The eligibility criteria to get personal loan in UAE will apply as follows :
1. Minimum age limit: 21 years (some banks may even extend loans to applicants who are 18 years and above too).
2. Maximum age limit: This too depends on the bank you approach but it could be as high as 65 years.
3. Maximum Loan Amount: Some banks are willing to offer as much as AED 5 million.
4. Employment Status: Applicants must be salaried and confirmed employee or 6 months length of service.
5. Minimum Income: This may differ from one bank to another but a minimum monthly income of AED 5,000.
6. Salary transfer: Some banks may require that the applicants salary be transferred to an account held with them.
Documentation Required for Personal Loan:
The documents required will depend on status of applicant being an expat or a UAE national. These documents are also in addition to the actual loan application form.
- Salaried
- UAE national ID card or a valid passport
- In case the applicant is an expat then a valid residency visa for the UAE ID is also required.
- In case of salary transfer loans for listed companies, salary transfer letter would be required from the employer.
- For Buyout loans/Debt Settlement (in addition to the other documents)
- Letter of liability
- Credit card statement
- Latest 3 month bank statement
Personal Loan Eligibility of Top Banks in UAE
These are the eligibility criteria and documents required for personal loans from some of the top banks of the UAE
Abu Dhabi Islamic Bank: Personal loan offered by ADIB is completely compliant with the rules of Islamic banking and offers high loan amounts
Eligibility Criteria-:
To be eligible for this loan the applicant will have to be at least 21 years of age and have a monthly income of at least AED 5,000. They will also have to be salaried and will have to have worked at their current company for a minimum of 6 months.
Documents required-:
- UAE national identity card
- Passport with valid residency visa for expats
- Salary certificates and Salary transfer letter
First Abu Dhabi Bank: Personal loans offered by FAB are characterized by high ticket size and lowest profit rate across the banks in UAE. Both UAE Nationals and expatriates working in the UAE are eligible to avail this facility.
FAB Personal Loan Eligibility Criteria-:
The eligibility criteria for the personal loans offered by FAB requires that the applicant be above the age of 21 years and be employed with a reputed private company. They can also be employed by the government or a semi-government organization.
Documents required-:
- Passport or UAE national ID
- Valid residence visa in case of expatriates
- Salary certificate and latest 3 months bank statement
- Salary transfer letter
Emirates Islamic bank: Personal loans offered by Emirates Islamic bank can offer up to AED 5 million and are available to both expatriates and UAE nationals.
Emirates Islamic bank Personal loan Eligibility Criteria-:
To be eligible for the personal loans offered by Emirates Islamic bank, you need to be above the age of 21 years and will have to meet any other salary condition put forth by the bank.
Documents required-:
- Completed application form
- UAE national ID or passport
- Valid residency visa in case of expats
- Salary certificate and latest 3 bank statements
- Salary transfer letter is mandatory
Emirates NBD: The personal loans available with Emirates NBD are provided to both citizens of UAE and other residents who have valid residency visas.
Emirates NBD Personal Loan Eligibility Criteria-:
The eligibility criteria for this loan requires that the applicant be at least 21 years of age and have a minimum monthly income of at least AED 5,000 to AED 10,000. In some cases, the applicants will also have to transfer their salaries to the bank to avail the loan.
Documents required-:
- Salary transfer letters
- Identity documents (passport or UAE national ID card)
Ajman Bank: Personal finance comes up with repayment periods of up to 48 months and top-up options.
Ajman Bank Personal Loan Eligibility Criteria-:
Like most other banks, to get Ajman Bank personal loan, at least 21 years of age and must be earning AED 6500 monthly salary. Personal loans are available to both expats and UAE nationals.
Documents required-:
- Completed application form
- Passport or valid UAE national ID
- Valid residency visa in case of expats
- Applicant must be working for approved list of employers