The personal loans offered by the First Gulf Bank allow customers to address financial commitments that may arise from any need such as a cash crunch or the requirement to pay for a vacation. These loans can feature higher loan limits that can offer up to AED 200,000 and also feature fast processing times so that customers are not kept waiting for too long. To make them easy to take the bank offers competitive interest rates along with the need for minimal documentation and a comprehensive life insurance cover. This insurance cover makes sure that should something happen to the borrower, their outstanding balance does not become a burden on anyone. Even the interest is charged on a reducing balance basis along with the option to defer an instalment by paying a small fee.
First Gulf Bank Personal Loan Eligibility Criteria
In order to be able to apply for a personal loan from FGB, the applicant must:
- Be over the age of 21 years.
- Work for a government or semi government organisation. They can also be in the employment of a reputed company.
- Have a copy of a valid proof of identity like a valid passport.
- In case of expatriates, a valid residency visa will also be required.
Factors affecting First Gulf Bank Personal Loan Eligibility
There are some factors that can affect a person’s eligibility for a loan. Some of these are:
- Being too young.
- Working for an organisation that is not recognised by the bank.
- Although not announced by the bank, your monthly salary does not match the banks eligibility criteria.
- Incomplete set of documents.
- Expired passports.
- Expired or invalid visa.
How to increase First Gulf Bank Personal Loan Eligibility
In case you are intending to apply for a loan with FGB, here are a few things you can do to improve your eligibility.
- Make sure all the documents needed by the bank are in your procession.
- Make sure all documents are up to date. If any have expired, renew them.
- Make sure you have all the originals with you.
- Make sure your income can support a personal loan.
FAQ - First Gulf Bank Personal Loan Eligibility
- Who can take these loans?
- What happens if I can’t pay a monthly instalment?
- Who is liable for the loan if something happens to me?
- What if I lose my job?
Any resident of the UAE or an expat working in the UAE with a valid UAE residence visa can apply for this loan.
If you find that in a particular month you are not able to pay the instalment, then you can defer it to the next month for the payment of a small fee.
Should something happen to you, the insurance, which the bank provides with the loan, will cover the outstanding balance.
A. In case you lose your job then the insurance will pay the monthly instalments for a period of 12 months or 1 year.