A personal loan is an amount of money you can borrow to use for a variety of purposes in your life. For instance, you may use a personal loan to consolidate your debt, pay for build a home, home renovations, education or plan a dream wedding. Loans are provided by many banks in UAE but to get a loan you need minimum salary of 3000 AED. If your credit score is good then you can apply for a loan easily.
Will review how can get personal loan in UAE with a minimum salary of 3000 AED and we are covering the details from Dubai Islamic bank or DIB.
Main Features
- Minimum salary starting from 3,000 AED
- Tenure up to maximum of 48 months
- Quick processing
Required documents
- Copy of Valid Passport (with residence visa for expatriates)
- Copy of Valid Emirates ID
- Salary certificate and Transfer Letter/Certificate from the employer *
- Statement of Account or pay slip for minimum 3 months in case of salary transfer to another bank (6 months for self-employed professionals/ businessmen)
- For self-employed professionals/ businessmen Copy of valid trade license
- Al Etihad Credit Bureau consent form (AECB)
* Salary transfer letter in the format shared by DIB sales team
Process to apply loan
You have to check first your company is on approved list on DIB. If you are not a DIB customer then first thing you have to visit a nearby branch and open an account. Salary transfer to DIB is not mandatory, banking agent can explain in detail depends on your profile status.
If you are an existing customer you can apply loan through branch, DIB app or online or through an DIB Sales agent. Prepare all the documents mentioned above, reach out to bank, submit all the documents , you may need to sign an Al Etihad Credit Bureau consent form (AECB) shared by the bank to check your Credit score from Al Etihad Credit Bureau (AECB).
Final Process
If the credit score is ok then you can choose the loan amount and tenure period along with your sales agent. Loan amount will be depends on your salary and credit score so always try to maintain a good credit score by paying loans or bills on time.
If documents are correct then you will receive a SMS message of loan processing.
Within three to four days you will get a verification call from the bank and after you will get document link for signature. Check this documents and the cheque amount in detail and use the same signature as your registered bank signature.
Personal loan amount will be credited to your bank account within a week and processing fee will be deducted. As per your salary and profile, the 1st installment will be after 120 days. it’s totally depends on bank policies.
Instalment postponement is possible via DIB alt phone banking, applicable for customers who transfer their salary to DIB.
Other available product types are;
- Liability Consolidation Finance (Top up)
- Liability Settlement Finance (Buy Out)
- Goods Murabaha
- Services Ijarah
- Personal Finance – Payment Holiday
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