How to get loans in Dubai

The Megacity of Dubai has provided stability and opportunity for every resident with an eye for gold, such that they can grow up the food chain. Dubai has provided some job opportunities in a variety of sectors from construction, healthcare, technology, transportation, hotelier, tourism, and the likes. For the creative SMEs [Small and Medium-Sized Enterprises] and LLCs [Limited Liability Companies] who intend to expand their chain of business, but are limited by funds, Dubai has a window to seek loans. 

In today’s article, I will be guiding you on how to get loans in Dubai, how many loans you could get in Dubai, how you can get a loan without a salary in Dubai, and some other pointers that would come in handy for you as regards loans in UAE [United Arab Emirates] 

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In Dubai for instance, there are loans available for everyone, however, there are certain criteria for this feat. Securing a personal loan can help you meet your financial demands quickly, whether it's for an emergency need or debt reduction. You can take up a fixed loan from the bank and pay it back in monthly instalments with interest. Locals and ex-pats alike can apply for personal loans in the UAE according to the Central Bank's policy.  

The following are the basic requirements to qualify for a loan in Dubai: 

1. Owning a current account with a UAE bank is required.  

2. One must be a UAE national or resident. 

3. Your monthly wage must be between AED 3k and AED 10k. 

4. You must be between the ages of 21 and 65. 

If you have all of the relevant paperwork and match the bank's eligibility conditions, getting a personal loan in the UAE is rather simple. Banks reject loan applications even though few people have all of the requisite paperwork. Therefore, it is easy to say that despite how easy the process is to get a loan in Dubai, it would be at the discretion of the Bank. 

If you're looking for a personal loan, the loan amount you seek can't be more than 20 times the borrower's wage or total income. This limit must not be surpassed, according to banks and financing ethics. Personal loans must be repaid within 48 months, with a monthly deduction of no more than half of the borrower's earnings.  

Loans are made available for both salary earners and non-salary earners, provided they are meeting the eligibility criteria set by the lenders, most of the time slightly different from the latter. Personal loans have become a go-to option for both types of borrowers in recent times. 

Although various loan providers may have different requirements, for general feedback, offering the lender collateral in exchange for the money is one of the greatest ways to receive a personal loan without salary and income proof. 

Most finance houses would seek out leverage to secure their funds, especially when they know that you currently have no salary, therefore the risk of getting their funds back is higher. It is pertinent to also note that there is a limit to how much could be provided for a non-salary earner where the request is made. 

To enjoy a personal loan in UAE, you must be employed and working for at least a year. A personal loan can be obtained with a minimum salary of AED 4000 or even less. Most banks need a salary transfer in most cases.  

In conclusion, loans are available to all including salary earners and non-salary earners in Dubai, however, there is a method of procedure and eligibility to the process.