In this article, you will have a possibility to read how a person as an expat citizen can get a personal loan in their home country. First, you should decide whether you want to apply for a personal loan online or in person at local locations. The steps you should follow if you want to get the personal loan are very similar in each of the ways, but there are special advantages to each of them. If you apply online, you can do that at any time you want, 24 hours per day, so you save time and money for driving. If you decide to apply in person, you will have to contact with a person that works in the bank you are applying, and he will give you the right answer to any questions you have. You need to define, how much money you want to get from the bank, and also how much time you have to return the loan-to pay it off to the bank. Often, the banks are not lending the whole of the required amount. Usually, the bank lends about 70%-80% of the amount. There are differences between each bank, referring to the conditions of age, for example, that you have to satisfy. Let’s say that some of the banks require that the person who applies, must have a monthly income that contains at least three times of the amount of monthly loan payment. Here are some banks where you can ask for a personal expat loan in Dubai:
MARSHERQBANK Personal Loan
The number one bank where an expat can get a personal loan, is the Mashreqbank. This bank is running with full steam for its clients. Let’s say that you decided to apply for your personal loan. Once you know how you want to get your personal loan, make sure you have prepared the necessary information. This includes your bank number in the Marshreqbank, account number, and a document to verify your monthly income. You must have prepared your whole documentation for successful application. Or either way, you can apply online at www.mashreqbank.com. The requirements from Marsherqbank are: the client must have a monthly income of minimum 5000 AED, he has to provide a 3 months Bank Statement to prove his credit history, and must submit an identification document, with eventual visa.
RAKBANK Personal Loan
The next well-known bank that gives personal loans to expatriates is the Rakbank. If you want to apply for a personal loan in this bank, all you have to do is to go to the company’s website loan or location and fill an application. These applications are short and uncomplicated. If you choose to apply online, you may need to fax over your pay stub or any other documentation that the company requires. The bank does not have any special requirements from its client. The clients don’t have to have a minimum balance on their accounts in Rakbank. Only the monthly income is a requirement, so that the client prove he can pay off the loan on time. The age requirement is: the client must be at age between 21 and 60, which is considered as a mature age. The approval is very quick. If your application is approved, you get a free Debit Card from Rakbank which has no annual fees. Also, as a member of this bank, you get a full time support- 24/7 the bank is available for your necessaries.
COMMERCIAL BANK Personal Loans
The Commercial Bank of Dubai offers a good possibility for the expatriates to get their personal loans. The way of application is to go directly in the bank, and apply with your documents that have been arranged before, or, to save on driving fees and apply online-fill an online application form. The Commercial Bank of Dubai, offers personal loans up to AED 1 million for expats. The documents that are required by the bank are: National Identification Card or Passport from the client who applies, and residence visa, a 3 months Bank Statement to prove his credit history, and a Certificate of his salary. The age requirement is: the client must be at the age between 21 and 65 years, which is considered as mature age. The employment requirement is: the client must be at least six months employed. The income requirement is: the client must have a minimum monthly income of AED 8,000.