Do you want to get a loan in Abu Dhabi? If so, you have come to the right place. In this post, we have explained everything related to getting loans in Abu Dhabi. You can get loans to fulfill your personal goals, business goals, medical emergencies, and more. There are a lot of banks that offer loans in Abu Dhabi.
Best banks that offer loans in Abu Dhabi
- Dubai Islamic Bank
- Abu Dhabi Islamic Bank
- First Abu Dhabi Bank
- RAK Bank
- Emirates NBD
Now, let’s understand the process of loan approval in Abu Dhabi
Process for loan approval in Abu Dhabi
Obtaining a loan in Abu Dhabi is a simple process in today’s age. In earlier days, it was not that easy. The process was time-consuming, and sometimes it didn’t meet the purpose, especially when the loan was required urgently. Modern-day technology has made personal finance convenient, like never before.
The process is quick and easy. In fact, applying for a loan from Abu Dhabi is similar to applying for a loan from any other place in the UAE. You can apply for loans from the official website of the bank you choose. If you meet the eligibility criteria, the loan gets approved in a few days.
Eligibility and qualifications for loan approval
To get a loan in Abu Dhabi, you need to be qualified and eligible. Here are some of the necessary qualifications and eligibility criteria for getting a loan in Abu Dhabi:
- Valid Abu Dhabi residence permit
- Clean credit history
- Capacity to repay the loan on time
- Government employee or employee of a firm approved by the lending bank
- At least six months of employment in the company
- Working contract outlasting the repayment period of the loan
|NOTE: If you fail to meet the eligibility requirements, you can apply for a loan from private lenders. They do not ask for salary requirements and credit history.|
Other important documents
- National ID card (for UAE nationals)
- Resident visa (for expatriates)
- Proof of income
What happens if you Fail to pay your Debts in Abu Dhabi, UAE?
Failing to pay three consecutive installments or six non-consecutive installments on the repayment of your personal loans or credit card facilities may be considered an event of default, in accordance with Article 4(4) of the Personal Loan Agreement format of the Central Bank of the UAE.
“If the loan elapses and all the installments, interests and any other fees and expenses become due and payable immediately without having to give any notification or any court ruling and without prejudice to any other rights of the bank according to this agreement or in accordance with the law in the event that the borrower failed to pay three consecutive installments or six non-consecutive installments of the monthly installments without approval of the bank.”
It should be noted that the dishonour of a cheque in the UAE is considered a criminal offence. This is in accordance with Article 401 of Federal Law No. (3) of 1987 on issuance of Penal Code of UAE, which states: “Detention or a fine shall be imposed on anyone who, in bad faith, gives a draft (cheque) without a sufficient and drawable balance or who, after giving a cheque, withdraws all or part of the balance, making the balance insufficient for settlement of the cheque, or if he orders a drawee not to cash a cheque or signs the cheque in a manner that prevents it from being cashed.”
Loans can help you overcome financial hurdles and help you achieve your goals. Getting the right loan is critical because you will have to bear the interest rates. Besides, some banks offer more privileges than others when you get a loan from them. So, make sure to compare the loan schemes before applying to any loan provider in Abu Dhabi.
If you are interested in personal loans in Abu Dhabi, you can read this article.