Personal Loan for Non-Listed Companies in UAE

One of the most common reasons for a personal loan rejection in the UAE is that the applicant’s company is not listed with the bank or financial institution. The banking sector in the UAE is expanding on a daily basis. However, not every company can be listed. If your company is not listed, getting a?personal loans in UAE?becomes extremely difficult. Before applying for a personal loan, do some research to see if your company is listed with any banks. Human Resources department can also assist you with this information. There is no need to worry if your company is not listed with any financial institution. However, financial institutions are now taking steps to provide personal loan in UAE for non listed companies too.

These loans typically offer applicants up to AED 5 million for a flexible repayment period of four years. To qualify for a personal loan for a non-listed companies in UAE, you must have a monthly income of at least AED 5,000. But, before we jump to any conclusions, let us see the Interest Rates for Personal Loans without a listed company

Personal Loan Interest Rates for Non-Listed Companies in UAE

Personal loan interest rates in the UAE can be charged in two ways: as a flat rate or as a reducing rate.

Flat Interest:

A flat interest rate on the personal loan for non listed companies in UAE is one that remains constant throughout the loan’s term, and it ranges from 5% to 18% for Personal Loans without a Company Listing.

Reducing Interest:

Reducing interest is considered the best personal loan interest rate in the UAE because it decreases with each payment made by the loan borrower, and it ranges from 5% to 12% for Personal Loans without a Company Listing.

Personal loan interest rates for non-listed company employees are typically higher.

Top Banks Offering Personal Loan for Non-Listed Companies in UAE

Please see the table below for the banks that provide personal loan for non-listed companies in UAE.

1. ADCB Personal Loan for UAE Nationals, 20 times the salary Starting from 5% : 4Years Loan tenure
2. FAB Islamic Personal Finance AED 5,000,000 4.99% (reducing) –
3. Mashreq Bank Personal Loan for Expats AED 1,000,000 6.49% (reducing) : 4Years Loan tenure
4. Mashreq Bank Employer/New to UAE Loan AED 150,000 5.99% (reducing) : 4Years Loan tenure
5. Emirates NBD Personal Cash Loan AED 500,000 8.99% (reducing) : 4Years Loan tenure
6. Emirates NBD Self-Employed Personal Loan for Professionals AED 300,000 18.99% : 4Years Loan tenure

Note: The information mentioned above is subject to changes as per the discretion of the bank.

ADCB Personal Loan for UAE Nationals

ADCB Personal loan non-listed company offers competitive interest rates, higher multiples of salary as loan amount, flexible loan tenure, and simple eligibility requirements for UAE Nationals applying for this loan. It is one of the personal loans in UAE 5000 salary for non-listed companies.

ADCB Personal Loan Features

• High loan amount of up to 20 times of the salary
• Easy documentation and approval
• Up to three times salary overdraft
• Up to 300 Touch Points for each AED 1,000
• Competitive rates of interest
• Facility of loan consolidation
• Complimentary ADCB credit card
• Coverage for involuntary employment loss
• Credit life insurance

Eligibility Requirements

• Minimum Salary – AED 5000
• Salary Transfer

FAB Islamic Personal Finance

The mission of?FAB Islamic Personal Finance?is to provide all individuals in need with financial support. For this personal cash loan that the bank is offering, individuals who work for non-listed companies are also eligible.

Features

• High loan amount of up to AED 5,000,000 for UAE Nationals and AED 2,000,000 for expats
• Grace period of 90 days up to the payment of first installment
• Easy and minimum paperwork
• Comprehensive personal life insurance cover
• Quick approvals

Eligibility

• Minimum salary required- AED 10,000
• Minimum age of the applicant- 21 years
• Employer must be a reputed private company, government, semi-governmental

Mashreq Bank Personal Loan for Expats

This Mashreq bank loan non-listed companies meets the borrowing requirements of salaried expats working in the UAE. Mashreq Bank aims to provide personal loans to customers within a day.

Features & Eligibility

• A minimum salary of AED 10,000 is needed
• Monthly loan installment should not exceed 50% of the monthly income
• Salary transfer to Mashreq is required
• Maximum loan amount of AED 1 Million is provided
• Tenure provided on the loan is 6 months – 48 months
• The applicant needs to have a minimum of 6 months length of service or “confirmed” letter from the employer

Mashreq Bank Employer/New to UAE Loan

This?Mashreq bank loan?non-listed companies is available to individuals who have recently relocated to the UAE or changed jobs in order to assist them in settling and meeting their immediate personal finance needs. Mashreq Bank aspires to provide personal loans to customers within a day.

Features & Eligibility

• A minimum salary of AED 10,000 is needed
• Monthly loan installment should not exceed 50% of the monthly income
• Salary transfer to Mashreq is required
• The maximum tenure of 48 months is provided
• Maximum finance of up to AED 150,000 is provided

Emirates NBD Personal Cash Loan

Emirates NBD aims to provide financial assistance to anyone in need. Applicants working in non-listed companies are also eligible to apply for the bank’s personal cash loan.

Features

• High loan amount of up to AED 500,000
• Flexible and long repayment tenure
• Easy documentation & Approval
• Available for both UAE Nationals and expats
• Double insurance cover
• Facility of 7-day loan return
• About 560 ATMs available across the UAE

Eligibility

• Minimum salary required- AED 10,000 (for those having existing auto loan or credit card with Emirates NBD) and AED 12,000 (for other bank account holders)
• Up to six salary credits within six months long service with the present employer
• Banking relationship of up to 12 months

Emirates NBD Self-Employed Personal Loan

These customized loans are available to qualified professionals. Because Emirates NBD recognizes their worth in society, they can easily obtain this personal loan.

Features

• High loan amount of up to AED 300,000
• Above 560 ATMs available across the world
• Flexible and long repayment tenure
• Easy documentation
• Salary transfer is not compulsory
• Self-employed professionals like accountants, architects, doctors, engineers, and more are eligible for the loan
• Borrowers can miss a maximum of 2 consecutive installments in one year
• Option for 7-days loan return
• Complimentary Debit card & Bank account
• Double insurance cover to the borrower

Eligibility

• Minimum duration of business- 1 year
• Minimum salary required- AED 20,000

Documents Required for Personal Loan in UAE for Non-Listed Companies

• Application Form:?To begin the application process, the applicant must submit a completed application form for a personal loans in UAE for non-listed company.
• Bank Statement:?The personal loan provider may request a bank statement from the applicant in order to assess their earning potential. Personal loans in the UAE for non-listed companies will require an impeccable banking history from the applicant.
• Proofs:?Applicants for personal loans in the UAE who do not have a company listing must provide ID and address proofs such as Emirates ID, passport and visa, utility bills, and other forms of government identification.
• Salary Transfer:?Certain personal loans in the UAE require the applicant to open an account with the loan issuer and deposit salary into it. A salary transfer certificate is typically required for these types of personal loans.