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Personal Loan in Dubai

Personal Loan in Dubai is a loan taken by an individual to fulfill financial emergencies or any personal expense like -for wedding, medical emergencies, to renovate home or even for planning a vacation. Its provided by an entity (Bank) to another entity at an interest rate, and evidenced by a promissory note which specifies, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and date of repayment. Unlike many other kinds of loan, there is no restriction on how the borrowed amount is finally used – the borrower has full freedom to use the money for any purpose they want.

Features and Benefits of Personal Loans in UAE :

Complete flexibility of end-use:

There are no restrictions on how you should spend the loan amount.  This in contrast to a home loan or auto loan where the loan amount can only be used to buy a property or a vehicle respectively.  A personal loan allows you the freedom to use the money in any way you want.

Lack of collateral:

A personal loan is an ‘unsecured loan’, meaning you are not required to provide any security to the lender in the form of cash, shares or any other assets.  This might make it more attractive to some customers who may not be able to raise the cash required as collateral.

Documents Required for Salaried

  • Passport Copy
  • Visa Copy
  • Emirates Id Copy
  • Original Bank Statement
  • Original Salary Certificate
  • Additional documents as per the Finance Institution

Documents Required for Self Employed

  • Passport Copy
  • Visa Copy
  • Emirates Id Copy
  • Original Bank Statement
  • Trade Licence
  • Memorandum of Association ( MOA ) or Power of Attorney ( POA )
  • Additional documents as per the Finance Institution

Buyout Loan or Debt Consolidation

Buyout or Debt consolidation is like a refinancing your all liabilities into One. If an individual is unable to pay multiple liabilities and getting overburden, he/she can opt for a Buyout or Debt consolidation. In this situation the Bank or the Financial Institution will take over all the existing liabilities like Loans and Credit Cards and convert it into one Installment which is easy to pay. Also he/she can apply for an additional cash in hand if eligible subject to  DBR ( Debt Burden Ration ) should be in under control i.e below 50% of salary as per Central Bank of UAE.

 

Documents Require for Applying Buyout or Debt Consolidation :

  • Passport Copy
  • Visa Copy ( For Expats )
  • Emirates Id Copy
  • Bank Statement
  • Income Proof Document
  • Liability Letter
  • Additional document as per the Financial Institution