If you are living in another country, you may want to consider applying for a personal loan. However, it is important to remember that you may have to pay a higher interest rate for this type of loan. Before applying for one, you should look for several lenders. Possible finance is one such lender that offers loans to ex-pats at affordable rates. Check here for a list of banks that offer personal loans for expats.
If you are an expatriate in UAE, it may be difficult for you to get a personal loan. Most banks in UAE do not have a strong credit reporting system, which can be an issue if you have a poor credit score. Also, because expatriate employees are usually not long-term residents of UAE, they can only open bank accounts and avail of certain services if they can provide a guarantee from their employer.
Abu Dhabi Commercial Bank (ADCB) offers personal loans to ex-pats and nationals. These loans are offered at competitive interest rates and offer an extended repayment period. In addition, you will not be required to put up a guarantor to get the loan.
Applicants can apply for a personal loan in person or online. However, you need a stable job in UAE to qualify. You should also have the necessary documents ready. You should not apply for more than you can afford to pay back. This will prevent any unforeseen expenses and delays.
Personal loans are widely used in UAE. Residents prefer them to credit cards. Most banks in UAE offer a variety of terms, from flat rates to reducing interest rates. It is important to consider your repayment schedule and determine which option is most convenient for you.
When applying for an Abu Dhabi Commercial Bank personal loan for an ex-pat, ensure you thoroughly understand the loan terms and conditions. Moreover, you should know that you’ll have to pay extra fees if you want to pay the loan early. The early settlement fees are usually between one and three percent of the outstanding amount. However, some banks will offer this option for free for a year.