A personal loan is an unsecured loan, which means there is no collateral or guarantor required to avail it.
These loans can be taken by the applicants for various reasons such as education fees, personal commitment, medical emergency, education fees and much more.
Personal loan in UAE is procured by an individual to meet their various personal financial needs such as weddings, higher education, international trip, starting a new business, and even for debt consolidation.
In case of personal loans in UAE, the banks do not ask the applicants about the purposes of borrowing money.
The maximum loan amount can be equal to 8 times the monthly salary. The personal loan interest rate in UAE or the loan amount is decided based on factors such as the source of income, credit history, age, employment status of the applicant, etc.
The UAE based financial organisations grant the loans in a super-fast manner.