• Personal Loan Eligibility Calculator

    A personal loan can be the answer to a lot of questions surrounding personal finance. You could have bills that are not paid or there might be some sort of renovation that you can to carry out in the house, there could also be a vacation that you plan to take but don't have the money for. Basically a personal loan is the one thing that can help you out if savings are running low or not enough to take care of an emergent expense. However, before you can get the money and start spending it, you need to meet certain eligibility criteria for the loan. This criteria is a mix of conditions that the applicants must meet and the documents that are required to process the loan.

    Personal Loan Eligibility Calculator

    To be eligible for a personal loan in the UAE the eligibility criteria that will apply will be:

    • Minimum age limit: 21 years (some banks may even extend loans to applicants who are 18 years and above too)
    • Maximum age limit: This too depends on the bank you approach but it could be as high as 65 years.
    • Maximum loan amount: Some banks are willing to offer as much as AED 5 million
    • Employment status: Applicants must either be salaried or self-employed
    • Minimum income: This may differ from one bank to another but a minimum monthly income of AED 5,000
    • Salary transfer: Some banks may require that the applicants salary be transferred to an account held with them.

    Documentation required for a Personal Loan:

    The documents required will depend on the status of the applicant being an expats or a UAE national. These documents are also in addition to the actual loan application form.

    • Salaried/Self-employed
      • UAE national ID card or a valid passport
      • In case the applicant is an expat then a valid residency visa for the UAE is also needed.
      • If the bank requires a salary transfer then a letter of salary transfer will also be needed.
    • Buyout loans (in addition to the other documents)
      • Letter of liability
      • Past 6 month bank statements

    Personal Loan Eligibility of Top Banks in UAE

    These are the eligibility criteria and documents required for personal loans from some of the top banks of the UAE

    Abu Dhabi Islamic Bank

    The personal loan offered by ADIB is completely compliant with the rules of Islamic banking and offers high loan amounts.

    ADIB Personal Loan Eligibility Criteria

    To be eligible for this loan the applicant will have to be at least 21 years of age and have a monthly income of at least AED 5,000. They will also have to be salaried and will have to have worked at their current company for a minimum of 6 months.

    Documents required

    • UAE national identity card
    • Passport with valid residency visa for expats
    • Salary certificates may also be required.

    First Gulf Bank

    The personal loans offered by FGB are characterised by high loan amounts and easy documentation. They can also be availed by both UAE nationals and expatriates working in the UAE.

    FGB Personal Loan Eligibility Criteria

    The eligibility criteria for the personal loans offered by FGB require that the applicant be above the age of 21 years and be employed with a reputed private company. They can also be employed by the government or a semi-government organisation. They must also either be UAE nationals or be in possession of a valid residency visa to the UAE.

    Documents required

    • Application form
    • Passport or UAE national ID
    • Undated cheque for loan amount as security
    • Valid residence visa in case of expatriates

    National Bank of Abu Dhabi

    Personal loans offered by the National Bank of Abu Dhabi can offer as much as AED 5 million and are available to both expatriates and UAE nationals.

    NBAD Personal loan Eligibility Criteria

    To be eligible for the personal loans offered by NBAD, you need to be above the age of 21 years and will have to meet any other salary condition put forth by the bank.

    Documents required

    • Completed application form
    • UAE national ID or passport
    • Valid residency visa in case of expats
    • Salary certificates or bank statements
    • Salary transfer letter if required

    Emirates NBD

    The personal loans available with Emirates NBD are provided to both citizens of the UAE and other residents who have valid residency visas.

    Emirates NBD Personal Loan Eligibility Criteria

    The eligibility criteria for this loan requires that the applicant be at least 21 years of age and have a minimum monthly income of at least AED 5,000 to AED 10,000. In some cases, the applicants will also have to transfer their salaries to the bank to avail the loan.

    Documents required

    • Completed application form
    • Salary transfer letters
    • Identity documents (passport or UAE national ID card)

    RAK Bank

    Personal loans offered by RAK Bank come with repayment periods of up to 48 months and top-up options.

    RAKBANK Personal Loan Eligibility Criteria

    Like most other banks, to get a RAK Bank personal loan, you will need to be at least 21 years of age and may have to have a predetermined minimum monthly salary. These loans are available to expats and UAE nationals.

    Documents required

    • Completed application form
    • Passport or valid UAE national ID
    • Valid residency visa in case of expats
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