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Get a Personal Loan in the UAE even if Your Company is Non Listed. Read Now!

The list of businesses kept by banking institutions gradually becomes obsolete as new businesses sprout up at a rapid rate. Personal Loan in uae without company listing Many candidates for personal loans have been turned down for this precise reason. However, financial institutions have now started to issue personal loans in the UAE without a company listing.

For a flexible 4-year payback period, these loans often offer borrowers up to AED 5 million. To be eligible for a personal loan for a non listed firm in the UAE, you must have a monthly income of at least 5,000 AED.

Thus in this blog, Dhanguard will extensively discuss the best Personal Loans in UAE for Non Listed Companies. So without any further ado, let’s learn!

Rates of Personal Loans without a Company Listing

In the United Arab Emirates, personal loan interest rates may be assessed as either a flat rate or a reducing rate.

Reducing Interest 

Reducing interest is thought to be the best personal loan interest rate in the United Arab Emirates since it goes down each time the borrower makes a payment, and it ranges from 5 to 12 percent for personal loans without a company listing.

Flat Interest 

In the United Arab Emirates, a flat interest rate is one that does not change throughout the course of the loan. For personal loans without a company listing, this rate ranges from 5% to 18%.

Best Banks providing Personal Loan for Non Listed Companies in UAE

ADCB Personal Loan for UAE Nationals

For UAE nationals seeking this loan, the non listed firm ADCB Personal Loan offers competitive interest rates, loan amounts that are greater multiples of salaries, flexible loan terms, and straightforward qualifying requirements. It's a non-listed personal loan company in the UAE with a 5000 salary cap.

  • Requirement of Minimum Salary- AED 5,000

  • Tenure of Loan- 4 years

  • Interest Rate- 5%

  • Loan Amount- 20 times of Salary (Max.)

  • Processing Fees- 1.05% of the Total Loan Amount

  • Early Settlement Fees- 1.05% of the Pending

ADCB Personal Loan Features

  1. Easy approval and documentation

  2. A salary overdraft of up to three times

  3. Max. 300 Touch Points on every AED 1,000.

  4. Coverage for an unplanned loss of employment

  5. Credit card from ADCB, free of charge

  6. A large loan amount of up to 20 times the borrower's salary

  7. Consolidation of loans available

  8. Interest rates that are competitive

  9. Credit life insurance

Eligibility Requirements

  • Min. Salary Required - AED 5,000

  • Salary Transfer

Emirates NBD Personal Cash Loan

The objective of Emirates NBD is to provide all individuals in need with financial support. For this personal cash loan that the bank is offering, individuals who work for non-listed companies are also eligible.

  • Requirement of Minimum Salary- AED 10,000

  • Tenure of Loan- 4 years

  • Interest Rate- 8.99% (Reducing Rate)

  • Loan Amount- AED 500,000 (Max.)

  • Processing Fees- 1% of the Total Loan Amount

  • Early Settlement Fees- 1% of the Pending

Emirates NBD Personal Loan Features

  1. Flexible and lengthy payback terms

  2. Available to both UAE citizens and foreigners

  3. Double insurance coverage

  4. Option for 7-day loan repayment

  5. High loan amount of up to 500,000 AED

  6. There are around 560 ATMs available throughout the UAE.

  7. Simple documentation and approval

Eligibility Requirements

  • Within six months of employment with the current company, up to six salary credits.

  • 12 month maximum banking relationship

  • The minimum salary requirements are AED 10,000 and AED 12,000, respectively, for people who already have an auto loan or credit card with Emirates NBD (for other bank account holders)

Mashreq Bank Personal Loan for Expats

The Mashreq bank loans non-listed enterprises to satisfy the borrowing requirements of the foreigners who earn salaries and work in the Emirates. In one day or less, Mashreq Bank hopes to provide a personal loan to a customer.

  • Requirement of Minimum Salary- AED 10,000

  • Tenure of Loan- 4 years

  • Interest Rate- 6.49% (Reducing Rate)

  • Loan Amount- AED 1,000,000 

  • Processing Fees- 1% of the Total Loan Amount

  • Early Settlement Fees- 1% of the Pending

Mashreq Bank Personal Loan for Expats Features 

  • High loan amount: up to AED 1,000,000 (20 times the salary).

  • Competitive interest rates

  • 90-day first EMI deferral maximum

  • Flexible repayment terms of up to four years (five years/sixty months for Ministry of Defense personnel)

  • 0 balance current account with a debit card and cheque book for loans over AED 25,000

  • access to a wide network of branches and ATMs

  • Simple documentation, prompt approval

  • Complimentary credit card from Mashreq Bank

Features and Benefits of Personal Loans for Non Listed Companies in UAE

The following are some of the characteristics and advantages of a personal loan in the United Arab Emirates without a corporate listing:

Tenure of Loan

Fortunately, there isn't a significant difference in loan tenures for those asking for personal loans from non listed organizations. In the UAE, the majority of personal loans have a 48 month maximum term (4 Years).

Amount of Loan

If you meet the requirements set forth by the chosen bank or financial institution, you may apply for personal loans in the United Arab Emirates. To assess the riskiness of candidates, they rely on a variety of eligibility checks. In order to lessen the bank's risk, personal loans for unlisted companies in the UAE may offer reduced credit amounts. However, it is still feasible to find a personal loan in the UAE without these limitations.

Other Advantages

Free credit cards, free travel insurance, and other perks are just a few of the extra advantages that personal loans in the UAE without company listing offer. These advantages are available even to applicants for personal loans from unlisted corporations.

Personal Loans for Non-Listed Companies: Eligibility and Required Documents

For employees of unlisted firms, the following personal loans are eligible in the UAE:

Age of the Applicant

A frequent age restriction requirement that applies to the majority of personal loans in the UAE specifies that the applicant must be between the ages of 21 and 60. Expatriate personal loans in the UAE are mostly affected by this. Up until the age of 65, Emirati applicants might be permitted to apply.

Income of the Applicant

Without a corporate listing, a personal loan application is regarded as a high-risk candidate in the United Arab Emirates. As a result, a variety of variables, including their income, are taken into account when deciding whether to accept or reject their application. As opposed to applicants working for UAE listed companies, personal loan applicants employed by UAE non-listed organizations may have greater minimum salaries.

Work Experience of Applicant

A non-listed corporate employee who has a lengthy employment history may have a better chance of being approved for a personal loan in the UAE. An advantage for obtaining a personal loan in the UAE is that such a borrower is viewed as having a more stable financial situation.

Credit Rating of the Applicant

Eligibility for personal loans in the UAE is influenced favorably by a good credit history and a high credit score. An applicant who has a high credit score may be trusted to make timely payments and is therefore qualified for a personal loan.

What are the Documents Required?

The documents required to apply for personal loan are listed below-

Form of Application

The applicant will need to submit a properly completed application form for a personal loan in the UAE for a non-listed firm in order to start the application process.

Proofs

Applicants for personal loans in the United Arab Emirates without company listings must provide identification and address documents, such as an Emirates ID, a passport and visa, utility bills, and other official identification documents.

Bank Statement

To determine the applicant's capacity for income, the personal loan provider may request to see their bank statement. The applicant must have a spotless banking history in order to be approved for personal loans in the UAE for non-listed enterprises.

Salary Transfer 

In the UAE, certain personal loans have requirements that the borrower open an account with the loan provider and deposit salary into that account. Most of the time, a salary transfer document is needed for these kinds of personal loans.

According to the loan issuer's discretion, the list of documents needed and other requirements for eligibility for a personal loan in the UAE for an unlisted firm may occasionally alter.

Conclusion

In the United Arab Emirates, it is now easy for Non Listed Companies to avail the Personal Loan, when they are in need of Capital Assistance. We have only covered a few but there are a host of Banks in UAE, providing Personal Loans without Company Listing at good interest rates. Also the Process for applying for the Personal Loan as well as the Eligibility Criteria is fairly convenient and you would not face any severe hindrances when applying yourself. Thus we hope this blog provided you with insightful information. For more information on other related aspects, feel free to visit our Branch Office or our website as well.

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Frequently Asked Questions

Personal loans that are taken from banks are automatically insured at a nominal fee and in the event of any premature demise the partner insurance company covers the entire loan amount, protecting the family from any financial risk.

Assets are not required as security against your personal loan.

Normally, the only advance costs pertaining to a personal loan are dispensation and insurance fees.

According to the issuer's policy, some lenders enable the borrower to 'defer' or postpone a month's payment once every few months. To take advantage of these benefits, the borrower must make timely payments. Deferred payments do not reduce the principal amount, and hence will not lower the lowering personal loan interest rate in UAE.

Top-up or add-on personal loans are renewable loans that can be used to supplement an existing loan after the borrower has paid a certain number of payments. Top-up personal loans in the UAE are used to reward loyal, non-delinquent borrowers by providing longer tenors or reduced interest rates, depending on the bank's policy.

No, unless the bank expressly states otherwise or the student has a guarantor, a student cannot apply for this loan. The loan's eligibility restrictions include a minimum monthly salary and a maximum age range of 21 to 65 years. Some lenders may require a salary transfer and confirmation of employment with a lender-approved organization. However, some lenders offer personal loans in the UAE without requiring a company listing. As a guarantor, you can always apply for a student/education loan.

It would be up to you to decide. You should be informed that you must pay the loan's EMI from the beginning of the month, followed by the disbursal. You can take out a loan if you're confident that you'll be able to pay the monthly EMIs at the very least.

If you're having trouble paying your loan EMI, contact your bank to see if there's anything you can do. If you try to avoid the problem, it will only get worse. Banks will issue warnings before dispatching debt collectors. If you do not respond, they may designate you as a defaulter and may even take you to court for the unpaid personal loan in UAE. As a result, it is preferable that you call the bank and explain your circumstances. They may be able to lower your EMIs in some cases.

Almost all personal loans include a life insurance plan for applicants. This insurance coverage protects the borrower from having to make payments in the event of a fatal disease, permanent incapacity, or death. Some personal loans in Dubai also include life insurance plans that pay back the entire loan amount to the policyholder's family members in the event of the policyholder's death.

A personal loan can be used to pay off credit card debt. By consolidating the debt, the loan might assist in the payment of the credit card bill. When compared to credit cards, it has lower interest rates. Even if the applicant has a personal loan minimum wage of AED 2,000, you can return the loan in easy monthly installments over the following few years.

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