Loans for Expats in UAE: Know the Criteria

Almost every expat in the UAE faces difficulty in managing their personal expenses. Such individuals are the UAE’s foreign residents instead of residents. All banks & financial institutions offer different Loans for Expats in the UAE as well. Further, some lenders require the applicants’ transfer of salary and some do not require it. The offering of loans to expatriates is a little different than residents. For instance, the residents can have higher debts as compared to any expat. And, if you want to get a loan with minimum requirements, an online lender is a suitable option. After checking your basic documents of identification & employment, Loansforgulf provides the loan as per your choice. Here, we are explaining the most impressive financial options to solve your issues wisely.    

Loans Interest Rates for Expats

It is a basic rule of every lender that the borrowers repay the loan amount with the inclusion of interest. This interest amount will be added to your monthly payments that you will pay mandatory. Otherwise, the delay or missing of payments will lead to loan default. Just like residents, the ex-pats also have choices of both kinds of interest rates:   

Flat rates: This rate will remain the same till the end of the tenure. It means you will pay the monthly installments of the same amount during the whole repayment period. Usually, its range starts from 3%. 

Reducing rates: Its rate is a little higher than flat and it starts from 5%. But with time the monthly payments will reduce due to a reduction in this interest rate. 

 Personal loans for expatriates 

The personal loans come with the option of higher amounts even for expatriates also. But the requirement is that you choose this loan with the feature of salary transfer. However, if you want to apply for a non-salary transfer personal loan, then the maximum amount of debt is not higher. For all those applicants who earn higher monthly salaries, the range of debt is up to one million AED. Its repayment duration is also flexible. You can repay within the period of 48 months. This loan’s approval time is also fast if you meet the criteria. Within 24 hours, the funds will disbursal. 

Car Loans in UAE  

Car loans in UAE are common because everyone wants to buy their dreamy car. With the help of this loan, you can easily achieve your dream of buying your own car no matter if you are a resident or expat. Some banks offer this debt to only salaried expatriates. You have to check the lender’s terms for offering this loan to expats and then apply. In general, the interest rates for these debts are higher than the personal kind of debt. Thus, people also choose personal debt for the buying of a car.  

Mortgage loans for ex-pats 

The purpose of a mortgage loan is to purchase any property like a new house. Many expats live in rental house and the rent of such houses are higher. So, the lenders provide a convenient way of saving your money for not paying the rent of the house. When you avail a mortgage loan, you will get enough funds to buy your own home. But there is a requirement of a 20% initial deposit for the buying of property. Then the lender offers the remaining 80% of the property’s value.   

Loans Eligibility criteria for expats  

If you are a foreign resident of UAE and struggling in your financial life, do not worry. UAE’s lenders are providing the best types of loans but it is essential to meet all the requirements of eligibility criteria. Without meeting these criteria, you are not eligible to qualify. You can get these financial options all over the country. Every lender has their own criteria but the most common of them are:  

Age limit: 

Age limit is a basic factor of criteria. The applicant’s age must be more than 21 years old to apply for any kind of debt in the United Arab Emirates. And, the maximum limit age is from 60 to 65 years depending on the lender’s terms for expatriates. 

Monthly income: 

Firstly, your employment matters a lot. You will only avail a loan if you are working in this country. Every bank decides its specific criterion of minimum monthly income. All expats must earn more than this limit. Most lenders demand of minimum income between five thousand to eight thousand AED.    

Credit score & history: 

Credit history is a sign of applicants’ sincere nature toward paying off their debts on time. From the credit bureau, you can easily get your credit report which contains the complete details of your repayment history. A good credit score also gives you many benefits including availing of debt with lower rates. If you are worried about having not good credit score, Loansforgulf will help you. This financial company offers loans to borrowers with low scores also. So, you will effortlessly solve your financial issue by getting a debt.   

Residency proof: 

It is crucial for expatriates to provide proof of their residency which includes the submission of their passports and visas. Both passport & visa must be valid and then a borrower will be eligible.