Personal Loan In Dubai
Applying Personal Loan in UAE to fulfill your urgent financial requirements isn't that difficult but you might face problems if you are applying for the first time. You might get confused in selecting the right institution to proceed with which offer you the best rates.
But here in Gulf Finance enables you to fetch all the important information that you need, at one place. All you need to do is to fill your details and Bankers from all major banks will contact you instantly to assist you with your application.
You can compare and proceed with your best choice.
Our effort is to reduce the gap between a customer and a banker, to make everything hassle free and transparent.
Personal loan is a loan taken by an individual to fulfill financial emergencies or any personal expenses. It’s an unsecured loan i.e lacks collateral. It’s 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.
If ever you fall in urgent need of funds to pay off your debts, have some kind of unforeseen medical emergency, willing to renovate your home or planning a vacation, a personal loan can be a ‘great option' to pay for such expenses. The advantage can also be availed to meet other requirements such as:
- Debt Consolidation: Sometimes we get stuck with the liability of paying multiple loans or even outstanding credit card debt and they have all varying balances due at different interest rates. In such a case, banks offer you an option of getting one single loan for an eligible amount as per your need, using which you can pay off all your past dues. It makes it easier to work out a time frame to pay off your debt without getting overwhelmed.
- Pay off credit cards : Credit card interest rates are usually higher than the interest on Personal Loan. In case you have been trying to pay it off but struggling due to the increasing amount, you can opt for a personal loan to pay it off and then pay back the loan amount to the bank according to specified personal loan installment every month.
- Home renovation : Whether you want to put a new roof, install solar panels, remodel your kitchen or add a swimming pool, landscaping or hardscaping, a personal loan can help.
- For your wedding preparation : A wedding loan can be used for items as big as the venue and the bride's dress and also for smaller expenses like flowers, photography, cake and a wedding coordinator.
- Money for moving expenses : Local moves aren’t costly. But long distance relocations sometimes can be expensive enough to warrant a personal loan.
- Pay medical bills : Medical expenses have tremendously grown during the decade. Treatments like cosmetic surgery, fertility, etc. are all expensive enough to be in reach of a normal household. Personal loans can help meeting such requirements.
- To start a business on the side : Yes, this is right. Banks loans are there to help you if you have some plans to start with your own business. You do not have to delay it any further!
- Vacations : There are times you want to plan and visit your dream destinations, relax and rejuvenate. But the finances at that time aren’t favoring. In such times, a Personal Loan will help you fulfill your needs.
Eligibility Criteria of Personal Loan in Dubai :
- The applicant need to be of minimum 21 years.
- The minimum Salary of the applicant should be AED 5000.
- The applicant should be a confirmed employee in the company.
- The maximum age for applicant who is UAE nationals at the time of loan maturity is 60 years. For expatriates the maximum age can be 65 years.
- Interest rate starting from minimum 2.79% to up to 15.99%