If you find yourself in a financial crunch, there are many banking forums to borrow from in UAE. Life can deal unexpected hands and every time your savings might not be sufficient for a monetary crisis.
Here is some useful information in this regard:
Personal loan is a sort of unsecured loan and involves no salary transfer. Many banks in UAE offer this funding option to help clients out during a financial problem. The terms are settled based on credit history and convenient repayment terms make the process easier for applicants repayment. The repayment is conducted through EMIs. The loans are approved keeping in view the credit history of the applicant and their apparent ability to repay the amount.
A great thing about this sort of loan is that banks do not inquire about reasons for borrowing money so it is processed quickly and the client can have rapid access to funds for any sort of emergency.
There is no complicated documentation or processing involved.
To apply for loan, applicants do not have to seek prior permission from employer or go into any sort of hassle.
Some prominent banks that provide this option in UAE are:
- First Gulf Bank: Minimum monthly income of applicant should be AED 10,000
- Citi Bank: Minimum monthly salary should be AED 8,000
- Emirates NBD: Ask for minimum monthly income of AED 3000
- Dubai Islamic Bank: Individuals with monthly earning of at least AED 3,000 are eligible
- Mashreq Bank: Salary should be at least AED 5,000
- Finance House : People with minimum monthly income of AED 8,000 can apply for personal loan at this bank
- Ajman Bank: Monthly earning of applicant should be at least AED 10,000
- United Arab Bank: Hopeful applicant should have a monthly salary of at least AED 6,000