Personal loans are unsecured loans offered by financial institutions based on factors such as job history, repayment ability, income level, profession, and credit history. Personal loans, also known as consumer loans, are multipurpose loans that may be used to satisfy any of your urgent requirements.

 

Determine how much you want to borrow.

 

Remember that when you borrow money, you are not simply repaying the initial debt. Except for the 0% credit card, which is paid off on time, you must pay interest or "rent" on the money you borrow. There's no reason to pay interest on the money you don't need, so only borrow what you really have to. If you borrow less than you need, you may be compelled to turn to more costly loan sources at the last minute.

 

Finally, be certain that you can afford the payments on the amount borrowed. Nothing is worse than overextending yourself financially when the smartest thing to do would have been to wait till your circumstances improved.

Salaried Customer Requirements for loan:

 

1. Salary certificate.
2. Last 6 months bank statement.
3. Passport copy, visa page and emirates id (for expats only).
4. Payslips last 6 months.
5. Proof of additional income (bonus, rent, company accommodation)