized customer of any DIB investments such as the fixed Wakala Deposit.
- You are self-employed or salaried, and your salary is transferred to DIB or another bank.
- You work and earn through DIB approved company or DIB bank.
What Are The Documents Required?
To secure a personal loan in UAE on a 4000 salary, you will need to provide the following documents.
- Valid resident visa, a passport that is UAE approved as an expatriate
- Valid identification documents include a copy of Emirate ID, visa, or passport
- Trade license for the self-employed
- Bank account statements
How To Apply For This Loan?
Before applying for a personal loan in UAE on a 4000 salary, it’s always essential to establish a few things. For instance;
- It’s essential to know the purpose of the loan and plan its proper utilization
- Evaluate your affordability of the loan in terms of borrowing and repayment to avoid unnecessarily burdening yourself
- If you can shoulder the extra debt burden and meet the monthly remittance towards loan repayment without fail
Once the factors above have been considered, you can proceed to the loan application process, which is much easier if you meet the eligibility criteria and have the proper documents.
You can apply for a personal loan through the online platforms that most banks have or by physically visiting the bank to fill in the necessary forms.
Using the Dubai Islamic Bank calculator available online on the bank’s official website, you can also estimate the monthly payments during the repayment period. You only need to feed in the loan amount to be taken and your preferred repayment period.
Conclusion
Getting a personal loan in the UAE can be a good decision, especially when facing financial emergencies. With a 4000 salary, you have more chances of getting a nod from banks and many other private lenders. Remember to borrow only what you can repay comfortably without hurting your credit score.
Below we show you how to get a loan in the UAE at different salary levels:
How To Get A Personal Loan On A 1500 Salary
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