We are now publishing everything about getting a personal loan for foreign workers 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.
The list of situations in which one may need urgent financial support is long, whether due to emergency health symptoms, payment of outstanding debts, or even to help cover some of the country's living expenses.
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 this type of financial service must ensure that they meet the minimum standards set by lenders.
One must take into account when applying for a personal loan that the terms and conditions of borrowing vary from one financial institution to another within the same country. However, there are some general considerations that most lenders require in the borrower.
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.
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.