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Self Employed Loan

Have a shortage of funds? We have the right solution for you.

Being one's own boss can be very satisfying but for new businesses shortage of funds can be a very common issue these days. Availing loans can be time-consuming and a time taking process. Our expert team and the connection with a pool of banks will help you to avail self-employed loans in a hassle-free and considerably fast manner.

Documentation Needed:

  • Identity Proof
  • Bank Statement
  • Proof of Business
  • Visa and Passport
  • Address Proof

Being one’s own boss can be tremendously rewarding but for new corporate owners, it can be economically draining. For the UAE residents with the commercial spirit, a personal loan can offer the much needed monetary support to get their business off the ground and climbing.

Most of the personal loans in the UAE for expats and UAE nationals can be gained by self-employed individuals.

What is the interest rate of Personal Loan Self Employed Individuals in UAE?

The self-employed applicant are required to pay either of the two forms of interest on personal loan application in the UAE. They are flat interest rate on personal loan as well as reducing interest rate on personal loan.

Although flat interest rates continue to be constant for the entire personal loan tenure whereas a reducing personal loan interest rate reduces every time the borrower makes a payment for the loan taken. A reducing rate is usually the lowest rate of interest for a personal loan in the UAE.

What are the Features and Benefits to get Personal Loan for Self Employed Individuals in UAE?

Be it a personal loan in the UAE for expats as self employed individuals, the features and benefits of getting personal loan are as follows-

Tenure

Self-employed individuals enjoy the same tenure for the personal loans in the UAE as salaried professionals, irrespective of whether they are expats or UAE residents. The maximum tenure that personal loans offer in the UAE is 48 months.

Instalment Deferment

Some of the preeminent personal loans in the UAE for self-employed individuals offer an instalment deferment option that is the option to postpone your payments. For business owners who are facing numerous risks such as unpredictable markets and no assurance of profit, this can be a much appreciated feature to be offered.

Extra Benefits

Self-employed individuals can benefit from a wide mix of extra benefits with specific personal loans in the UAE. Some of the best personal loans in UAE even offer the self-employed individuals with free credit cards, free life insurance and many more.

What is Eligibility Criteria for Self Employed Individuals to get Personal Loan in UAE?

The Eligibility Criteria for Self Employed Individuals to get Personal Loan in UAE are as follows-

Eligibility Criteria for Personal Loan in UAE

Age Requirement

Age requirement is one of the eligibility criteria to avail personal loan in the UAE which remains persistent for salaried as well as self-employed applicants. The applicants for Self-employed personal loan are required to be between 21 years to 60 years of age. Different from personal loans in the UAE for expats, the self-employed individuals can enjoy maximum age requirement that is up to 65 years of age.

Income Requirement

The eligibility principle for the minimum salary requirement for personal loans in the UAE is slightly higher than that provided for self-employed applicants. Self started business owners have a high risk investments for personal loan. Moreover, the self-employed personal loan applicant also has to pay the current cost to company of their employees and numerous miscellaneous expenses. For these explanations, self-employed applicants are required to have a higher monthly incomes.

Work Experience

Self-started business owners have to face numerous risks. Although, a self-started business that has been functioning for a few years has put up the test of time. For this exact purpose, personal loans in the UAE requires self-employed candidates to have a minimum number of years of work experience. The work experience for personal loan eligibility in the UAE is for generally 2 years or more.

Annual Sales Turnover

It should not to be confused with the income eligibility of personal loan, an annual sales turnover mentions to the total revenue that a business owner generates over the span of one year. Some of the best personal loans in the UAE also ask self-employed individuals to show a minimum annual sales turnover to the concerned bank.

What are the Documents required to get Personal Loan for Self employed in UAE

The documents required for self-employed applicants, be it for personal loans in the UAE are as follows-

Identity Proof

The applicant needs to submit their Emirates ID as a proof of identity to the concerned financial institute.

Bank Statement

The applicant needs to submit Bank statement for three months period as required by the concerned bank.

Proof of Business

The applicant needs to submit Proof of Business ownership. The self-employed personal loan applicants can represent either a Power of Attorney or a Memorandum of Association signed by all the members of the Business.

Visa and Passport

Passport and Visa of UAE. This is only applicable for personal loans in the UAE for expats who seek personal loan as self employed.

Address Proof

The applicant need to submit address proof in the form of any utility bills.

Frequently Asked Questions

Personal loans can be used to finance whatsoever the person needs from funding an unexpected medical emergency, home renovation marriage, to even education charges.

Yes, the credit score is a significant criteria for personal loan eligibility in the UAE. Whether it is a personal loan in the UAE for expats, for salaried applicants, for Emiratis, or for self-employed applicants, credit scores are mandatory for all the applicants.

Self-employed personal loan applicants can calculate their EMI by using a personal loan calculator for EMI. It is available for free and can be used to calculate EMI for any bank in online form.

No, only some of the top personal loans in the UAE offer payment deferment option. A payment postponement allows the personal loan applicant to pay their instalment later without incurring any late fine for the same.

Personal loans in the UAE come in lots of variations, with different interest rates, tenures as well as loan amounts. In order to classify the lowest interest rates for personal loans in the UAE and to find the best personal loan offers available in the UAE. The financial experts mention personal loan applicants to conduct numerous personal loan assessments.

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