Your monthly income plays a significant role in determining your eligibility to receive a personal loan. If you earn AED 5000 or more, it will be easy to get a personal loan. With a salary of AED 3,000, it might be difficult to get a personal loan. This is not to say that there is no personal loan in UAE 3000 salary.
These personal loans are usually unsecured and require minimal documentation and no collateral. You can use the loan to meet emergency financial needs and expenses related to marriage and education. However, they come with some requirements that you must meet to access the loan. Here in this article, we will explore the best lenders where you can access a personal loan in UAE 3000 salary.
Can a 3000 Salary Earner Get a Personal Loan in UAE?
The answer is yes. You can get a personal loan in UAE as an individual earning AED 3,000, To apply for a personal loan in the Emirate, you are required to have a salary of AED 5,000. There are financial institutions that accept applicants who earn a monthly salary of AED 3,000, but they are limited.
What are the Documents Required for Personal Loan in UAE 3000 Salary
The income requirements might differ among lenders. However, here are the general documents you will be asked to submit when obtaining a personal loan as an AED 3000 earner.
- Valid passport
- Valid residence visa
- Valid Emirates ID
- Original salary transfer certificate
- 3 or 6 months’ bank account statements
- Proof of salary, such as a salary slip (for employed individuals)
- Valid trade license (for self-employed individuals)
Personal Loan in UAE 3000 Salary
Here are the top financial institutions that provide personal loans in UAE for people earning AED 3000 Salary per month:
1.RAKBANK Personal Loan
Rakbank, the National Bank of Ras-Al-Khaimah PJSC, is a well-established publicly-traded company that provides shariah-compliant financial services throughout the UAE.
This is one of the most sought-after financial institutions in the UAE because it offers personal loans at competitive interest rates to both nationals and expatriates. Rakbank is a good lender, where you can get a personal loan in UAE 3000 salary basis.
To be eligible to access a personal loan on Rakbank, you must be working with a public or private sector firm or the government that meets the minimum salary eligibility requirements of AED 3000 with a salary transfer.
Additionally, you must be up to 21 years old, have been employed or self-employed for a minimum of 3 to 6 months, and have a credit score equal to or above the bank’s predetermined limit. As a UAE national, you must complete your repayment at age 65, while for expatriates, you must reach 60 years.
2. Dubai Islamic Bank Personal Loan
Dubai Islamic Bank, popularly known as DIB, is a renowned financial institution in the UAE. It provides personal in UAE 300 salary earners at 5% interest per annum. This loan is a good choice for individuals who need emergency funds to meet pressing needs for education, rent, or medical reasons.
Also, it offers substantial loans, where UAE nationals can borrow up to AED 4 million and expatriates up to AED 2 million. The repayment plan is flexible and is up to 48 months. As an arrangement fee, the bank charges AED 1000. This bank offers highly Shariah-compliant Islamic services that cover a lot of insurance and finance-related offerings. Dubai Islamic personal loan is broken down into five classifications, and they are:
a) Dubai Islamic Bank Al Islami Goods Finance for UAE Nationals
The Dubai Islamic Bank AI Islamic Goods Finance Provides personal loans to finance sharia-compliant goods, including furniture, electronics, jet skis, and boars. It has a low salary requirement. That means, you can access it as an AED 3000 salary earner. This personal loan is only eligible for UAE nationals, and the maximum amount you can borrow is AED 4000000, but your profile will determine the maximum amount you are eligible for. The interest rate is 6%, and the reducing rate is 11%. The early settlement fee is 1/05%.
b) Dubai Islamic Bank Al Islami Services Ijarah for UAE Nationals
This provides finance to purchase goods such as electronics, furniture, and other Sharia-compliant goods. Also, you can use the loan to fund services such as travel, education, weddings, and rent. It has a longer tenure at a flat interest rate of 6%, at a reducing rate of 11%. The documentation is seamless, and you are required to pay an early settlement fee of 1% when the loan is approved.
c) Dubai Islamic Bank Al Islami Goods Finance for Expats
Dubai Islamic Bank offers AI Islamic finance for expats who earn as little as AED 3000. It offers high personal loan amounts of up to 2000000 at a flat rate of 6% and a reducing rate of 11%. You can use the loan amount for funding-compliant goods, and the early settlement fee is 1.05%. This specific type of loan is specifically for expats living in the UAE.
d) Dubai Islamic Bank Al Islami Services Ijarah for Expats
This specific Dubai Islamic loan service is for ex-pats who need funds to finance services such as travel finance, education, weddings, rent advances, and other Sharia-approved services. The maximum loan amount is AED 2000000, and the interest rate is 6% for fixed and 11% for reducing rate. Also, after loan approval, you will pay an early settlement fee of 1.05%. Additionally, the loan term is longer and fixed.
e) Dubai Islamic Bank Personal Finance
The Dubai Islamic Bank offers a quick loan approval process for amounts ranging up to AED 4000000. To access this loan, your company must be listed with the bank, and a salary transfer is mandatory. The early settlement fee is 1.05%, the flat rate is 6%, and the reducing rate is 11%.
3. ARAB Bank Personal Loan
If you are looking for a good lender for a personal loan in UAE 3000 salary, then the Arab Bank is a safe choice. The Arab Bank is a respected financial institution in the UAE that provides banking and financial services.
One of the financial services it offers is personal loans. It offers personal loans at an interest rate of 5.99%. This has no required minimum salary requirements. As a salary earner of AED 3000, you can borrow up to a maximum loan amount of AED 550,000.
To access a personal loan at Arab Bank, you must be up to 21 years of age, currently working with a company or firm for at least 3 to 6 months, and this goes if you are self-employed. The repayment term is flexible, and at the time of loan maturity, the UAE nationals must be at least 65 years old, and the expatriates at least 60 years old.
4. Deem Finance Personal Loan
Deem Finance is one of the top Lenders known for quick approval time and hassle-free application without much documentation and paperwork. Depending on your eligibility, you can access a personal loan in UAE 300 salary at the interest rate of 15.99% and 34.99% per annum.
One of the top features of the Deem personal loan is that you get to enjoy the service of Deem Credit Life Plus. This feature helps to cover your loan’s outstanding amount in the event of an unfortunate occurrence such as a terminal illness or death. The loan term is usually 1 to 4 years.
5. ADCB Personal Loan for Expatriates
ADCB offers personal loans to expatriates in the UAE who earn as little as AED3000, at the interest rate of 5.75% per annum. For every loan amount of AED 1,000 you collect, you stand a chance to earn up to 300 TouchPoints.
One of the good things about this bank is that it offers you a free credit card. Also, you can use the loan consolidation service. The documentation process is super easy, and you get credit life insurance as their customer.
Personal Loan in UAE Calculator
A personal loan calculator is a great tool that helps you to know how much you can borrow and the total repayments you will make each month. The three above-stated banks and many others have loan calculators you can access via their website. For instance, to access the personal loan calculator at Rakbank, click on the link. All you have to do is input the amount you want to borrow and calculate the repayment.
RAKBANK Personal Loan in UAE 3000 Salary
Rakbank is one of the most respected and established banks in the UAE that offers personal loans. The Rakbank personal loan in UAE 3000 salary comes at an interest rate of 5.24% to 19.99% reducing the rate per annum. To be eligible for a personal loan on Rakbank, you must be working with a public or private sector firm or the government that meets the minimum salary eligibility requirements of AED 3000 with a salary transfer.
Additionally, you must be up to 21 years old, have been employed or self-employed for a minimum of 3 to 6 months, and have a credit score equal to or above the bank’s credit limit. As a UAE national, you must complete your repayment at age 65, while for expatriates, you must reach 60 years.
Personal Loan In UAE 3000 Salary For Non-Listed Company
Yes can get a personal loan in UAE as an employee for a non-listed company and earn 300 salary income, but the problem is that your options might be a bit limited. Every financial institution or bank sets its specific loan amount and It is usually smaller if you work with a non-listed company.
First, they have to check your employment record, and if the company you worked for is an established one, whether listed or no-listed. If you work with a company with a good working record, it makes it easier for you to access loans.
A personal loan in UAE 3000 salary for a non-listed company repayment term is usually a maximum of 4 months. Also, you might not be charged a higher interest rate for working for a non-listed company. It is advised that you maintain a good credit score, as it will increase your eligibility level. The loans are usually open for UAE nationals and expatriates from 21 to 60 years.
What Is the Maximum Personal Loan Amount That I Can Borrow in the UAE?
UAE, the financial institutions do have a set limit on the maximum personal loan amount they give out. There is a rule amongst many of them that the loan amount must not exceed 20 times the borrower’s total income. This is to ensure that the borrower can repay the loan without incurring additional debt.
The repayment personal usually extends to 48 months and the monthly instilment repayment should not be more than half of the borrower’s income. These regulations help to protect borrowers from getting trapped in the debt cycle and to encourage responsible lending practices.
Conclusion
Obtaining a personal loan in the UAE with a monthly salary of 3,000 AED can be challenging, especially if you work for a non-listed company. The strict income and employment requirements of many traditional lenders can make it difficult for individuals in this income bracket to secure a loan. However, it’s not impossible, and there are potential avenues to explore, such as alternative lenders, co-signers, collateral, or improving your credit score.
