Emergency expense will never be a bolt from the blue for UAE employees since they are eligible for personal loans even at a meager monthly income of 3000 AED. The borrowing amount fixed by the country’s financial regulation may not be large but it is definitely a boon for those helpless times when you need money more than anything else.
Advantages of Opting for Personal Loan in UAE 3000 Salary
- Firstly, it is collateral-free loan that doesn’t demand any investment as a guarantee to the money lender.
- The time taken by the bank to approve your loan application is minimal and thus, doesn’t keep you waiting for financial help to serve your purpose.
- Money is disbursed at a relatively faster pace and you get the right amount at the right time to cater to your emergency needs.
- The limit of the borrowing amount extends to a sizeable sum of AED 5 lakhs.
- As mentioned earlier about the required documents, the application procedure appears to be hassle-free.
- Eligibility criteria for availing the loan couldn’t be simpler than this and that too, without any major savings.
What Are the Documents that You Need to Keep at Your Disposal?
- Salary statement.
- ID card issued by UAE authorities.
- Copy of your passport showing your visa for residing in UAE.
- Statements of your bank account for the previous 3-6 months.
- Trade license has to be furnished if you are self-employed.
Banks offering Loans
Here, we provide you an insight into the banks offering personal loans in UAE 3000 salary for easy reference.
1. Dubai Islamic Bank
- The bank provides a lengthy repayment term of 4 years.
- It doesn’t demand the transfer of your salary amount.
- The early settlement fee charged by the bank is only 1% of the loan amount.
- Flat rate and reduction rate of 6% and 11%, respectively, are reasonable too.
- This loan is available for purchasing terms in alignment with the Sharia Law.
- With a low arrangement fee of AED 1050, this personal loan in UAE 3000 salary is the best fit for buying commercial machinery, home appliances, or furniture.
- With a comparatively lower reducing rate of 3.99%, the personal loan offered by this bank is a fair choice.
- Salary transfer is a prerequisite but the loan amount offered here serves your prime financial urgencies.
- Both, the redemption penalty and early settlement fees are charged as 1% of the entire sum of money borrowed.
- Besides, it provides the access to a top-up loan following the regular payment during the first year of the borrowing term.
3. Arab Bank
- This bank enables you with a flexible time period to repay your loan.
- Salary transfer isn’t necessary while the arrangement fee is just AED 1000.
- Personal loan in UAE 3000 salary can be availed at an affordable 5.99% reducing rate from this bank along with a redemption penalty of 1%.
- All you need to possess is an ongoing occupation that is at least 3-6 months old while you must be 21 years of age.
As you can see there are numerous options out there if you wish to avail a loan and have a salary of AED 300 in UAE. Thus, you may do away with the prejudice of personal loans being limited to individuals with high income or savings.
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