# Personal Loans for Expats



## Snail23 (May 12, 2017)

Hello!

I have heard that Expats can be granted personal loans up to 50% of their salary that can be paid back in installments up for 4 years. 

I have some debt both abroad as well as with Dubai credit cards (let's just say I've had a few bad scenarios happen recently and was a tad foolish in my younger years) and getting a debt consolidation loan would really help out, something about 25% of my salary or so.

Would this be possible to do? I've been steadily employed for the last 2 years at the same place and will be continuing my employment. Which banks are good for doing this? Please advise as I've done my research on Google but more information would be very beneficial.


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## ameerali19 (May 16, 2015)

bit confused your question ,

there are 2 type loan , some companies offering personal loan with in the company on the basis your experience(years working) in the company , 

2nd : if salary is 5k AED and above all banks are offering personal loans , 

i prefer Dubai islamic bank or ADCB


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## Snail23 (May 12, 2017)

My salary is 9k a month, so that's good news.

Also, I'm currently on family visa (they have financial things of their own they can't help) and going to switch to work visa (just so I can get free health insurance). Is it possible to switch visas while you have debt in this country? Asking because I shall be retaining my job and still be working, so obviously my income levels and ability to pay back the loan won't be changed.


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## ameerali19 (May 16, 2015)

yes ,you can change the Visa


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## Snail23 (May 12, 2017)

ameerali19 said:


> yes ,you can change the Visa


Thanks, that's great news!


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## ThunderCat (Oct 28, 2015)

Banks offer up to 20x your salary. But again, your monthly commitments cannot exceed half of your salary. So if we are looking at a 9K salary your monthly commitments (Banks call it DBR) shouldn't exceed 4500 Dhs. Now each credit card you have eats 5% of that (The minimum payment).


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## Chocoholic (Oct 29, 2012)

Ok, so here's your problem. Because you've been on a family visa, no bank is going to give you a loan unless you're on a company visa, that company is 'whitelisted' by the bank, and that the salary from that company goes into the bank you're requesting a loan from.

They will want either a salary certificate from your company, and/or pay slips and bank statements to prove your monthly income. Then you'll have needed your salary from the company to go into that bank for at least 3 months.

This is how it works, so until you're on the company visa, no bank is going to give you a loan. They are very, VERY touchy with all this in the current economic climate.

I'm telling you all this from personal experience.


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## Snail23 (May 12, 2017)

ThunderCat said:


> Banks offer up to 20x your salary. But again, your monthly commitments cannot exceed half of your salary. So if we are looking at a 9K salary your monthly commitments (Banks call it DBR) shouldn't exceed 4500 Dhs. Now each credit card you have eats 5% of that (The minimum payment).


Makes perfect sense. I've played w/salary calculators and I need a loan of far less than 20x my salary so I'm glad this is possible. Thanks!


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## Snail23 (May 12, 2017)

Chocoholic said:


> Ok, so here's your problem. Because you've been on a family visa, no bank is going to give you a loan unless you're on a company visa, that company is 'whitelisted' by the bank, and that the salary from that company goes into the bank you're requesting a loan from.
> 
> They will want either a salary certificate from your company, and/or pay slips and bank statements to prove your monthly income. Then you'll have needed your salary from the company to go into that bank for at least 3 months.
> 
> ...


Wow this is going to make things a tangled mess, although I can totally understand why. 

I've found 2 banks that the company is whitelisted by and one of them the bank is the one the company actually deals w/for all THEIR finances so I hope going there may help out some. 

I'm planning on switch on the company visa within this month so hopefully that should help alleviate the situation somewhat. Although as a teacher I get 3 months salary put into my bank account AT ONCE at the end of the school year (it's how it works in my line of work). I'm hoping that can count as the "3 months" as that would make life easier. I'll call tomorrow and gonna hope things work out.

Thanks so much for all the info!


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