No Salary Transfer Personal loan in UAE
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List of Personal loan in UAE without a Salary Transfer
Advantages
- Flexible tenure
- Quick processing
- High finance
Features
- Length of service should be minimum 6 months
- Need to provide salary transfer letter in Mashreq format
- Only Expats can apply for this scheme
Features
- Length of service should be minimum 6 months
- Need to provide salary transfer letter in Mashreq format
- Only Expats can apply for this scheme
- The loan is provided for a interest rate of 6.49%
- Minimum salary of AED 7,000 is required for an approved company. For non-listed companies, AED 10,000 is required.
- The reduction rate and the flat rate is 6.49% and 3.57%. 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 1,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1.05% of loan amount
Benefits
- Applicants can get up to AED 1,000,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme
- Credit Card, Cheque book and debit card is provided free along with this scheme
- Applicants can get finance for non-listed companies in UAE too
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- Loan repayment period is up to 48 months
- The rate is calculated on a reducing basis and varies between 14% and 23% depending on customer income and loan amount
- You require a minimum salary of AED 8,000 per month to be eligible
Features
- Loan repayment period is up to 48 months
- The rate is calculated on a reducing basis and varies between 14% and 23% depending on customer income and loan amount
- You require a minimum salary of AED 8,000 per month to be eligible
- It is not a requirement to transfer your salary to apply
- Maximum loan amount of AED 175,000
- 1% of outstanding principal is charged as Early Settlement fee
- Insurance is optional
- 1% of loan amount [Min AED500; Max AED2500] is charged as arrangement fee
Benefits
- No salary transfer required
- High Loan amounts up to AED 175,000
- Top up loan after 9 months
- Fast approvals
- Apply online from the comfort of your own home
- In principle approval in 10 minutes and get a decision in 24 hours
Features
- Quick and hassle-free documentation
- Can get pre-approval for the loan
- The maximum tenure of 4 years is provided
Features
- Quick and hassle-free documentation
- Can get pre-approval for the loan
- The maximum tenure of 4 years is provided
- Interest rate starts from 15.99% to 34.99% per annum
- A minimum salary of AED 5000 is required
Benefits
- Salary transfer is not mandatory
- Provides high loan amount
- Affordable monthly installments
- Quick processing of the loan
Features
- Repayment period is up to 4 years
- The reduction rate and the flat rate is 9% and 4.83%. This denotes that the computation done was a division of the reduction rate by 1.814
- The loan is provided for an interest rate of 18%
Features
- Repayment period is up to 4 years
- The loan is provided for an interest rate of 18%
- Minimum salary of AED 10,000 is required
- The reduction rate and the flat rate is 9% and 4.83%. 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 175,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Loan amounts of up to AED 175,000
- Convenient repayment periods of up to 48 months
- Financial freedom when you need it with competitive rates and extended repayment terms!
Personal Loan in UAE
The eligibility criteria for a personal loan in UAE involves several things amongst which salary transfer is mandatory at most of the banks. As personal loans are provided on no collateral banks expect the loan applicants to transfer salary to their respective bank accounts. This is basically to reduce the risk in getting the owed funds back.
But there are several banks understanding the need of the customers and providing a personal loan in UAE without salary transfer. This kind of loans are approved on low limitations but the rates and charges involved can vary when compared to the borrower who is transferring his salary.
Eligibility
| Features | Eligibility for NO salary transfer loan |
| Minimum Salary | AED 5000 |
| Age | 21 - 60 years |
| Nationality | Expats & UAE Nationals |
| Length of Work | Minimum 6 months to 1 year of service |
Documents Required
- 3-6 months bank statements
- Security cheques in the favor of the bank
- Salary Certificate
- ID Proofs like Emirates ID
- Passport
- Resident Visa
- Address proofs(utility bills)
Additional documents may be requested by banks
FAQs
⭐ Are expats eligible for a personal loan without salary transfer?
A. Yes, expats are eligible to avail personal loan in UAE without salary transfer.
⭐ Is their minimum salary requirement on no salary transfer loan?
A. Yes, there is a minimum salary requirement on salary transfer loans and the minimum salary required varies with banks.
⭐ Can I cancel the loan after approval?
A. Yes, loan approved can be canceled on paying some cancellation fees.
⭐ Is insurance cover provided on non-salary transfer loans?
A. Yes, you can avail insurance on non-salary transfer loans.
⭐ Is salary certificate mandatory?
A. Yes, salary certificate is a mandatory document for personal loans in UAE.
⭐ Do banks check credit score for non-salary transfer personal loans?
A. Yes, banks check the credit score before approving the loan application.
⭐ Do banks check DBR for non-salary transfer personal loans?
A. Yes, banks do check DBR which should be below 50%, for any kind of loans in UAE. Calculate your DBR using our Debt Burden Ratio Calculator
⭐ Do my company needs to be listed on the bank’s list?
A. Company listed with the bank criterion vary from each bank.
⭐ Is there any minimum work service required?
A. For a non-salary transfer personal loan, a minimum work service of 6 months is required.
⭐ Is partial payment facility available in this type of loan?
A. Yes, partial payment facility is provided on some partial payments charges which varies from each bank.
⭐ What are the additional benefits provided on personal loan without salary transfer?
A. Some banks provide a free debit card, credit card, cheque books, etc., on personal loan without salary transfer.
⭐ How do I know the monthly installments to be paid on the loan?
A. The monthly installments vary with the interest rate, loan amount borrowed, tenure and other factors. Use our Personal Loan Calculatorto calculate your monthly installments on loan.
⭐ Do we need to provide any collateral on non-salary transfer personal loan?
A. There is no collateral required on non-salary transfer personal loan.
⭐ What is the maximum tenure provided on the loan?
A. The maximum tenure provided on the personal loan without salary transfer is 48 months.
⭐ For how much amount the security cheque should be given?
A. A security cheque of loan amount approved should be given to the bank.