Facts About Personal Loan in UAE


Whether you are looking for a lucrative job or a massive business growth, UAE is the top-notch hub for people across the globe. Dubai is a most-preferred place for a luxurious and lavish lifestyles. If planning to buy home, car or set up a new business, you must apply for loan in UAE. There are wonderful financial opportunities for both Muslim and non-Muslim local residents, so there is nothing to worry about it. But, before applying for home or personal or car loan, read on to know the facts about loans in UAE.



Mortgages

You can avail of affordable property mortgage because there are many banks in UAE offering loans in real estate. The processing with mortgages may require 2 to 3 weeks. It is better to discuss all the terms and conditions with your bank beforehand.

Your company should be at least 3 years old

If you want to apply business loan, then make sure your business is set up in UAE for at least 3 years. But, again the credit conditions in each bank may vary. Be cautious and before signing up with one bank make sure to compare different banks for interest rates, loan period, loan currency, insurance, amount of collateral and others.

Mandatory VISA

In UAE, loan is offered to local residents with residence visa and permanently lives in UAE.  The terms of lending to residents is quite attractive. For the purchase of cars it will from 3%, personal loans 6%, and property mortgage – 5-7%.

Special loan programs

As a UAE resident, you can avail special loan programs for certain categories of needs. There are favorable terms for educational loans. Again the interest rates are lower for the non-purpose loans. But, in this case you may be asked to provide the proof of the purchase of furniture or household appliances to confirm the target use of the credit card fund. 

Car loan

Vehicle loans are most common types of loan in UAE but you will not be able to sell your car or take it abroad until you pay the entire loan amount. Motor vehicle loan differs from other forms of credit by its loyal requirements.
Wrap Up
These are the facts about loan in UAE that you must know before applying for loan. Going to every bank and personally checking out the loan offers in each of them is a daunting process. But, online portals like SoulWallet makes this process easier. SoulWallet provides best comparison tool ever, that you can use to check out loan offers in different banks in single portal and compare credit cards in UAE. The portal help you identify the options that will let you save money and enjoy the best perks.
Take help of online portals to make most of a wide range of personal finance solutions from credit card rewards to personal, home and car loans in UAE and lot more.

Comments

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       Whats App+13608617974 Indiabulls Housing Finance Pvt Ltd 
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