How Women Can Apply for Personal Loan in UAE?

Women deserve to be financially independent, even more so in today’s world. The previously defined role for women has fully transformed in the last few years as they have made a mark in every sphere of life. They are more in control of their finances and have managed to break the chains of stereotypes. 

Various credit options offered by the banks in the UAE have helped women take charge of their spending and business ventures. To support them financially, most banks in the UAE offer special loans for ladies. Whether the applicant is a working or a non-working woman the banks and other financial lenders in the UAE offer personal loans to help cater to all the financial needs of this segment. 

The best part about the loan amount is that they can use it to spend on almost everything from going for higher education to planning a wedding, travel, and more.  In this post, we will take you through various benefits and features of personal loans for ladies, along with the eligibility criteria, documents required, and steps to follow. In addition, we have also listed here the top three banks to consider when applying for a personal loan for women in the UAE.

Features and Benefits of a Personal Loan for Women

Here are a few major features and benefits of a personal loan for women.

1. Quick Application Process: Banks and other financial lenders in the UAE offer a quick application process for personal loan applications. Women in the country can simply apply for their preferred personal loan type in just a few clicks by visiting their chosen bank’s website. 
2. Instant Online Approval: Along with the quick application process, the banks offer instant approval benefits on personal loans for ladies. All they need to do is provide the entire set of documents and a completely filled-out application form to get their loan application approved in a jiffy.
3. Preferential Interest Rates: Personal loans for housewives usually come with lower interest rates in the UAE. All they need to do is maintain a healthy repayment history with a good credit score. 
4. Quick Amount Disbursal: Most banks in the UAE offer same-day loan disbursal benefits with personal loans for ladies. The women applicants need to submit the right set of documents and verify their identity in order to get the loan approved at the earliest.
5. No Collateral Required: Personal loans for housewives in the UAE do not need any collateral in exchange. The applicants can simply provide the essential documents and avail of the benefits of unsecured loans without any hassle.
6. Minimal Documentation: Banks and other financial lenders offer personal loans for ladies with minimal documentation requirements. All they need to submit is their identity, address, and income proof to get the personal loan approved in no time.

Eligibility Criteria for a Personal Loan for Women

Here are the eligibility criteria to apply for a personal loan for ladies in the UAE.

1. Age: The women applicants need to meet the age criteria of their chosen bank before applying for a personal loan. The standard age criteria fall between 21 years and 65 of age. 
2. Credit Score: The applicants must have a good credit score to get the loan approves without any hassle. A good credit score also helps housewives get a personal loan at lower interest rates. 
3. Minimum Monthly Salary: The applicants must meet the minimum income requirement to apply for a personal loan for ladies in the UAE. Whether they are a salaried employee or a self-employed person, they need to submit their income proof with all the other documents to verify their monthly income. 
4. Employment History: The women applicants need to be working for a registered firm in the UAE to become eligible for a personal loan. Additionally, they must be working in the same company for more than a year the day they are applying for a loan. 
5. Salary Transfer: The applicants must check with the bank if they offer personal loans with or without salary transfers. Not all banks need the applicants’ salary account with them to provide a personal loan for ladies. 
6. UAE Residency: The applicant must be a UAE resident to apply for a personal loan. They need to submit a valid Emirates ID or residency visa while applying for a personal loan for ladies in the UAE. 

Documents Required for a Personal Loan for Women

Here are the documents required when applying for a personal loan for ladies in the UAE.

• A completely filled-out online application form
• A valid Emirates ID - Original and a copy
• A valid Passport with residency visa - Original and a copy 
• Appointment Letter/Salary certificate/Salary transfer letters addressed to the bank
• Bank Statement for the previous three months – showing salary credit transactions 

Steps to Apply for a Personal Loan for Women

Here are a few simple steps to follow when applying for a personal loan for ladies in the UAE.

• Discover Your Needs

First, the applicants need to evaluate the loan amount based on their financial needs. They can list down all their dues, bills, and other expenses to know the loan amount they need to apply for. Additionally, they need to create a budget and figure out the amount they can set aside to pay for the loan EMIs. The best way to do this is using a personal loan calculator. The applicants can enter their details such as monthly income, loan amount, etc. in the calculator to evaluate the instalment amount they need to pay every month. Coming up with this amount can help them evaluate their repayment ability. 

• Choose the Bank to Apply for a Loan

Once applicants have their loan amount, they can visit our website and go to the personal loan section to explore their options. To shortlist the suitable ones, they can enter their details such as their location, loan amount, age, monthly income, and more. The applicants must check the loan application procedure of the chosen bank. Most banks in the UAE enable applicants to apply for a loan through online modes such as online banking, mobile banking, bank’s website, and more.

• Provide the Required Details

The applicants can either login to their online or mobile banking portal to apply for a personal loan for women or they can simply go to their chosen bank’s website and fill out the online application form. No matter which platform they choose, they need to provide their details to help the bank offer the best deal. They need to provide their name, address, contact details (email and mobile number), monthly income, loan amount, and the bank account details where they need the loan amount to be disbursed. 

• Submit Essential Documents

The applicants also need to support the provided details by submitting the documents such as proof of identity, address, and income. The applicants need to attach these documents with the application form before submitting it on the portal. However, if they are planning to visit the branch, they can submit the required documents to one of the bank’s representatives in person. 

• Get the Loan Amount Disbursed

After submitting the form and completing the application process, the applicants need to wait for the loan amount to be disbursed to their bank account. The applicants need to check with the chosen bank if they can get the loan amount disbursed in an external bank account in case they do not have an account with them. The applicants can mention their preferred mode of loan disbursal in the online application form. 

Now that you know how to apply for a personal loan for ladies, let us go ahead and check out the ways of applying for the same.

Ways to Apply for a Personal Loan for Ladies in the UAE

Here are a few simple ways to help women apply for a personal loan in the UAE.

• Bank’s Website

The women applicants can visit their chosen bank’s website to find the online application form for a personal loan. They need to fill out the form by providing details like their name, address, contact information, monthly income, and more. They need to submit the application form with all the essential documents attached to it. Once done, they need to wait for one of the bank representatives to get back to them.

• Online Banking

If the applicants are existing customers with the chosen bank, they can simply login to its online banking portal by using their unique banking credentials. They can then go to the request section and apply for their preferred personal loan type. All they need to do is fill out the application form and submit the same with all the necessary documents. Once done, they need to wait for one of the bank representatives to get back to them.

• Mobile Banking

The existing banking customers can also login to the mobile banking app of their chosen bank and apply for a personal loan by filling out the online application form. They need to submit the necessary documents with the application form to complete the application process. Once done, they need to wait for one of the bank representatives to process their application.

• Phone Banking

The applicants can check with their chosen bank if they offer a phone banking facility for their customers. If yes, they can simply get the unique banking code for personal loans and send the same to the bank from their registered mobile number to apply for a personal loan. In such cases, the bank representatives usually collect documents from the applicants’ doorsteps. The applicants can also go to the bank’s branch to submit the same based on their convenience.

• Bank’s Branch

The applicants who do not have access to the internet or want to apply for a personal loan in person can visit their chosen bank’s branch. They can submit the required documents to one of the bank representatives and fill out the online application form in their presence to avoid any mistakes. Once done, it takes up to two business days for a bank to process the loan application.

• Our Website

This is one of the best ways of applying for a personal loan for ladies. The applicants can visit our website, go to the personal loan section and apply for their preferred loan type in just a few clicks. All they need to do is fill out the application form and provide essential documents. The best part about this portal is that the applicants can explore more options and check out the features and benefits of the same. They can also use a personal loan calculator to evaluate the monthly EMI amount and make an informed decision depending upon their financial needs.

Top 3 Banks Offering Personal Loans for Women

Here is the list of the top three banks that offer the best personal loan offers for women.

• Emirates National Bank of Dubai

Emirates National Bank of Dubai offers personal loans for ladies at attractive interest rates. All the UAE National and Expat ladies applicants can apply for an Emirates NBD personal loan in just a few clicks. Here are the details of two types of Emirates NBD personal loans for ladies. 

Type of Personal Loan	Loan Amount	Minimum Monthly Salary	Interest Rate
Personal Finance for expats	Finance amount from AED 25,000 to AED 2 million for expats	Minimum monthly salary of AED 5,000	Fixed Rate - starting from 5.29 per cent per annum (reducing), 2.81 per cent per annum (flat). Flexi Rate - starting from 5.24 per cent per annum (reducing), 2.79 per cent per annum (flat)
Personal Finance for UAE nationals	Finance amount from AED 25,000 to AED 4 million for UAE nationals	Minimum monthly salary of AED 5,000	Fixed Rate - starting from 4.49 per cent per annum (reducing), 2.38 per cent per annum (flat). Flexi Rate - starting from 5.24 per cent per annum (reducing), 2.79 per cent per annum (flat)

• First Abu Dhabi Bank

First Abu Dhabi Bank is one of the leading banks providing personal loans for ladies to help them deal with their financial needs. The bank offers personal loans for both salaried and self-employed women. Here are the details of the different types of personal loans that the bank offers. 

Type of Personal Loan	Loan Amount	Loan Duration	Minimum Monthly Salary	Interest Rate
Non-Salary Transfer Personal Loan for UAE Nationals	High loan amounts of up to AED 1 million	Flexible Payment Terms	Minimum monthly salary of AED 15,000	The interest rate to be disclosed by the bank.
Non-Salary Transfer Personal Loans for Expatriates	High loan amounts of up to AED 600,000	Flexible Payment Terms	Minimum monthly salary of AED 15,000	The interest rate to be disclosed by the bank.
Personal Loan for UAE Nationals	Loan amount of up to AED 5 million	Loan duration of up to 48 months	Minimum monthly salary of AED 7,000	From 3.49 per cent variable interest rate per year
Personal Loans for Expats	Loan amount of up to AED 2 million	Loan duration of up to 48 months	Minimum monthly salary of AED 7,000	From 3.99 per cent variable interest rate per year

• Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank is another best-performing bank that offers personal loans for ladies at lower interest rates. The women applicants can simply go to the bank’s website and fill out the online application form to apply for their preferred personal loan type.

Type of Personal Loan	Loan Duration	Salary Overdraft	TouchPoints Eligibility	Interest Rate
Personal Finance for expats	Flexible repayment terms	Up to 2X Salary overdraft with flexible eligibility criteria	TouchPoints will be earned when the Net Loan Amount is AED 10,000 or above	Interest rate starting from 5.25 per cent interest rate per annum
Personal Finance for UAE nationals	Flexible repayment terms	Up to 3X Salary overdraft with flexible eligibility criteria	TouchPoints will be earned when the Net Loan Amount is AED 10,000 or above	Interest rate starting from 4.49 per cent interest rate per annum

The Bottom Line

If you are going through a financial crisis and need some funds, you must choose to apply for a personal loan. The major reason behind this is that you can use the loan amount to fulfil all kinds of financial needs. Additionally, if you have a good credit score, you can negotiate the interest rates with your bank. 

To explore your personal loan options, you can visit our website or contact our help and support team. Our financial representatives will analyse your financial needs and help you apply for a suitable loan option with great ease.