The loans can be divided into different categories such as company loans, personal loans, etc. In this blog, we are going to discuss the personal loan. Many expats in UAE do not know how they can get a personal loan. We are going to share the best personal loan for expats in UAE as well. For sure this is going to help you if you are thinking about applying for a personal loan in the UAE.
What Is A Personal Loan?
Before we dig into the details of low interest personal loans let’s understand the idea of personal loans.
A personal loan is a loan by the individual for personal needs that may include personal investments too. A personal loan usually carries three elements;
- Promissory Note
- Borrowed amount or Principal
- Interest Rate
Once the borrowed money is given back to the lender the promissory note will be retired. In case if the lender does not get the back money back at the promised time the legal action can be taken against the borrower.
Types of Personal Loans
The two types of personal loans are secured and unsecured.
Secured Personal Loan: Uninsured personal loans are not collateral provided. Based on the economic background, the chooses if the lender qualifies.
Secured Personal Loan; Few lenders often offer secured loans if they don’t qualify for an unsecured loan or if they want a low interest personal loan.
From Where Investors Can Borrow Money?
For investment of course you need money, and the question is from where you can get the money so how could you invest? Many companies and individuals have a concept that only banks provide personal loans. This idea is wrong as many other financial institutions such as consumer finance companies, peer-to-peer institutions, etc. also offer personal loans. Of course on priority you can contact the bank for the personal loan because of the low interest rate. Such as from Mashreq bank where you can get a very low interest rate. If you dont get them due to any issue, then you may go for other companies such as peer to peer institutions, or finance companies.
Best Personal Loan For Expats in UAE
Mashreq Expatriates’ is the best personal loan for expats in UAE that satisfies the credit criteria of the working employees in the UAE. Mashreq bank ensures the delivery of a personal loan for expats in UAE within 24 hours.
High Loan Range
Loan sums amount to 20 times the number of salaries at an AED 1 million value.
Adaptable term of payment
Mashreq bank is offering a great flexibility in the adaptable term of payment. Tenure of repayment is up to 48 months which exceeds 60 mths. for Ministry of Defence employees.
Unlike other banks, Mashreq bank offers a quick approval and fast delivery of loan. You just need to apply online and after some process you will get the loan approval
Requirements For Personal Loan for Expats in UAE
Following requirements and paperwork are mentioned on the Mashreq bank website;
- Valid Passport with residence visa page
- Valid Emirates ID
- Latest 3 Months Bank Statements with salary credits
- Employer salary transfer letter as per Mashreq format OR Salary Cert. for Govt./ Semi Govt. employees
Minimum Salary Limit
The minimum salary limit determined by the Mashreq bank 7,000 AED (authorized undertakings) & 10,000 AED (unapproved companies).
Service period or ‘proven’ with current employer minimum 6 months
Not compulsory to be hired for eligibility by an authorized organization.
Mashreq bank offers the ultimate solutions to the financial issues of its customers. It provides personal loans for expatriate employees as well. If you are looking for low interest personal loans then Mashreq bank is the best choice in the UAE. The easy and smooth loan process emits the possibilities of delay without fail.