What is Personal Loan ?
Personal loan is a form of unsecured loan which is offered to the applicant based on the repayment eligibility and credit history. Repayment of this loan can be done only in EMI as entered in the agreement with the bank. The amount given as loan is for the personal use of the applicant and bank will not ask for the purpose of the loan.
Personal Loan In UAE
One of the most expensive loans available in the market is personal loan. There is huge demand for personal loans in the present market. This may be due to a number of factors such as personal commitment, education fees, medical emergency and much more. Availing a personal loan has become an easy task as the banks in UAE offer immediate support for the loan seeker. The EMI’s of personal loan is smaller than other available loans and so it becomes easy for the consumer to pay. No foreclosure charges are taken for personal loan.
Personal Loan in UAE Without Salary Transfer
Many banks in UAE has made borrowing even more easy for their customers by offering personal loans without salary transfer. The top banks in UAE provide similar loans to both expats residing in UAE and UAE nationals. The loans are easy to avail and have no restriction on what the loan amount can be used for. There is no need for the customer to go through the hassle of transferring their salary to the bank in order to avail the personal loan.
Types of Personal Loans in UAE Available
Eligibility Criteria of Personal Loan in UAE
Eligibility criteria may vary from one bank to the other for personal loan. Below are the general criteria common for all banks