In today’s day and age, applying for personal loan in UAE has never been easier.
To make the process even simpler for you, we have curated this step by step guide on how to apply for a personal loan in UAE, along with tips and tricks that you should keep in mind. Continue reading…
A personal loan is unsecured in nature and so you do not require any guarantor or collateral to avail it. Due to which personal loans are procured for various personal requirements, some of which may be weddings, trips, higher education or even starting a new business. But have you ever thought of applying for a personal loan and wondered about the procedures to get one? Given below are the various ways of applying for a personal loan in UAE. But before that, let us know why you should apply for a personal loan in UAE.
Why should you opt for personal loans in UAE?
Over the last year, UAE has witnessed an enormous surge in financial lending as a result of the numerous benefits of personal loans. Go through the advantages listed below to know why we recommend you to opt for personal loans in the UAE.
- Personal loans are unsecured. You do not require collateral to obtain these loans.
- If you make regular payments for your pre-existing loans, you can enjoy the benefit of top-up loans. The borrowers can also enjoy low-interest rates, high loan amounts, and high tenures with top-up loans.
- Some of the personal loan lenders in the market offer free credit cards and debit cards. In most cases, these cards are free for the first year as well.
- The borrowers can also postpone their monthly installments for a personal loan in case of an emergency. They can do so for a fixed period in Dubai or any of the other Emirates.
Now that you know why you should apply for a personal loan in UAE, let us know the many ways of applying for a personal loan in UAE.
How to apply for a personal loan in UAE?
There are two ways by which you can apply for a personal loan in UAE. You can apply for a personal loan in UAE either through bank branches or through the online portals. The step-by-step methods of both of the processes are:
Online Application: Through the online portals like MoneyMall
- Online platforms are convenient and quick
- Online platforms can generally offer more generous personal loan rates in UAE
- You can use online portals to quickly compare online portals
- You are recommended to use the Personal Loan EMI Calculator
- Thus, this is the easiest way to find the lowest personal loan interest rate in UAE
Offline Application: Through bank branches or agents
To apply directly through a bank branch, the steps are:
- Visit the branch of the bank of your choice
- Fill in the application form for the personal loan
- Make sure that you take help from a bank representative to know more about the personal loan interest rate in UAE and other factors
So, you could apply for a personal loan either through the bank branch or via the online portal. Now all you have to do is choose the way that is the most convenient for you. But remember to keep the following tips in mind while you do so.
Things to keep in mind before applying for a personal loan in UAE
If you keep the following points in mind, you can avoid rejection of your application for a personal loan in the UAE
- Keep your employment history stable.
- Maintain a good credit score.
- Make sure that you make the payments on time.
- Do not miss an installment.
- Do not apply for a new loan before you clear the outstanding loans.
If proceeded with caution, personal loans can be the easiest way to go forward in UAE. They do not require any security for disbursal and are generally disbursed within a few weeks. They can, thus, be your best bet in times of several personal needs. We hope that this article helped you clear your doubts regarding personal loans.