Banks & non-banking financial institutions offer personal loan to any individual who meets the eligibility criteria decided by them. It is very vital to be aware of the personal finance eligibility criteria as this will simplify & quicken your loan application process.
Every bank has its own eligibility requirement for age, income, credit score, employment type, job status etc. On the basis of these few factors, lenders decide whether to sanction a loan to an individual.
Well, there could be many reasons behind the rejection of your loan application. One of the main reasons for the rejection of a loan in Dubai is the company not being listed with the respective bank or financial institutions. With a number of small and big organizations, it is quite possible that the company you are working with is not listed with any bank or institution. Procuring a personal loan in uae without company listing might become a daunting task.
But fret not. There are several banks in the UAE that have relaxed their lending rules and offer personal loan for non-listed companies’ employees.
Here in this article, we have mentioned the personal loan eligibility criteria for non-listed companies.
Age of the Applicant
Most of the banks and non-financial institutions share common age criteria. In order to be eligible to apply for a personal loan in UAE without company listing, the minimum age of the applicant must be 21 years while the maximum age is 60 years. These age criteria are applicable mostly on personal loan in UAE for expats. However, UAE nationals may be allowed to apply for a loan in the Dubai until the age of 65 years.
Applicant’s Income
Lenders consider those applicants a high-risk applicant whose company is not listed with any bank. As an outcome, their loan application might be accepted or rejected based on a few factors and one of the major factors is their monthly income. The income requirement to avail personal finance in the UAE for such applicants may be greater than those applicants who are working with a listed company that with them.
Work Experience
Applicants whose company is not listed with any bank can increase their chances of approving their loan application if they have a long employment history. As lender consider such applicant financial stable. The long working experience you will have, higher will be chances of getting approved of your loan application since banks perceive you as someone with good repayment ability.
Credit Score
A good credit score is one of the most important factors that play a vital role in approving your loan application. Personal loan interest rates, tenure period, and loan amount that you can borrow from the bank also depends on your credit score. A good credit score determines your creditworthiness and it shows that you can maintain a good payment record. Lenders take this factor into consideration before sanctioning a loan in the UAE as they check whether you are creditworthy or not. Therefore, it is advisable to maintain a good credit score in case you working with small or medium range organization.
What to do if your company is not listed with the bank?
With the launch of a ‘credit reporting system' in April 2017, few banks and financial institutions have started sanctioning a personal loan to employees of companies which are not listed with them. But please note that the main reason behind creating a list of companies is actually a safe and secure way to reduce the risk of lending. By maintaining a good payment record and decent credit score, you can increase your chances of approving your loan application and availing a personal loan at attractive interest rate irrespective of the organization you work for.
Be aware of some private lenders who offer loan at a high rate of interest since they have an idea that availing a loan for an employee without company listing can be a daunting task.
Compare different personal loan providers online and choose a well-reputed lender that can offer you a good loan interest rates and high loan amount regardless of the organization you work for.
Final Words
Just because you working with a non-listed company doesn’t mean that you apply for any of the easily available personal loans you come across. Always do a comparative study of the available loans based on their loan amount, interest rate, processing fee, and other important factors to opt for the best one that can solve your purpose of taking a loan.
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