Dubai, UAE – ARAB NEWSWIRE – The urgent need for extra money can occur when one least expects it. If the need is immediate, then arranging the funds can be a task. Individuals can avoid such a situation through a personal loan. Personal loans can be used to fulfil requirements such as funding a wedding, paying education fees, buying home renovation products, and more. Most personal loans can also be unsecured loans. This means to get the loan sanctioned, the individual does not have to pledge any collateral as security.
Several banks provide personal loans. Some banks even provide personal loans without salary transfers. However, the options will vary from bank to bank. If one wants to apply for a personal loan, then one may want to check out the different options and compare them.
How to Choose the Best Personal Loan in the UAE
As mentioned above, different banks offer different options when it comes to providing a personal loan. However, not all options might align with an applicant’s requirement. Check out the factors given below to choose the best personal loan:
Compare Interest Rates
One of the first factors that can be considered while applying for a personal loan is the rate of interest provided by the bank. Interest rates can determine how much one needs to pay on a monthly basis. If the interest rate is high, then the EMI amount will be high, which can make it difficult to repay the debt on time.
Check the Eligibility Criteria
Eligibility criteria is another factor that one might want to consider before applying for a personal loan in the UAE. However, the eligibility criteria, such as the monthly income required for the loan, job status, etc., will vary from bank to bank. Once the applicant meets the eligibility criteria, only then the bank will proceed with the application process.
Check Disbursal Time
If the money is required urgently, then it may be imperative to check the disbursal and the loan processing time. Some banks disburse the amount almost instantly, while some may take a few days to sanction. So, if the need is urgent, individuals may want to compare the disbursal time of different banks while applying for the best personal loan in the UAE and select the one that sanctions the amount without any delay.
Another important factor to consider while applying for a personal loan is the repayment period. The repayment tenure offered by different banks can vary. While applying for a personal loan, one might want to select a convenient tenure that will enable him/her to repay the loan on time. The longer the tenure, the lesser will be the EMI amount and vice versa. An applicant can also use a personal loan calculator to calculate the approximate EMI amount.
By checking the reasons listed above, individuals can easily apply for the best personal loan in the UAE. Once the loan application process gets approved, the applicant will receive the amount in the stipulated time period. Most banks also provide the online option to apply for a personal loan. So, individuals can check that out and go ahead with the loan application process.
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