Salary Transfer Personal Loan in Dubai

The most convenient way of getting finances in Dubai is to apply for a personal loan that can easily meet your essential financial needs. You can use this loan for any purpose like home renovation, medical expenses, debt consolidation, etc. It is a sort of unsecured debt that does not need any collateral for its processing. However, it comes with both options of salary transfer and non-salary transfer. You have to choose which is suitable for you to handle any kind of financial crisis. 

With an easier way of applying for a salary transfer personal loan, the approval process of your application and disbursal of funds are also fast. But still, some individuals face difficulty in receiving this loan type due to inaccurate filling of the application form and not attaching of all required documents. That’s the reason Loans for gulf gives you amazing financial services by providing different loans. Their professionals also assist you in meeting the eligibility criteria.

Reasons to opt for salary transfer personal loans 

As compared to non-salary transfer loans, the salary transfer personal debt is exceptional due to numerous reasons. Firstly, its approval time is very short because when you transfer your salary to a lender bank, they will get surety that you are a more trusted borrower. Further, the interest rates are very attractive because lenders consider such applicants’ loan applications not risky. Lastly, you are eligible to apply for a higher debt amount. In short, personal loans with salary transfers have so many advantages that you should choose. But you also have to know about the eligibility criteria with the required documents.  

Key Features of Salary Transfer Personal Loans  

Following are the major features of taking a personal loan with the transfer of your salary. It is essential to transfer salary if you choose this debt type. Besides, the other prominent features are: 

Loan amount

All individuals in Dubai have a chance to get higher financial debts without the need to invest much time during the application process. Furthermore, the maximum limit of debt is more than 5000000 AED but the applicant must meet all other eligibility criteria of the lenders. 

Bank account

The transfer of salary is an important step in this debt. Therefore, the opening of a bank account is compulsory for borrowers. In this way, the monthly salary of the applicant will be directly transferred to the bank account. It is not a hectic task but you need little time to complete it. The bank’s professionals will guide you in easily doing it. 

Interest rates

In addition to outstanding benefits, another amazing point of this loan is that its interest rates are not higher. In Dubai, the personal debt interest rate starts from 2.55%. This rate is lower rate and most banks offer a loan with this rate. Loans for gulf is one of the most impressive lenders that provide lower rates of loans without the requirement of processing fees.  

Without collateral requirement

There is no need to provide the collateral because your monthly income will be directly deposited into your bank account. On the other hand, if you apply for a personal debt with non-salary transfer, then your lender may demand the collateral. In this scenario, the collateral makes your application stronger. Thus, if you want to save time, choose a salary transfer loan because it is without the demand for collateral. 

Additional good sides

Different bonus incentives are also available on this loan. Some banks offer the free opening of bank accounts to borrowers without any charges. Other positive sides include the complimentary credit cards. Besides, there is also full coverage of life insurance. 

Eligibility criteria for salary transfer personal loans 

A salary account is mandatory but you have to also meet all other eligibility criteria. If you have no salary account, then first open it and then do all other application processes. The important eligibility criteria are:  

  • All individuals including expats and nationals are eligible to avail of this debt. 

  • The age limit is different for expats and nationals. If you are a national, your age must be more than 25 years but for expats, the minimum age is 21 years. However, the maximum age is 60 years. 

  • Your salary account must be in the same bank from where you want to get the debt funds. 

  • Some banks prefer to give loans to only applicants of listed companies. However, the personal loan is easier to avail for every listed or non-listed company’s employees. 

The above criteria are general and the lender may have some different factors of eligibility also. So, make sure you know each and every detail of their eligibility and then apply for the loan. 

Required documents for personal loans with salary transfer  

This section of the blog gives you information about the required documents that must be attached to the application form. After correctly filling out this form, submit it with all the following documents: 

  • The lender checks the real identity of an applicant through a valid passport. So, you will provide a copy of your passport.   

  • The Emirates ID must be valid, so your application will never be rejected.  

  • You have to provide the details of your monthly income through a salary transfer letter. 

  • The bank statements are also the latest and if a bank requires a security cheque, you also need to submit it.   

These are general requirements of documents and sometimes there are more additional documents required to complete this process of applying. Then, you will receive the approval and the funds will be transferred to your bank account. The payment of repayments is also easier with automatic transfer of the amount from your account.