UAE Government Meeting on Personal Loan for Expatriates in the UAE

There are many emergency reasons why an expatriate in the UAE is in dire need of a personal loan. Although most of the resources provided by these institutions are mostly focused on the needs of citizens, expatriates and expatriates may find themselves in need of financial assistance. There is a long list of situations in which one may need urgent financial assistance, whether due to emergency health symptoms, Or to repay existing debts, or even to help cover some living expenses in the country.

It is therefore important to understand the differences between the requirements of a personal loan when the applicant is a citizen or an expatriate.There is great variation in both cases, so let us take a closer look at the criteria that an expatriate must meet in the UAE when applying for a personal loan for expatriates.

Personal Loan Requirements for Expatriates in the UAE

Expatriates in the UAE can apply for a personal loan; however, a person seeking to avail of this type of financial service must ensure that they meet the minimum standards set by lenders, and one must consider when applying for a personal loan. Borrowing requirements vary from one financial institution to another within the same country. However, there are some general considerations that most lenders require in the borrower.

Minimum age

There is a minimum age requirement for a personal loan in the UAE. Although citizens under the age of 21 have the right to apply for personal loans, it is different for an expatriate, where he must be at least 21 years of age in order to be allowed to start the process of obtaining the loan.

Salary requirements

Most financial institutions set a minimum requirement for a person's personal salary. There are no uniform standards in this regard, as each bank has its own requirements when determining the minimum monthly income of the borrower. However, in most cases the minimum salary must be at least AED 7,000 per month.

In addition to the minimum requirements, it should be noted that some banks also require the customer to transfer his salary to his bank account with the lender. Although some banks may condone salary transfers, in any case they must check whether this condition exists or not before starting loan procedures.

The required documents

The applicant will need to provide the financial institution with certain documents as part of the steps to apply for a personal loan. The first step is usually to fill out the application form, and in some cases the borrower can fill out this form online. The borrower will also need to provide identification documents, which may be a photocopy of your work visa or passport. Provide a proof of income, which is used to confirm the ability to repay the loan.

The bottom line

Expatriates in the UAE can obtain financial assistance in the form of personal loans through some of the facilities available in the country; however, it remains necessary to take into account the conditions and requirements of the lender. Despite the similarity of criteria that an applicant must meet, whether an expatriate or a citizen, there are still some differences and differences in both cases.