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Personal loan for Self Employed individuals
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Details of Personal loan for Self Employed Individuals
3.03%
AED 8000
5.5%
AED 750000
1%
3.03%
Flat Rate
AED 8000
Minimum Salary
5.5%
Reducing Rate
AED 750000
Max Loan Amount
1%
Arrangement Fee
Advantages
- Free debit card
- Current account with no minimum balance
- Can avail top-up facility
Features
- Repayment period is up to 4 years
- The reduction rate and the flat rate is 5.5% and 3.03%. This denotes that the computation done was a division of the reduction rate by 1.814
- The loan is provided for a interest rate of 5.5%
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 5.5%
- Minimum salary of AED 8,000 is required
- The reduction rate and the flat rate is 5.5% and 3.03%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 750,000
- Early settlement fee is 1% of finance amount
- Takaful fee is 0.82% of the finance amount
- Arrangement fee is 1% of loan amount
Benefits
- High Finance amount is provided by the bank
- Availability of buy-out facility
- Determent facility available - maximum 2 times a year without additional profit
- Free Debit Card is provided along with this scheme
- Free Current Account is provided along with this scheme with no minimum balance requirement
3%
AED 8000
5.5%
AED 2500000
1%
3%
Flat Rate
AED 8000
Minimum Salary
5.5%
Reducing Rate
AED 2500000
Max Loan Amount
1%
Arrangement Fee
Advantages
- Free debit card
- Current account with no minimum balance
- Can avail top-up facility
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply for this scheme
- The reduction rate and the flat rate is 5.5% and 3%. This denotes that the computation done was a division of the reduction rate by 1.836
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply for this scheme
- Enjoy the benefit of competitive interest rates & Interest rates range from a low 5.50% to a maximum of 18% per annum (reducing).
- Minimum salary of AED 8,000 is required
- The reduction rate and the flat rate is 5.5% and 3%. This denotes that the computation done was a division of the reduction rate by 1.836
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 2,500,000
- Early settlement fee is 1% of finance amount
- Life insurance is provided at 0.82%
- Arrangement fee is 1% of loan amount
Benefits
- For every loan amount of AED 100,000 you can earn up to 500 Attijari points
- High Finance amount is provided by the bank
- Availability of buy-out facility
- Determent facility available - maximum 2 times a year without additional profit
- Free Debit Card is provided along with this scheme
- Free Current Account is provided along with this scheme with no minimum balance requirement
3.3%
AED 7500
5.99%
AED 730000
1%
3.3%
Flat Rate
AED 7500
Minimum Salary
5.99%
Reducing Rate
AED 730000
Max Loan Amount
1%
Arrangement Fee
Features
- Repayment period is up to 4 years
- The reduction rate and the flat rate is 5.99% and 3.3%. This denotes that the computation done was a division of the reduction rate by 1.814
- The loan is provided for a interest rate of 5.99%
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 5.99%
- Minimum salary of AED 7,500 is required
- The reduction rate and the flat rate is 5.99% and 3.3%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is not mandatory to transfer your salary to apply for this scheme
- Finance up to AED 730000
- Early settlement fee is 1% of finance amount
- Takaful fee is 0.5% of the finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Arab bank provides loan boy-out facility
- About 45 days grace period is provided by the bank
- Loan application processing is fast
- A dedicated manager will assist you all throughout the process
Personal loan for Self Employed
Personal loans are not restricted to salaried individuals. Even Self employed individuals with a guaranteed source of income can get a personal loan in UAE. Banks provide loans for non-salaried individuals on no collateral requirement. It can be a hassle free process if the loan applicant has all the required documents.
Features
- Maximum finance of AED 1500,000 is provided(varies with Nationality, Business Turnover)
- A minimum income of AED 20,000 is required
- Some banks request minimum annual sales turnover
- The finance is provided on the Flat rate or Reducing rate basis
- Flat rate starts from 8% p.a.
- Reducing rate starts from 14% p.a.
- Loan processing fees of 1%-2% are charged
- Maximum loan duration is 4 years
- Provides credit card, cheque books, insurance, etc., as complimentary
Eligibility
- The loan applicant must have a minimum income of AED 20,000 (depends on the bank)
- Both UAE Nationals and Expats are eligible
- The loan applicant must be of minimum 21 years
- Length of business must be of more than 2 years (varies with each bank)
- Minimum Annual Sales Turnover varies with each bank (depends on the bank)
- 6 Months average balance of AED 25,000 is required (depends on the bank)
Documents Required
- Trade Licence/Professional Licence
- Signed Memorandum
- Articles of Association of the business
- Power of Attorney
- Latest 6 months bank statements
- Emirates ID
- Passport (for expats)
- Resident Visa (for expats)
- Address Proofs (Utility Bills)
FAQs
⭐ What is the minimum tenure provided?
A. The minimum tenure provided is 6 months.
⭐ Can we avail partial payments facility?
A. Yes, you can clear the loan on partial payments but banks levy some partial payments charges.
⭐ Do I need to provide any collateral on the loan?
A. No collateral is required on the personal loan for non salaried individuals.
⭐ Do I need to maintain an account at the bank I get a loan?
A. Opening/Maintaining an account varies with each bank.
⭐ Do banks check credit score for non salaried individuals as well?
A. Yes, credit score is an important criterion bank check before approving any loan.
⭐ Do I get any payment holidays?
A. Installment holiday benefits are provided at few banks.
⭐ Do I get a loan for business less than a year of service?
A. Most of the banks in UAE provide personal loans for self employed only if the length of business is minimum 2 years.
⭐ How do I provide income proofs?
A. Self employed individuals need to provide bank statements as one of the income proof documents. Other documents vary with banks.
⭐ Can non-residents apply for personal loan for self employed?
A. No, only UAE residents are eligible to apply for Personal loan in UAEfor self-employed persons.