# New to Country Loan



## nyeveloper (Nov 15, 2015)

I am looking for a personal "New to Country" loan in the UAE and there are a lot of them. Unfortunately when I try to apply for it they always require that my company be listed in their bank. With the monthly salary I have, I am eligible for a loan though I have only been working here in Dubai for 2.5 months. Is there any bank that allows a loan for an expat without having to have his/her company listed in their bank?


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## Chocoholic (Oct 29, 2012)

nyeveloper said:


> I am looking for a personal "New to Country" loan in the UAE and there are a lot of them. Unfortunately when I try to apply for it they always require that my company be listed in their bank. With the monthly salary I have, I am eligible for a loan though I have only been working here in Dubai for 2.5 months. Is there any bank that allows a loan for an expat without having to have his/her company listed in their bank?


They do this, because many companies have bad reputations of staff doing runners owing money. It's to cover their own backs. You'll have to provide salary certificates and bank statements.


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## nyeveloper (Nov 15, 2015)

Thanks for your reply.

I don't quite get it. Debt is a criminal offense in the UAE. And the punishment is given to the person, how are companies involved with this?

But on to the point of my question is, is there a bank that allows a newly arrived expat to loan without company listing. Any suggestion/recommendation would do.


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## nyeveloper (Nov 15, 2015)

Chocoholic said:


> They do this, because many companies have bad reputations of staff doing runners owing money. It's to cover their own backs. You'll have to provide salary certificates and bank statements.


Thanks for your reply.

I don't quite get it. Debt is a criminal offense in the UAE. And the punishment is given to the person, how are companies involved with this?

But on to the point of my question is, is there a bank that allows a newly arrived expat to loan without company listing. Any suggestion/recommendation would do.


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## The Rascal (Aug 6, 2014)

You've been in Dubai 10 weeks and you already need a loan?

This has debt skip in 2 years written all over it.


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## nyeveloper (Nov 15, 2015)

The Rascal said:


> You've been in Dubai 10 weeks and you already need a loan?
> 
> This has debt skip in 2 years written all over it.


You're right perhaps it is a big risk. I need to loan so that I can pay for the 1st quarter of a flat rent, agency fee, SEWA installation, and some furnitures. Probably an amount of around 15k - 20k aed. My salary is enough to take me there in 2 to 3 months from now but for personal reason I need to get a rent of my own as early as next month so a loan is a solution that I thought off.


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## rsinner (Feb 3, 2009)

are you past your probation period? Taking personal loans is risky, but if you are confident that your earnings are enough to cover the loan in 3 months then maybe go for it. If you were to be fired tomorrow (or a month from now), will you manage to repay the loan?

The "listed" companies usually give an undertaking that they will provide information to the banks when the employee leaves the job etc. This and the security cheque are the only security that the bank has.

Check out souqalmal.com which usually gives information in one place.


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