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.
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.
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-
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.
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.
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.
The Eligibility Criteria for Self Employed Individuals to get Personal Loan in UAE are as follows-
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.
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.
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.
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.
The documents required for self-employed applicants, be it for personal loans in the UAE are as follows-
The applicant needs to submit their Emirates ID as a proof of identity to the concerned financial institute.
The applicant needs to submit Bank statement for three months period as required by the concerned bank.
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.
Passport and Visa of UAE. This is only applicable for personal loans in the UAE for expats who seek personal loan as self employed.
The applicant need to submit address proof in the form of any utility bills.
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