Online loan in UAE without salary transfer
Banks and numerous financial institutions offer online loans, so their clients get financial support. No matter in which situation you need a loan. You can use the debt for your wedding, paying bills, or school fees. It is not a secured type, so you will not provide the collateral. But, credit history is a major fact that contributes to the approval or rejection of the application. The option of an online loan in UAE without salary transfer is also easily available. Even, now many online lenders also have this loan offer.
Apply for an online loan process without a salary transfer
Some banks demand to transfer the salary before applying for online loans. But, many applicants do not want to transfer their salary. They want to keep their salary in their existing accounts. And, the salary transfer to some other specific account is also a separate process. So, Loans For Gulf allows you to get a loan without salary transfer. Therefore, in the UAE, the overall complete procedure for applying is quite simpler. Without any extra charges, you can get the debt amount.
However, the borrowers with a fixed salary get more priority especially when the salary per month is higher. The minimum salary should be 5000 AED. Before applying, you must know the criteria of salary requirements. On the opposite side, many of the applicants are not employees. And, they work for their own business. The number of years of working in the business with annual revenues considers for criteria in this scenario.
Reasons why people choose to avail of loans without salary transfer
Although salary transfer is not too hectic a step and not too time-consuming, people choose it because of their specific reasons. The banks have issued the complete name of the listed companies. If a borrower’s company is not on the list, then he opts this way for getting an online loan. Salary income plays a prominent role in it.
On the other hand, the transferring of salary is also not possible when someone already has taken a debt for urgent need. If you want to take a second loan, do apply with this online process.
Interest rates for online loans with no need to transfer your salary
In this case, you have the option of two different types of interest rates. You can choose which does not affect your financial status. And, you will easily pay off the amount. These rates are:
Flat interest rates
After the calculation of the principal amount, the flat rate decides. In this method, there is no consideration of the tenure. Both the repayment amounts and the interest rates are always constant till the end of the period. Normally, this rate is high than the other type. Its reason is that it will not decrease with repayments.
Benefits of flat rates:
It clearly helps in your planning of the finance. When you know about the fixed amount of repayment with the interest rate per month, you can make your budget accordingly. It gives you the best estimation of the installments. As a result, planning of the finances becomes an easier task.
The calculating process is easiest because of the fixed interest rates. Moreover, the EMI calculator is a helpful tool for calculation. You will only add some basic information like the debt amount and you will see the instant results performed by the calculator.
Reducing interest rates
It is different from the flat type of interest rate. It considers the principal amount after every repayment. It means that the total amount after the pay-off installment decides the interest rate. In this way, the total amount decreases in submitting the repayment monthly, so the interest amount also reduces. Therefore, this interest rate is in the name of reduction.
Benefits of reducing rates
The major positive side of this rate is that it reduces every monthly repayment. In this way, the financial burden is not higher because of not paying a higher interest amount every month. You will feel relaxed when you pay your installment with the reduced rate of interest.
Eligibility Criteria for online loans with no-salary Transfer
Check out these criteria and ensure you meet all of them. In case, you do not meet any of them, it becomes difficult to get approval.
Age: Age is the basic criterion and almost every lender set a limit of the age of at least 21 years. After 21 years old, anyone can take assistance with financial needs. The maximum age limit is different for a national and expats in the UAE. For a national applicant, it is 65 years. However, the age is 60 years for an expat.
Company listing: The employees from the listed company get more easily loans as compared to non-listed companies. You will get quick approval for a listed company with no-salary transfer. But, the non-listed employees also apply but they have to meet the other criteria including high income, etc.
Employment Status: An applicant must have an employment status. He should be a salaried or self-employed person. In UAE, this criterion makes a person eligible, otherwise not.
Income: The income source must be steady if you want to get the debt with no-salary transfer. Every financial institution is with a different limit for the minimum income.
Work experience: If you are working in a non-listed company, your working experience is also considered. Applicants with long employment history have more approval chances. Moreover, besides the company, some banks also have the criterion of working experience of at least six months. Then, a person becomes eligible.
The Loans For Gulf make an easier process of documentation for every National and Expat living in the UAE. These documents are compulsory and do not include the transfer of an applicant’s salary. One thing that you should keep in mind is that applying will not give surety of the approval. But, proper submission of the documents increases the chance of availing the debt. When you check out that you meet all the eligibility criteria, now it’s time to know about the mandatory documents:
Proper filling of the application form, fill out with all the necessary information
- Give proof of your identification through the Emirates ID and a Valid Passport
- The motive of a salary certificate is to show your employment status and your current income level.
- Banks will review your credit history, so submit the credit report. Before submitting, you should check the report and make sure it is without any errors.
- Copy of your bank statements but some banks utilize the central system to check applicant’s transactions
Above all are the basic documents but some lenders also demand more. So, you have to know about the terms that contain all the information about eligibility and the required documentation.
Tips for getting approval
Now, we will give you some tips that are helpful in getting approval immediately. First of all, the eligibility criteria must fully meet. Otherwise, your application will get rejected. The next important tip is to have an excellent credit score. The lenders will trust more on such applicants. Expats can also easily avail of the debt if they meet the criteria in the UAE. Mostly the tenure is up to four years for online loans, so you efficiently manage the expenses. We hope that now you learned all the aspects of non-salary transfer loans.