The largest bank in the United Arab Emirates is FAB. This bank offers all kinds of banking services that every individual needs in any part of their lives. Their financial services are ideal to choose especially when anyone wants to avail of a personal loan. This loan type is available from short to long terms and the choice of debt amount with the repayment terms depends on the borrower’s financial life. You need to qualify for the FAB’s criteria of eligibility in order to get approval quickly. The financial company Emirates Loan has the best professionals who guide you in knowing the loan process.
There are certain factors that can easily affect the eligibility of getting a personal loan through FAB. Factors to consider are mentioned below:
If your age is lower or higher than the criterion of age limit, there is no benefit to applying. Because your application will be rejected. This factor also depends on the debt type. But mostly, this lender offers the fund to those borrowers whose age is at least 21 years. And, the maximum age limit is from 60 to 65 years which also majorly depends on the individual’s nationality.
To ensure your eligibility for this debt, the bank will check your employment status. In addition to your current employment status, your past history of employment will also be checked. In the case of your constant and steady job in a reputable organization/company, the higher chance is of receiving approval. On the other hand, changing your job again and again has a negative effect on getting approval.
After applying the application of a personal loan, FAB will verify if your monthly salary is higher or not. This step is for checking if you will repay the monthly installments on time or not. The borrowers also need to submit the details of their secondary source of income. The bank also considers another income source. Your chances of getting approval become higher if you are working in a listed company. And, information about such listed companies is included in the FAB’s database.
It is quite easier to obtain this personal debt type but sometimes borrowers face the problem of rejection of application. For your convenience, we are providing information on those ways that will improve the chances of instantly getting loan approval from the bank.
One of the best pieces of financial advice is to always try to work on improving credit scores. The reason is that the higher score makes sure that the applicant is a responsible person for repaying the debt. And, he will pay off timely. You need to pay your bills on time and lower the number of debt applications. Besides, clear off your existing debts and then apply for a new one. In this way, credit scores will be enhanced. FAB will check the applicants’ credit scores and then decide if the loan is provided to them or not. However, Emirates Loan gives loans to lower credit scores of applicants. So, the applicants meet their expenses, and their credit score will be enhanced which will help to obtain lower rates of debt in the future.
The debt-to-income ratio is an essential point that the lender must check. This ratio means how much you will pay in monthly installments from your income. According to the Central Bank of UAE, this ratio must be lower than 50% of salary per month. Try to keep this rate lower, then you will get more chances of approval quickly.
If you do not meet the monthly criteria, you will not get this loan. However, the inclusion of a co-borrower will enhance the chance of debt approval. the bank will not only consider your monthly income but also consider the co-borrower’s monthly income. With the combination of the monthly income of both your salary and the co-borrower’s salary, the lender will finalize the debt amount.
The wiser decision is to enhance the income sources when you plan to take a FAB loan. This factor also determines your eligibility. More sources of income shows that your monthly income is higher and then you will not face any issue when repay the funds. It is not difficult to increase the income sources because there are easier ways to do it including freelancing, investments, etc.
FAB provides both kinds of loans such as salary transfer or non-salary transfer. But if you choose the option of salary transfer debt, you need to open your FAB account. The salary transfer feature enhances the approval chance and also the debt is with lower rates. Even, the paperwork for salary transfer is not too tough and you will quickly do it.
The companies listed present in the record of FAB are more authentic. Such employees of these companies get the loans very quickly if they submit the application correctly with the attaching of all documents. Check the listed companies of FAB and if you are working in any one of them, there will be no hurdle in getting approval. FAB is an ideal bank to choose from whenever you need financial help. There is no complicated process for this lender’s availing of a loan. You need to have all your required documents before applying.