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Personal loan in Dubai with Complete Detail

All sorts of personal loans are the way to get instant money. Many individuals need an immediate loan to fulfill their needs such as traveling or shopping. Here, we will tell you all the detail of a personal loan in Dubai.

Loans with their interest rates

Every bank offers loans but with specific interest rates. The prominent kinds are flat & reducing rates.

Flat rates

In particular, this kind of rate remains the same during the duration of repayment. For example, if the interest rate is 10%, you will have to pay this rate for all the months.

Reducing rate

The reducing rate is the most beneficial kind for paying low-interest rates. In this situation, the interest rate will start to reduce each month. Therefore, the instalment money is not similar in the complete duration of repayment.

Features & benefits of a personal loan

  • You will get only a large amount of loans if you have a good monthly salary. It is specific for only the country’s nationals.
  • Many banks prefer to offer loans with exceptional interest rates. In particular, the rates are between 2% to 5%. This rate depends on the number of loans also.
  • The loan packages are for everyone including expatriates & residents.
  • The duration of repayment is different in all banks. Some give the time of above 48 months.
  • Another benefit is that there is the option of insurance coverage as well.
  • The monthly salary should be at least AED 5000.
  • The personal loan also comes with the feature of free credit cards.
  • Many banks consider the financial state of the individuals. So, they allow them to not pay in the initial two months.
  • In Dubai, some banks work according to Islam. Thus, they offer the loan accordingly to Islamic finance.
  • There is an opportunity to return the loans for more than four years.
  • The expatriate will also get benefits just like the resident. An ex-pat will receive one free debit card immediately after applying for a loan.
  • If you have already a credit card, the bank will enhance its coverage.
  • Few customers are eligible to choose the option between the returning methods.

Eligibility criteria

All banks are with different criteria for eligibility. In general, the following are the basic criteria that every bank follows.

  • Firstly, the age must be at least 21 years.
  • The applicant’s minimum salary is AED 5,000. The higher salary of the applicant can easily apply.
  • Many of the banks require the general criteria of the salary transfer.
  • The maximum age limit should only in between 60 to 65 years.

Required documents

The documents are necessary to get the personal loans. All of your documents show your real identity. No, all banks have the same policy of documentation. However, the general documentations are:

  • Fill out every part of the application carefully.
  • Attach the copies of your passport & visa.
  • Some banks also require Dubai’s ID to know your resident.
  • If you are an emigrant, you will need to attach a valid visa copy.
  • All salaried workers submit the certificates of their income.
  • There is a demand for bank statements for three to six months.
  • Reasons to choose Personal loan
  • The specific reasons urge a person to get a personal loan instead of other kinds. Thereby, the customers will happily apply it and enjoy its great benefits.
  • Customers choose it because it is less expensive. Its repayment procedure is also not too tough. People will take it to fulfill their home needs.
  • It is simpler & hassle-free to apply. Dubai is the best place where there are numerous banks. These banks also give the option of online applying.

Additional cost

When you apply for the loan, there is only additional charge is the insurance fee. The bank adds this fee and you have to pay it. Otherwise, there are not any much advance costs.

Importance of banking sector in Dubai

No doubt, there is a large banking sector in Dubai. Many foreign banks are also present now in the country. Karz.ae help in the quick provision of personal loans. Many banks also operate as per Islamic rules. The policy of eligibility is different in every bank. Always choose that loan package that has a lower interest rate. Hence, you will easily repay the money.

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