What Documents Are Required For A Personal Loan?

With personal loans in the UAE, you can enjoy quick access to funds for your personal requirements. However, you must also meet specific eligibility criteria and provide a few documents for verification.

 

Eligibility generally includes being a resident of the UAE, having a stable income, and maintaining a good credit score. Banks and financial institutions may also have age and employment duration requirements.

 

Required documents, on the other hand, generally include a valid Emirates ID, passport and visa copies, salary certificates or bank statements, and more. With all these measures, banks ensure that you are financially capable of repaying the loan. This provides security to both yourself and the lender.

 

Let’s understand the personal loan requirements and personal loan eligibility in UAE.

 

Who is Eligible for a Personal Loan in UAE?

Although the exact requirements will depend on which bank you choose for your loan, you can explore the fundamental eligibility criteria for personal loan in UAE below:

• Age - The personal loan eligibility in terms of minimum age is 21 years old. The maximum age to apply for a personal loan is usually between 60-65 years.
• Nationality - You must be either a UAE national or an expatriate to be eligible for a personal loan in the UAE.
• Salary - Most banks require you to have a minimum monthly salary of AED 5,000 to apply for a personal loan in the UAE.
• Employment Status - You must be a salaried employee or a self-employed individual to be able to apply for a personal loan.
• credit Score - Credit score requirements vary for each bank. However, you must at least have a minimum credit score of 550 to qualify for a personal loan.

 

 

Documents Required for Personal Loan Eligibility in UAE - All Categories

Having covered the eligibility part, we will now check out the standard personal loan requirements in terms of documents -

 

Documents for Personal Loan Salaried Individuals

 

• Emirates ID
• Passport
• Residence visa (applicable to expats)
• Latest 3-6 months’ bank statements
• Security Cheque
• Salary transfer letter or salary certificate

 

For New Loans: Self-Employed Individuals

 

• Emirates ID
• Passport
• Residence visa (applicable to expats)
• Latest 3-6 months’ bank statements
• Trade Licence

 

For Top-Up Loans

 

• Emirates ID
• Passport
• Residence visa (applicable to expatriates)
• Updated security cheque

 

For Switching Loans

 

• Emirates ID
• Passport
• Residence visa (applicable to expats)
• Updated security cheque
• Liability letter from the bank of the current loan
• Latest 3-6 months’ bank statements

 

Note: All the originals as well as copies must be valid. Furthermore, your bank may ask you to submit additional documents as per requirements.

Apply Personal Loans for Expats

 

In a Nutshell

Understanding the personal loan eligibility criteria and personal loan requirements in the UAE is essential for a smooth application process. Meeting the eligibility for personal loan in UAE, such as having a stable income and a good credit score, and the necessary documentation like Emirates ID, passport, visa, and salary proof, increases the chances of loan approval.

So before applying for a personal loan next time, make sure that all the criteria are met and documents are accurately provided for a hassle-free loan approval process.