Personal loans are available in the UAE for employees of unlisted companies.
The Applicant’s Age
The applicant must be between the ages of 21 and 60, which is a common age restriction requirement that applies to the majority of personal loans in the UAE. This has the greatest impact on expatriate personal loans in the UAE. Emirati applicants may be allowed to apply until the age of 65.
Applicant’s Earnings
A personal loan application without a corporate listing is regarded as a high-risk candidate in the United Arab Emirates. As a result, a number of factors, including their income, are considered when deciding whether to accept or reject their application. Personal loan applicants working for UAE non-listed organisations may have higher minimum salaries than applicants working for UAE listed companies.
Applicant’s Work Experience
A non-listed corporate employee with a long work history may have a better chance of getting a personal loan in the UAE. A benefit of obtaining a personal loan in the UAE is that the borrower is perceived to have a more stable financial situation.
Applicant’s Credit Rating
A good credit history and a high credit score help with personal loan eligibility in the UAE. A high credit score applicant may be trusted to make timely payments and thus qualified for a personal loan.
What documents are required?
The following documents are required to apply for a personal loan:
Application Form
To begin the application process for a personal loan in the UAE for a non-listed firm, the applicant must submit a properly completed application form.
Proofs
Personal loan applicants in the United Arab Emirates who do not have a company listing must provide identification and address documents such as an Emirates ID, a passport and visa, utility bills, and other official identification documents.
Statement of Account
The personal loan provider may request to see the applicant’s bank statement to determine their earning capacity. To be approved for personal loans in the UAE for non-listed businesses, the applicant must have a spotless banking history.
Transfer of Salary
Certain personal loans in the UAE require the borrower to open an account with the loan provider and deposit salary into that account. A salary transfer document is usually required for these types of personal loans.
The list of documents required and other requirements for eligibility for a personal loan in the UAE for an unlisted firm may occasionally change at the discretion of the loan issuer.
