If you’re thinking about applying for a personal loan in Dubai, you need to be aware of your options. Personal loans are available from different banks, with interest rates varying from one institution to another. The type of loan you want will also depend on what you’re looking to do with the money. You may opt for a salary account loan or a non-salary transfer loan. These types of loans are a great option for people who want to access additional funds without spending a lot of money.
Non-salary transfer loan:
Non-salary transfer personal loans in the UAE have different interest rates. In the case of a salary transfer personal loan, the lender requires that the applicant have an account with a bank where they receive their salary. Fortunately, most banks have tie-ups with employers, which makes it much easier for employees to apply for a loan.
The main benefit of these loans is that the interest rates are low, making them a popular choice for those with unplanned expenses. In addition, salary transfer and personal loans in the UAE require a stable employment history. Although a few lenders require that the applicant has been working with their current employer for at least six months, this varies from bank to bank. Applicants should work with a company that has a good reputation and a long history of satisfied customers, as this will help the lender determine if the applicant is trustworthy.
Top-up loans are the perfect option for many individuals who need a little extra cash. Depending on your credit standing and your needs, you can get up to 20 percent of your original loan amount. In some cases, this additional money can be used for home renovation and decorating or for emergencies. This flexibility makes them a popular choice for personal loans in UAE.
Salary account loan:
You can use your salary account to borrow money on certain occasions. This loan is a variable rate, open-end loan that is based on the amount of money you earn through your salary. You must repay the amount of money you borrowed plus the interest at the end of the loan term. This loan is not available to everyone. It can only be used by people who are 18 years old or older.