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A personal loan is a short to medium-term loan which has been an answer to one's financial needs. This type of loan does not require any collateral/security. Once the specific amount is issued by the lender within a few hours or days, it is issued to the customer post verification by the financial institution.
Personal loans have been an attractive option for any personal finance use because of less paperwork and availability with no collateral/security while availing. But with a lot of options available, Soulwallet can help you select the best personal loan in UAE. All you need is just consider a few points before applying for the best bank for a personal loan in UAE. They are:
In today's world, there are so many banks and financial institutions offering various types of loans to meet the needs of their customers. The banks in UAE offer different types of personal loans for both expats and as well as UAE nationals. Soulwallet assists you in comparing personal loans offered by different banks in the UAE and helps you choose the right one for you. Here is a list of recommended personal loans offered in Dubai and Abu Dhabi.
The basic requirements are regular income and a resident visa. The eligibility criteria
Salary : Starting from AED 5000. This varies bank to bank.
Income Document : For a Salary Transfer Loan there would be a Salary Transfer Letter required on a specific format as required by the bank. Incase of a non-Salary Transfer Loan, a generic Income Certificate stating designation, income and years in the company. Recent months, banks have started using an automated solution to pull customers income details directly from the bank to which the salary is being transferred. This has reduced the need for income documents.
Identification documents : Emirates ID, Passport and Visa copy for expats. EID is a must.
You can apply for personal loans online by visiting www.soulwallet.com and select the loan that suits your financial eligibility need. When you finalize the loan from a particular bank, you can click on "Apply Now" and fill the form. You can also use the loan EMI calculator before finalizing the loan.