One of the most common reasons for a personal loan rejection in the UAE is that the applicant’s company is not listed with the bank or financial institution. The banking sector in the UAE is expanding on a daily basis. However, not every company can be listed. If your company is not listed, getting a personal loans in UAE becomes extremely difficult. Before applying for a personal loan, do some research to see if your company is listed with any banks. Human Resources department can also assist you with this information. There is no need to worry if your company is not listed with any financial institution. However, financial institutions are now taking steps to provide personal loan in UAE for non listed companies too.
These loans typically offer applicants up to AED 5 million for a flexible repayment period of four years. To qualify for a personal loan for a non-listed companies in UAE, you must have a monthly income of at least AED 5,000. But, before we jump to any conclusions, let us see the Interest Rates for Personal Loans without a listed company
Personal Loan Interest Rates for Non-Listed Companies in UAE
Personal loan interest rates in the UAE can be charged in two ways: as a flat rate or as a reducing rate.
Flat Interest:
A flat interest rate on the personal loan for non listed companies in UAE is one that remains constant throughout the loan’s term, and it ranges from 5% to 18% for Personal Loans without a Company Listing.
Reducing Interest:
Reducing interest is considered the best personal loan interest rate in the UAE because it decreases with each payment made by the loan borrower, and it ranges from 5% to 12% for Personal Loans without a Company Listing.
Personal loan interest rates for non-listed company employees are typically higher.
Top Banks Offering Personal Loan for Non-Listed Companies in UAE
Please see the table below for the banks that provide personal loan for non-listed companies in UAE.
Personal Loan in UAE for non-listed Companies
Loan Amount (AED)
Interest Rate
Tenure
ADCB Personal Loan for UAE Nationals
20 times the salary
Starting from 5%
4Years
FAB Islamic Personal Finance
AED 5,000,000
4.99% (reducing)
–
Mashreq Bank Personal Loan for Expats
AED 1,000,000
6.49% (reducing)
4Years
Mashreq Bank Employer/New to UAE Loan
AED 150,000
5.99% (reducing)
4Years
Emirates NBD Personal Cash Loan
AED 500,000
8.99% (reducing)
4Years
Emirates NBD Self-Employed Personal Loan for Professionals
AED 300,000
18.99%
4Years
Note: The information mentioned in the above table is subject to changes as per the discretion of the bank.
ADCB Personal Loan for UAE Nationals
ADCB Personal loan non-listed company offers competitive interest rates, higher multiples of salary as loan amount, flexible loan tenure, and simple eligibility requirements for UAE Nationals applying for this loan. It is one of the personal loans in UAE 5000 salary for non-listed companies.
ADCB Personal Loan Features
Minimum Salary – AED 5000
Maximum Tenure – 48 months
Interest Rate – 5%
Maximum Loan Amount: 20x salary
Processing Charge: 1.05%
Early Settlement Charge: 1.05%
High loan amount of up to 20 times of the salary
Easy documentation and approval
Up to three times salary overdraft
Up to 300 Touch Points for each AED 1,000
Competitive rates of interest
Facility of loan consolidation
Complimentary ADCB credit card
Coverage for involuntary employment loss
Credit life insurance
Eligibility Requirements
Minimum Salary – AED 5000
Salary Transfer
FAB Islamic Personal Finance
The mission of FAB Islamic Personal Finance is to provide all individuals in need with financial support. For this personal cash loan that the bank is offering, individuals who work for non-listed companies are also eligible.
Features
Minimum Salary – AED 10,000
Maximum Tenure – 48 months
Interest Rate – 4.99%
Maximum Loan Amount: 5,000,000
Processing Charge: 1.05%
Early Settlement Charge: 1.05%
High loan amount of up to AED 5,000,000 for UAE Nationals and AED 2,000,000 for expats
Grace period of 90 days up to the payment of first installment
Easy and minimum paperwork
Comprehensive personal life insurance cover
Quick approvals
Eligibility
Minimum salary required- AED 10,000
Minimum age of the applicant- 21 years
Employer must be a reputed private company, government, semi-governmental
Check out here for Personal loan in UAE 3500 salary for non listed company
Mashreq Bank Personal Loan for Expats
This Mashreq bank loan non-listed companies meets the borrowing requirements of salaried expats working in the UAE. Mashreq Bank aims to provide personal loans to customers within a day.
Features & Eligibility
Minimum Salary – AED 10,000
Maximum Tenure – 48 months
Interest Rate – 6.49%
Maximum Loan Amount: 1,000,000
Processing Charge: 1%
Early Settlement Charge: 1%
A minimum salary of AED 10,000 is needed
Monthly loan installment should not exceed 50% of the monthly income
Salary transfer to Mashreq is required
Maximum loan amount of AED 1 Million is provided
Tenure provided on the loan is 6 months – 48 months
The applicant needs to have a minimum of 6 months length of service or “confirmed” letter from the employer
Mashreq Bank Employer/New to UAE Loan
This Mashreq bank loan non-listed companies is available to individuals who have recently relocated to the UAE or changed jobs in order to assist them in settling and meeting their immediate personal finance needs. Mashreq Bank aspires to provide personal loans to customers within a day.
Features & Eligibility
Minimum Salary – AED 10,000
Maximum Tenure – 48 months
Interest Rate – 5.99%(reducing)
Maximum Loan Amount: 150,000
Processing Charge: 1%
Early Settlement Charge: 1%
A minimum salary of AED 10,000 is needed
Monthly loan installment should not exceed 50% of the monthly income
Salary transfer to Mashreq is required
The maximum tenure of 48 months is provided
Maximum finance of up to AED 150,000 is provided
Emirates NBD Personal Cash Loan
Emirates NBD aims to provide financial assistance to anyone in need. Applicants working in non-listed companies are also eligible to apply for the bank’s personal cash loan.
Features
Minimum Salary – AED 10,000
Maximum Tenure – 48 months
Interest Rate – 8.99%(reducing)
Maximum Loan Amount: 500,000
Processing Charge: 1%
Early Settlement Charge: 1%
High loan amount of up to AED 500,000
Flexible and long repayment tenure
Easy documentation & Approval
Available for both UAE Nationals and expats
Double insurance cover
Facility of 7-day loan return
About 560 ATMs available across the UAE
Eligibility
Minimum salary required- AED 10,000 (for those having existing auto loan or credit card with Emirates NBD) and AED 12,000 (for other bank account holders)
Up to six salary credits within six months long service with the present employer
Banking relationship of up to 12 months
Emirates NBD Self-Employed Personal Loan
These customized loans are available to qualified professionals. Because Emirates NBD recognizes their worth in society, they can easily obtain this personal loan.
Features
Minimum Salary – AED 20,000
Maximum Tenure – 48 months
Interest Rate – 18.99%(reducing)
Maximum Loan Amount: 300,000
Processing Charge: 1%
Early Settlement Charge: 1%
High loan amount of up to AED 300,000
Above 560 ATMs available across the world
Flexible and long repayment tenure
Easy documentation
Salary transfer is not compulsory
Self-employed professionals like accountants, architects, doctors, engineers, and more are eligible for the loan
Borrowers can miss a maximum of 2 consecutive installments in one year
Option for 7-days loan return
Complimentary Debit card & Bank account
Double insurance cover to the borrower
Eligibility
Minimum duration of business- 1 year
Minimum salary required- AED 20,000
Check out here for Personal loan in UAE 4000 salary for non listed company
Documents Required for Personal Loan in UAE for Non-Listed Companies
Application Form: To begin the application process, the applicant must submit a completed application form for a personal loans in UAE for non-listed company.
Bank Statement: The personal loan provider may request a bank statement from the applicant in order to assess their earning potential. Personal loans in the UAE for non-listed companies will require an impeccable banking history from the applicant.
Proofs: Applicants for personal loans in the UAE who do not have a company listing must provide ID and address proofs such as Emirates ID, passport and visa, utility bills, and other forms of government identification.
Salary Transfer: Certain personal loans in the UAE require the applicant to open an account with the loan issuer and deposit salary into it. A salary transfer certificate is typically required for these types of personal loans.
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