A personal loan settlement also known as an agreement between the bank and the borrower to settle the remaining loan amount against a large one-time payment. Personal loans are considered the best source of help from banks when needed during an emergency or based on your financial bad circumstances.
Taking loans from the banks is the easiest, but getting rid of them may put you in a difficult situation that you find it hard to repay. Keeping in view of this, the banks have made an easier policy for the borrower and that is personal loan settlement.
In Dubai, personal loan settlement can be considerably availed for various purposes for all your financial needs like higher education, marriage, starting a new business, international trips, or even debt consolidation. The personal loan and amount of interest in Dubai are decided upon the factors such as the source of income or employment history, age, and credit card history. The personal loan amount can be equal to 20 times the monthly income, which can be availed with a repayment time period of 3 to 4 years, almost.
Here is the list of personal loans providers in Dubai who also cooperate in the settlement process of the loans and are at a low-interest rate:
- City bank
- Dubai Islamic bank
- Emirates NBD personal loans
- Noor bank
- RAK bank
It has become the easiest process of willing to have a personal loan settlement in Dubai. You just need to have the proper documents and clearance of credit and employment history before applying. The following are the document requirements and eligibility criteria for expats, self-employed, and UAE nationals.
Personal loans for Expats:
- Passport copy and UAE identity card
- Bank statement of 3-6 months
- Salary certificate
- Clear credit card history
Personal loans for self-employed:
- Proof of trading license
- Power of attorney
- Bank statement 3-6 months
- Salary certificate
- Clear credit card history
For UAE nationals:
- Monthly income as per bank requirement
- Proof of salary slip
- Emirates ID and good credit card history.
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