Personal loans belong to that loan category which goes the easiest in Dubai. This is the opposite of what Western banks do. In Dubai, personal loans are even cheaper than owning a credit card.
In Dubai, it was rather easy to get loans, especially in terms of personal loans because the other loans cost a lot more money and effort. This is just the opposite tendency of that we can see in other countries. In Dubai, getting a personal loan is cheaper than getting and using a credit card. Personal bank loans are easy to get and this way you can get 10 to 24 times your salary (or monthly income) in one which seems an acceptable amount for some unexpected smaller investments or purchases. Of course nothing is as easy as it seems with the Dubai personal bank loans. Every bank has its list of approved companies the workers of which can get personal loans. This is another reason why it’s good to work and have bank account with your company’s bank. It’s most likely a bank approves a company which has its bank accounts at that bank. The subject of getting personal bank loans is to show written proof of your salary or bank statements which show your monthly income, in case you are a freelancer or self employed. In case you are self employed, you may have a harder round getting a personal loan. This will need a fairly good monthly income and some other guarantee that you will be able to pay back. In this case, you may not be able to get 10-24 times your monthly income but a smaller amount if and when you get approved. Additionally you will need your passport AND copies, residence visa and copies, salary certificate and letter from your employer, together with your employment contracts.
You can get personal loans in Dubai for a maximum time of 4 years’ repayment period. This is enough time to repay. If you want to repay it faster take care, as you will need to pay slightly more than paying it normally. You can also finance your car buying out of personal loan, in which case the car doesn’t serve as direct guarantee and it’s not enlisted on the banks’ names. Yet, personal loan is considerably higher than the car loan. There is virtually no national, international and Islamic bank which wouldn’t offer personal loans at a point. There is no international regulations list concerning personal loans in Dubai. Every single bank related laws and regulations are issued by the Central Bank of Dubai, which overlooks every single bank in Dubai, no matter they are Islamic, national or International.
Although in theory you can get up to 24 times your salary as a personal loan this number is really rare when it comes to real -life situations. Usually the maximum personal loan you can get is around 15-20 times your salary. As for the situation now, these terms and conditions can change anytime when the Dubai Central Bank decides so. Always ask personally in banks to be up to date.