FAQ FOR PERSONAL LOAN

1. What are the main requirements to avail a Personal Loan?

• The applicant shall be employed in UAE, with a valid residence visa
• Minimum salary required is AED 5,000
• Payslips/bank statements of the past 3 months
• The applicant must be a minimum of 21 years

2. What is the maximum tenor for Personal Loans?

48 months

3. If my company is listed but my salary is transferred to another bank, can I still avail the Personal Loan?

Company needs to be listed to avail the personal loan . And STL is a commitment and customer has to transfer the same bank where he availed the personal loan without a clearance letter company should not transfer the loan to any other bank, may bank take legal action violating this. However, Salary transfer is customer choice if he or she does not plan to take the PL.

4. What are the different channels through which I could apply for a Personal Loan?

You may apply for the loan online through the website. Please click the link here to apply online.,
Contact us at 009714-2160825 to know more.

5. What is the time frame to process a Personal Loan?

The minimum time required to process the loan is 5 working days.

6. What is a Loan foreclosure or early settlement option in Personal Loans?

Pre-closure is a facility to settle the loan before completion of original loan tenor.

7. Are there any charges for a Personal Loan foreclosure / early settlement?

Early settlement charge is 1% of the outstanding principle, at the time of foreclosure.

8. What is Salary Transfer Letter (STL)?

Salary Transfer Letter is an undertaking letter given by the employer to the bank, in order to avail a loan facility.

9. If my employer is currently not approved by the bank can I still avail a Personal Loan?

Yes, you can avail a personal loan even if your employer is not approved by the bank. However, certain conditions apply.

10. If I have just joined a company in the UAE, will I be able to avail Personal Loan?

Yes, provided the employer is an approved company with the bank. Most of the bank condition is “ 6 months or Confirmation “.

And if company is not listed then certain condition apply for the loan

11. I have an existing salary transfer Personal Loan with other Bank in the UAE, can I avail Personal Loan?

Yes. However, you will have to transfer the loan facility to the new bank.

Yes. We will buy out the existing loan from the current Bank.

12. What is the interest rate charged on Personal Loans?

Different banks provide personal loans with different interest rates.. Early Approve provides loan with interest rates starting from 3.99%

Early approve helps you to get the lowest interest rates from the market

13. What is the maximum loan amount available with Personal Loan?

The maximum loan amount provided for the UAE nationals is AED 4 million, and for expatriates, AED 2 million is provided.

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