Personal loans are considered the best solution for sudden or planned expenses or even for investments that will cost you a lot of money but must be covered as soon as possible. Banks are the traditional institutions providing personal loans; however, they usually have inflexible requirements and it would oftentimes take a significant amount of time to approve loans.
Residents in UAE must know that top banking institutions in this emirate have made the process a lot easier for people who are capable of providing all the requirements and meet the other criteria for approval. In fact, the loan can be approved and that the money can be released in less than hour. Indeed, loan application and approval has become fast and easy.
Requirements For Personal Loans Eligibility
First, applicants must be an expatriate resident aged between 21 and 65 years or a UAE National aged between 21 and 65 years and can provide a valid document showing that he or she is earning a minimum salary of AED 7,500. In some situations, applicants need to provide added documentation for 12-month personal loans. After they are completed, they will not be charged with the pace of approval.
But despite the fast approval, it is very important to emphasize that it is conditional depending on the information provided. Thus, you must be very careful in answering inquiries as well as in completing necessary documents. Most importantly, make sure that there are no unneeded details that could make you appear doubtful. Apart from that, be aware that the approval is subject to the validation of information and documentation provided. Moreover, banks can withdraw the offer whenever necessary.
Another crucial information regarding getting a personal loan in UAE is that the maximum approved loan amounting to AED 750,000 is eligible for UAE nationals only whereas for expats, they are only allowed to apply for a maximum of AED 500,000. Apart from that, secured loans have some perks like a “Book 1 Night, Get 1 Free” hotel voucher booklet worth AED 150,000. Moreover, if your personal loan is approved, you will receive a fee-free credit card for quicker access to money anywhere in the world. Finally, you might event score the opportunity to top-up your personal existing loan back to its original amount or perhaps even higher in order to cover huge expenses or costly investments you want to make.
Indeed, with personal loans offered by HSBC in the UAE, you are sure to get faster accessibility and much bigger value from them.