Personal Loan
It is an unsecured loan taken by an individual from a bank or a non-banking financial company (NBFC) on the basis of his salary to meet their personal needs.
Overview
A personal loan is further divided into 2 categories Eg: salary transfer loan and non-salary transfer loan. Salary transfer loan is economical whereas non-salary transfer loan is usually expensive as compared with STL. However, there is much difference in terms of loan amount, documentation and tenure, etc in both loans.
Eligibility Criteria
- Salary: 5k & above
- Age: 21 to 60 years
- Length of service: 3months or confirmed.
- Company: Open for both listed & non-listed companies.
AECB: Existing credit history is preferred, though not mandatory.
Mandatory Requirements
- A valid copy of Passport, Resident visa, and Emirates ID.
- Salary transfer letter/Salary certificate.
- 3 months bank statement.
