Personal Loan in Sharjah

June 02, 2023 Loan Comments Off on Personal Loan in Sharjah

Personal Loan in Sharjah - Emirates Loan

IN sHARJAHPersonal loans are specifically designed to provide finances to everyone. They help in solving any financial problem that you are facing in your life. Even, you can use it for the purpose of home improvements, paying bills, etc. If you are planning your vacations and do not know how to manage the finance of the trip, choosing an accurate loan according to your need is a smart choice.

The Personal Loan in Sharjah is quite simpler to apply but you must have all documents. In addition, when you meet all the eligibility criteria, no one can stop you to avail the loan. As a result, you will enjoy your life with your family without the stress of managing finances.

Personal Loan

The most popular type of unsecured loan is a personal loan. It symbolizes that this process is without the requirement of any collateral. The motive is to relax the applicant mentally, so there will be less burden of finances on the person. With this debt, you can even start up your new business. The borrowers that took too many loans also choose this loan to consolidate all their previous debts.

The Emirates loan supports the applicants financially. They offer a loan amount of twenty times more than the monthly salary. The major thing that affects the debt amount & interest rate is the borrower’s status. It means how much an applicant earns. The lenders make sure the applicant is good at returning the payment.

Features of Personal Loans

For the past many years, the UAE and Sharjah are worldwide famous because of their excellent financial market. It is all due to the emergence of new banks & lenders. The personal loan in Sharjah is with the following best features that make it an excellent option for every borrower:

Unsecured: You will not need to worry about submitting collateral. This loan is without the need for collaterals.

Transfer of salary or not: Both options of salary transfer or not are available. But the benefit of salary transfer is that it is with a lower interest rate.

Interest rate: For the interest rate, you have again options of two ways. One is reducing and the other is flat.

Top-up debts: Only those applicants will enjoy the top-up debts who submitted their monthly payments regularly. Their payment history should good for all the existing debts.

Loan Cancellation: The loans are with the feature of cancellation at any point. But, this feature is common in the best banks only.

Installments postpone: The applicants get the right to postpone their monthly payments for a specific period. But, after that period, they will start to pay down the payment.

Debit & credit card: Many personal loans offer you excellent offers of debit & credit cards. Even, some are with the free cards also.

Insurance: The point of insurance is to provide more support to the client. For instance, the lender will cooperate if applicants lose their source of income.

Rewards: The rewards after availing of a personal loan are in the form of incentives such as cashback.

Personal Loan Tenor in Sharjah & UAE

The tenor of these loans is not too long. The minimum duration is only six months and the maximum is forty-eight months. The applicant’s financial profile decides the APR. The rate of annual percentage also depends on the lender’s terms. Usually, its range is from 8%-34% all over Sharjah and UAE.

Steps for comparison between the Great Personal Loans

Now, the financial market is too vast. As a result of it, the options for personal loans are also numerous. So, it becomes confusing which is the right to choose. But, the simple solution is to compare the loans, so you will select the best option according to your need. In this scenario, the Emirates loan also assists you in describing the details of every bank’s terms. The steps for comparison are:

  1. Every bank has its official website where you find every detail of the debts. Check all banks’ websites and carefully read their features
  2. The interest & profit rate must be in your budget. So choose the rates which are comfortable to handle in your finances.
  3. Minimum salary is the basic requirement. It is not a wiser idea to apply if your salary is below the bank’s monthly criterion of income. So, compare your salary with all banks’ criteria.
  4. The outstanding feature of the banks is that they also offer an EMI calculator. With the using calculator, you can easily figure out if the monthly repayments are easier to pay off or not.
  5. Many applicants do not prefer to transfer their salary for the application of the loan. So, if you also want to not transfer your salary, check the bank’s requirements.
  6. Check out the tenure of the repayment.
  7. You should look at some other specifications. Some lenders also allow early settlement and some give the option of a credit shield.
  8. When you follow all the above steps, you will enable to choose the ideal loan.

Eligibility Criteria for a personal loan in Sharjah

The banks have made their criteria for eligibility. Anyone who wants to apply must meet with them. Otherwise, the applicant’s application will get rejection. Furthermore, there is no advantage to submitting the form with all documents if you are not eligible according to the bank’s criteria. These are:

  • Residents & nationals in Sharjah are eligible to apply.
  • The limit of age is from 21-65 years.
  • Your salary must in between five thousand to ten thousand AED.
  • Most banks demand the compulsory presence of applicants’ accounts in their banks.
  • The unemployed applicant is completely ineligible. A person may be salaried or self-employed.
  • The credit score must above 580. But, the higher score of applicants gets approval more quickly.

Required documents

After knowing the eligibility criteria, now you have to know what the essential documents for submission are. Here, we will mention those documents that are basic and for all nationals & expatriates.

  • Valid ID of Emirates (the ex-pats also need copies of passports & residence visas)
  • Proof of salary certificate if you are a salaried individual
  • Bank statements for the last few months
  • In case you are a self-employed person, show your trade license

Ways to Apply for Personal Loans in Sharjah?

In this modern era, the applying ways are two. One way is traditional through the branches and the other is modern through the online system. We will guide you in both of these ways:

  1. Bank Branches 

It is a suitable way for those applicants who prefer to do the process physically by going to the bank’s branch. Just go to the bank branch that you chose as your lender. Then, fill out the form carefully, so you mention everything accurately. If you need any help, the bank’s representatives will assist you.

  1. Online Portal 

The way of online application is quite convenient. The purpose of the online portal is to submit the application form for a loan with attaching of all documents online. With the help of this portal, the comparison between the loans is also easier. The online calculator is efficient in calculating the interest rates according to your loan amount & tenure. In just a few minutes, you can apply directly from sitting in your home.

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