Connector April 2024

CONNECTOR.AE 48 CONNECTOR.AE 49 Lifestyle Lifestyle that only 30% of the income or pension salary is deducted. How Can You Apply For A Personal Loan In The UAE Before applying for a loan, it’s crucial to engage in financial planning to assess your need for the loan and devise a repayment strategy. Once you’ve completed this step, begin your research. Start by selecting a bank and reviewing its monthly instalment plans. Determine the amount you can borrow based on your preferences. Then, either visit the bank or apply for the loan online. Here’s a breakdown of the steps involved: Applying through a bank branch: 1. Visit your chosen bank branch. 2. Complete the personal loan application form. 3. Seek assistance from a bank representative for details on interest rates and other factors. Applying through the online portal: 1. Use online portals to compare offers quickly. 2. Utilise the personal loan easy monthly instalments calculator for guidance. 3. Compare, research and analyse to find the lowest personal loan interest rate in the UAE. Documents You Need To Submit While Apply For A Personal Loan The bank requires the following documents to process your loan. If you don’t have any of them, or if you have any questions, the bank will help you with queries. Documents required for personal loan processing: Application Form: Complete the personal loan application form provided by the bank. ID Proof: Present a valid passport, UAE residency visa, and Emirates ID as proof of identity. Residency Proof: Provide documentation confirming residency in the UAE. Bank Statement: Provide bank statements from the last 3 to 6 months to demonstrate financial stability. Salary Certificate: Submit your latest salary certificate as proof of income. Security Cheque: Some banks may require a security cheque for loan processing. Additional Documentation: Depending on the bank’s requirements, you may need to provide staff ID, labour card, or work ID, as well as a salary transfer letter if applicable. How Will You Receive The Funds Once Your Loan Is Approved? Once the fees and charges are deducted, the loan amount will be deposited into your bank account. If you have multiple accounts with the bank, the loan amount will be credited to the one specified in your application. For loans from a bank where you don’t have an account, the amount will be issued as a manager’s cheque (a cheque issued by the bank drawn upon itself and can be encashed by the bearer) to your account at another local bank. APPLY FOR LOAN