Necessary and urgent expenses do arise at times in our life. A good solution to tackle such situations is acquiring a personal loan. By following some necessary documentation and fulfilling the age criteria one can take a personal loan in UAE. Most banks and financial institutions require a higher than 2500 AED salary to process your loan.
One of the available option is to take the overdraft facility available in First Abu Dhabi Bank (FAB) if you want to avail a loan and have a salary of AED 2500.
Important Things to Know
There are certain things you need to know before applying for a loan with the same salary.
1. High-interest rate:
- The interest rate is higher as compared to the rate of interest in another personal loan because this type of personal loan carries flexible repayment tenure of about 48 months.
2. Lengthy documentation process:
- Since this loan’s approval is not easy, it involves a detailed and lengthy documentation process.
- Fulfilling all the documentation and formalities such as loan approval forms, identification and other bank accounts information, etc. is a must to enjoy personal loan benefits.
3. Age criteria:
- The applicant must be of 21 years and not below to apply for the loan.
- The loan amount must be paid back by the applicant before the age of sixty years for UAE nationals and sixty-five years for expatriates.
4. Good credit score:
- The applicant must have creditworthiness. If he/she does not hold a good credit score there are chances that the personal loan will get rejected.
- His debt and repayment history should be good.
5. Employment status:
- To avail personal loan benefits, it is a must for the loan applicant to be employed with the current employer for at least one to six months. If not, the chances of rejection are high.
6. Listed company:
- Only those applicants who are working in a listed company can avail the facility of this personal loan in UAE 2500 salary.
The following are the documents required to avail a personal loan if your salary is 2500 in UAE.
- Loan application form filled and signed by the applicant.
- Identity proof documents like passport, residence visa, etc.
- Recent bank account statements.
- Salary certificate or salary transfer letter.
- Those who are self-employed need to show a trade license. This is mandatory for them.
- In the case of expatriates, a valid passport and residence visa is compulsorily required.
1. Meet out emergency expenses:
- Personal loans help in meeting your requirements when in emergencies.
- Unforeseen situations come without telling. This is where these personal loans help the most.
- All kinds of expenses that are incurred when in an emergency, can be covered with the help of personal loans.
- If you want to start a business without capital, the only options open to you are business ideas that can be started in the UAE without an investment. With a personal loan, you can start a larger b business and grow faster!
2. Motivator to maintain a good credit score:
- An applicant seeking this loan will always remain motivated to maintain his credit score by paying off his debt on time. Therefore, this loan is said to provide motivation, as it requires timely debt payment.
- To avail personal loan with 2500 Salary in UAE, it is a must to maintain consistency at one company for a longer time to maintain one’s reputation and proof of its reliability.
- Anyone who wishes to apply for this loan will try to maintain stability in a company without changing frequently.
Though options are limited to avail loan at a salary of 2500 in UAE, but a person with a good credit score still has a good chance of getting it. Otherwise, private money lenders are also an option.
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