Personal loans are the kind of loans customers borrow a sum of money from a bank and repay the same along with the applicable rate of interest. Payments are usually made in periodical instalments, and loans can be taken for a number of reasons including home renovations, cosmetic procedures, wedding expenses and medical expenses among others. The flexibility of personal loans is higher than most other credit facilities offered by banks. Personal loans can be of two types – secured and unsecured, and the difference between them is that unsecured personal loans do not require customers to present any security or collateral when taking out the loan.
Self-employed individuals are basically people who run their own businesses and assume the roles of proprietors as compared to salaried individuals who work for their employers. Although it might seem as though taking out a loan may be harder for self-employed individuals, the number of banks that have made provisions to cater to this section of the market has increased considerably in the recent past, making it easy for them to avail personal loans with minimal hassles. The documentation process is fairly simple with most banks, and each bank has its own terms and conditions and interest rates that vary for self-employed individuals and salaried professionals.
Dubai Islamic Bank Al-Islami Personal Finance for Self-Employed Individuals
Dubai Islamic Bank offers personal loans to customers and the cash payment is made upfront. The salary requirement for customers is considerably low (AED 3000) and the documentation process is fairly simple with quick processing. UAE nationals can avail up to AED 2 million and expatriates can borrow up to AED 1 million at a time. The maximum tenure for both UAE nationals as well as expats is 48 months. The loan option is based on the Islamic structure of finance called Salam wherein the bank pays the price prior to the customer’s delivery of goods with particular specifications on predetermined dates.
Emirates Islamic Bank Personal Finance for Self-Employed Individuals
Customers who wish to borrow money for reasons such as weddings, expansion plans, renovation, rent, education, etc. can avail personal loans from Emirates Islamic Bank. The bank consists of a team that has expert analysts and professionals who can help you better understand your personal and financial needs to help you find the package that will best suit your requirements. Self-employed individuals in the UAE can take out loans up to a limit of AED 450,000, and the repayment terms are quite flexible, with a tenure of 48 months. Customers also receive a top-up facility when taking out a loan from Emirates Islamic Bank and the monthly income required to avail a personal loan from the bank is AED 25,000. Customers merely have to present a few documents such as trade license copy, passport copy, visa, Power of Attorney, Memorandum of Association and the bank statement for the last three months at the time of applying for the loan.
Emirates NBD Personal Loans for Self-Employed Individuals
Self-employed individuals such as doctors, engineers, chartered accountants and architects can meet their financial needs by taking out a personal loan from Emirates NBD. The minimum amount of money that the individual is required to average of the last six months before taking out the loan is AED 20,000. The business operated by the individual is expected to be at least one year old if the applicant is to gain eligibility for the loan. The borrowed amount can be paid back within a period of four years.
Mashreq Bank Personal Loans for Self-Employed Individuals
Individuals who run their own business can now avail personal loans from Mashreq Bank if they need additional funds to meet their financial requirements. Whether it is for the purchase of office equipment or personal expenses or pursuing higher studies, Mashreq Bank offers a comprehensive facility that caters to all kinds of self-employed individuals. The highest amount of money that a self-employed customer can borrow is limited to AED 750,000. However, the bank has made no provision for collaterals when taking out the loan. The repayment period is also flexible and customers are allowed a tenure of 48 months. The documentation process is easy and the approval takes very little time to ensure that customers gain access to funds as soon as possible. With competitive interest rates and a loan top-up facility in addition to dedicated relationship managers to help you better analyse your personal and business needs, there is no surprise that Mashreq Bank personal loans are consistently growing in popularity.