Welcome to DhanGuard. Can I help you?

Do You Need an Instant Personal Loan? Read this and get your Loan ASAP!

By Sakshi Srivastava - 06 Jul 2022 Last Updated: 11 Aug 2022
Do You Need an Instant Personal Loan? Read this and get your Loan ASAP!

The unforeseen costs that crop up at inconvenient times are unpredictable, just like life itself. You can satisfy these unexpected financial needs with the help of instant personal loans. It's simple to obtain an Instant Personal loan in the UAE. If you follow the correct procedure, you can easily gain approval for the same.

Thus in this blog, Dhanguard will extensively discuss how, in just a few easy steps, you may obtain an Instant Personal Loan in UAE, regardless of whether you are a citizen of the UAE or an expat. So without any further ado, let’s learn!

How can You get an Instant Personal Loan in the UAE?

Below mentioned are the the few things which you should do before applying for instant personal loan in UAE-

Consider Your Options

You must first conduct thorough market research to find the greatest interest rate and other advantageous features for your personal loan. The greatest and quickest instant personal loan solutions are found with the aid of this. Find the most suitable personal loan with fair interest rates by visiting the internet portals of several instant personal loan providers. The most effective strategy to obtain an appropriate loan is to go to our website and look through the loans department. Depending on your financial circumstances, you can research the advantages and features of every loan choice available and select the one that best suits them.

Consider the Eligibility Criteria

You can review the eligibility requirements for the personal loans offered by the banks and other lenders you have selected after narrowing down your selections. You must fulfill the requirements specified by the bank in order for your loan application to be accepted fast.

Complete the Requirements

When applying for a personal loan, you must meet a number of additional requirements in addition to the eligibility requirements. Each bank has a list of the documents that applicants must present in order for their loan application to be authorized. The applicants must provide documentation to prove their identification, income, address, and a variety of other things.

Go Ahead and Apply for Personal Loan

Applying for an instant personal loan from your preferred bank is simple once you are aware that you are qualified for one and have the necessary documentation on hand. You may typically apply both online and offline with most banks. To apply for a personal loan in only a few clicks, go to the bank's website or online banking platform. All you have to do is complete the application form and submit it together with all the necessary paperwork. On the other hand, you can apply for your chosen personal loan in person at the bank office if you prefer the offline way of application.

Await Approval

In the UAE, the majority of banks quickly grant loans for urgent fund requirements. You may receive the loan amount disbursed in your account within a week if all of your paperwork is in order and the bank determines that you qualify for the loan. On the other hand, if your application is turned down for some reason, you can always make amends and reapply. By visiting our website or calling our assistance and support staff, you can apply for an instant personal loan in the best method possible. Our customer service staff members are skilled and knowledgeable about industry norms. With the proper collection of supporting documents, they can assist you in quickly filling out the application form. This will prevent your loan application from being denied.

 

Read More: Conceptualizing the Point of Sale Machines offered by Banks

What is the Eligibility Criteria to get an Instant Personal Loan in UAE?

These requirements must be met in order to apply for an Instant Personal Loan in the UAE-

Amount of Loan

The loan amount is determined by the bank where you are submitting your loan application. Typically, UAE’s banks would grant borrowers a cash loan up to AED 5 million, subject to their eligibility and ability to repay.

Requirement of Age

Applicants seeking an urgent cash loan in UAE must be at least 21 years old. The age restriction varies between 21 and 65 for different banks. In the UAE, the age eligibility requirement differs from bank to bank.

Minimum Income of the Applicant

The minimum income criteria for a cash loan varies depending on the bank in Dubai. Most banks demand that applicants have a minimum monthly income of AED 25,000. For people making a minimal salary of AED 5000, however, certain other banks will approve the loan application.

Salary Account

In order to qualify for a loan, the majority of banks in UAE need borrowers to deposit their monthly paychecks into one of their bank accounts.

Employment

In accordance with the requirements of various banks, the applicant must work for a reputable company while asking for an instant personal loan in the UAE. However, a few institutions also provide personal loans to unemployed customers.

 

What are the Documents needed to Apply for an Instant Personal Loan in the UAE?

Now that you are aware that you qualify for an Instant Personal Loan, let's make sure you have all the necessary paperwork on hand-

 

  • For applicants with salaries, a salary certificate or appointment letter is required as proof of work.

  • Bank statements from the past three months are required for applicants who are self-employed to prove their income.

  • For applicants who are salaried, a salary transfer letter and three months' worth of pay stubs are required.

  • Original and a copy of an Emirates ID (for nationals of the UAE)

  • A current passport (for expats) Original as well as a copy

  • A current residency permit (for expats) Original as well as a copy

Conclusion

If your profile makes you a good candidate for a loan, applying for an urgent cash loan in UAE is really simple. You can get your instant personal loan accepted right away if you meet the requirements and supply the appropriate paperwork as requested by the bank. In the event that your initial loan application is denied, you can learn the cause, make the necessary corrections, and reapply. 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.

Getting Personal loan is made simple and hassle-free with Dhanguard Personal finance service in Dubai, UAE. We provide you online Personal loan service with the minimum possible trouble including paperwork & payments.

By Sakshi Srivastava

06-Jul, 2022

Latest Questions

Question & Answers related to Personal Loan


Answer Icon Dhanguard

Personal loans can be a terrific method to cover bills or can be a source of potential financial assistance when you are in utter need to obtain on.. Read More


Answer Icon Dhanguard
  • Whatever your reason for taking out a loan, you'll most certainly have a few options. Credit cards, home.. Read More

Answer Icon Dhanguard

While a personal loan can be a helpful tool for financing larger or unexpected needs, it is not always the best decision. Consider your financial c.. Read More


Answer Icon Dhanguard

A hard inquiry is recorded on your credit report when you seek for credit and a lender analyses your credit report. Hard inquiries stay on credit r.. Read More

Personal Loan Related FAQ

Frequently Asked Questions

  • Will the demise of the personal loan applicant affect the family?

    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.

  • Do I need to provide security for my loan?

    Assets are not required as security against your personal loan.

  • Is there any advance costs involved when applying for a personal loan?

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

  • What is Payment Deferment?

    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.

  • What are Top Up loans, exactly?

    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.

  • Is it Possible for a Student to Apply for a Personal Loan in the UAE?

    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.

  • Should You take out a Personal Loan to fund my Startup in the UAE?

    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.

  • What happens if You don't pay my Personal Loan EMI?

    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.

  • Is there any Benefit to taking out the Personal Loan's Life Insurance Plan?

    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.

  • How may a Personal Loan in Dubai be used to Pay Off Credit Card Debt?

    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.

Get Instant Advice