Personal loan for Non-Listed Companies in UAE
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Personal loan and Company being listed
One of the biggest reasons for the rejection of a personal loan in UAE is the applicant's company not being listed with the bank or the financial institution. With numerous small and big companies and a handful of financial institutions, it is possible that the company you are working for is not listed with any institution. Availing a personal loan in such a scenario can seem like an uphill task but there is help at hand.
What to do if your company is not listed?
Before you apply for a personal loan, try researching and finding out if your company is listed with any bank; your Human Resources department can help you with this information too. Even if your company is not listed with any financial institution, there is no reason to panic. Personal loan for non-listed companies is a concern most institutions have been trying to deal with too.
Most banks would want to see a proof of continuous income to consider your personal loan application if you are working with a non-listed company. Requesting your company to transfer your salary to the said bank can work to your advantage too. It is important to remember that there might be a limit on the amount of loan you can avail.
List of Personal loans for non-listed companies?
- Mashreq Neo Credit Instant Loan
- Mashreq Personal Loan for Existing Customers
- Emirates NBD Self Employed personal loan
- FAB Non Listed Company Personal Loan
Which banks offer personal loans for non-listed companies?
Many banks are relaxing their lending rules and offering loans to employees of companies not listed with them. Let’s look at some of them:
Mashreq Neo Credit Instant Loan
Features
- Loan amount AED 150,000
- Repayment plan 2 to 48 months
- Zero Documentation
- It only takes 5 minutes.
- No documentation or branch visits are required.
- It offers personalized interest rates.
- Salary transfer is not required.
Documents Required
- Valid Resident Visa
- Valid Passport copy
- Emirates ID
- Latest 3 months bank statements
- Salary certificate or Salary transfer letter
Click here for more details on Mashreq Neo Credit Instant Loan
Mashreq Personal Loan for Existing Customers
Features
- Instant Loan in 5 minutes
- Get 20x of your salary and as high as 2 million
- Enjoy low interest rates and 1st EMI deferral of 90 days
- Make Dreams into reality with personal loan Get AED 10,000 for unapproved companies
- Company approval is not mandatory
- Employment should be confirmed and working since 6 months or more
Documents Required
- Valid passport
- Resident Visa for Expats
- Emirates ID
- Minimum 3 months bank statements
- Salary transfer letter
- Salary Certificate
Click here for more details on Mashreq Personal Loan for Existing Customers
Emirates NBD Self Employed personal loan
If you are self-employed and wish to apply for a personal loan, you can do so through the bank’s website. To qualify, your business must have been operational for a minimum of two years and maintain a minimum balance of AED 50,000 for at least six months.
Features
- Should be UAE National or UAE resident
- Age should be between 21 and 60 years old
- Business should be in operation for at least two years or more
- Minimum balance in account should be AED 50,000 or more last 6 months
- Quick processing
- Simple Documentation
- Provides loans for Professionals and sole traders
Documents Required
- Valid passport
- A valid UAE residency visa and Emirates ID with copies
- Staff ID, Labor Card or Work ID
- A security cheque
Click here for more details on Emirates NBD Self Employed personal loan
FAB Non Listed Company Personal Loan
FAB Islamic Personal Finance offers Shariah-compliant solutions at competitive profit rates, whether you're planning to rent a home, travel, or fund your education.
Features
- Get AED 500,000 for both UAE Nationals and Expats
- Interest rate- 8.99% fixed rate
- Payment terms 48 months
- Salary requirement- AED 10,000
- Should have good credit score
- Should have completed 6 months of service
- Age- 21+ years
- Quick approval
- Simple documentation
Documents Required
- Valid passport
- A valid UAE residency visa and Emirates ID with copies
- Salary transfer letter/salary certificate addressed to FAB
- Bank statements for the last three months that show salary credits, especially if your salary isn't deposited into a First Abu Dhabi Bank (FAB) account.
Click here for more details on FAB Non Listed Company Personal Loan
With the launch of the credit scoring system in April 2017, more banks and financial institutions might start offering personal loans without considering the company you work for. You must keep in mind that the main reason behind creating a list of companies was to reduce the risk of lending. By keeping a healthy credit history and a good repayment record, if any, you can increase your chances of availing a personal loan regardless of the company you work for. Be wary of private lenders offering personal loans at exorbitant rates since they know that getting a loan for an employee of a non-listed company can be difficult. While most banks don’t stress on transferring the salary with them, it is better to do so as it establishes a relationship with the institution and helps securing higher amount of loans at relatively lower interest rates. Research well and talk to banks before you avail the loan.
What is the current situation in UAE regarding personal loan and company listing?
The credit scoring system launched by The Al Etihad Credit Bureau helps banks and financial institutions minimize the risk exposure during their lending activities. Before the launch of this system, banks would receive basic credit information about consumers applying for loans making credit decisions difficult. As a practice, banks started looking the company the applicants were working in to understand the stability of income of the prospective borrower. This was based on their observation that people working with stable organizations had a good credit and repayment history. Soon they developed a list of companies which they thought were stable and preferred lending to employees of these companies.
While every bank and financial institution developed its own set of criteria to list a company, they all looked into the number of years in business and financial records. This became the primary eligibility criteria for personal loans across financial institutions in UAE.