Frequently Asked Questions
Eligibility & Salary Requirements
General Questions
What is the minimum salary required to apply for financial products in the UAE?
- Most banks require a minimum monthly salary of AED 5,000 to be eligible for personal loans, credit cards, and other financial products.
Can I apply for a loan or credit card if I am self-employed?
Yes, but you may need to provide additional documentation such as business financial statements and tax returns.
Do I need to be a UAE resident to apply?
Generally, yes. Most financial products require valid UAE residency.
What is Al Etihad Credit Bureau (AECB)?
AECB is the UAE’s official credit reporting agency that maintains your credit history, which banks use to assess your loan eligibility.
How do BNPL services like Tabby, Tamara, and Cashnow affect my credit score?
These services report your payment history to the Central Bank, which reflects on your AECB report.
Do utility bill payments affect my credit rating?
Yes, timely payment of utility bills (e.g., DEWA, Etisalat) is monitored and can impact your creditworthiness.
What happens if I have a negative credit history?
A poor credit history can lead to rejection or higher interest rates. It’s advisable to clear debts and improve your credit score.
How long does loan approval usually take?
It can range from 1 to 7 working days depending on the bank and your profile.
What documents are required to apply for a loan or credit card?
Commonly, Emirates ID, passport copy, salary certificate, bank statements, and utility bill proof.
Is salary transfer mandatory for loan approval?
Some banks require salary transfer as proof of income and to facilitate repayments.
Can I apply for multiple loans or credit cards simultaneously?
You can apply, but having multiple open credits can affect your credit score and approval chances.
What is an early settlement and are there penalties?
Early settlement means paying off your loan before the term ends; penalties may apply depending on lender policies.
What is a loan top-up?
A loan top-up lets you increase your existing loan amount, subject to eligibility.
Can I refinance my loan?
Yes, many banks offer refinancing options to reduce interest or extend tenure.
Are there any fees besides interest rates?
Yes, processing fees, insurance, and late payment fees may apply.
What interest rates can I expect on loans?
Rates typically range from 1.99% to 15.99% depending on your salary, credit score, and lender.
What is EIBOR and how does it affect mortgage rates?
EIBOR is the Emirates Interbank Offered Rate and serves as a benchmark for variable mortgage interest rates.
How is my monthly EMI calculated?
EMI depends on loan amount, tenure, and interest rate; calculators provide an estimate only.
How long does loan approval usually take?
It can range from 1 to 7 working days depending on the bank and your profile.
How long does loan approval usually take?
It can range from 1 to 7 working days depending on the bank and your profile.
How long does loan approval usually take?
It can range from 1 to 7 working days depending on the bank and your profile.
What is the minimum salary required to apply for financial products in the UAE?
- Most banks require a minimum monthly salary of AED 5,000 to be eligible for personal loans, credit cards, and other financial products.
Can I apply for a loan or credit card if I am self-employed?
Yes, but you may need to provide additional documentation such as business financial statements and tax returns.
Do I need to be a UAE resident to apply?
Generally, yes. Most financial products require valid UAE residency.
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