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Banks in the UAE offer countless options for expats to take loans. From education loans for students to co-applicant programs that family members can take together, the pool is very diverse. Many institutions are also offering quick online options for those looking to borrow money.
When it comes to personal loans, as per the Central Bank of the UAE, individuals may apply for a loan secured by the borrower’s salary and end of service gratuity, or any regular income they have from a well-defined source.
From eligibility criteria to rules for banks and applicants, here is how expats can take out a personal loan in the UAE.
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Age: Applicants must be 21 years of age to apply for a personal loan in the UAE. The maximum age to apply is between 60-65 years. Some banks may allow 18 year olds and above to apply for a loan.
Minimum income: An individual's minimum income should be between Dh5,000-8,000, depending on the financial institution.
Employment status: Applicants must show proof of employment and must be working for at least 6 months with a confirmed salary.
Credit score: Banks require a credit report to check if there are any active loans taken by the applicant, as well as checking their credit history. A good credit score means the borrower is capable to repay the loan.
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