Skip to main content

3 Important Notes for a Personal Loan

Here we talk about the documentation and application process, for taking a personal loan from a private or a public sector bank using the two-way method – for domestic use or in the form of a home loan and second for commercial purposes like if you want to start a small business setup. We will discuss here some of the latest loan services. Basically, there is a difference between services provided to expatriates and residents. Personal loan for expatriates varies in terms and conditions being applied by a particular bank.
The following are the features of home loan services offered by private banks in Dubai.
Personal loan for expatriates
1.      Loan amount
First, the loan amount offered almost from AED 200,000 to AED 5 million for different loan schemes. This is a huge amount in the category of home loans for residents or non-residents. You never heard never such a big offer from any other bank working in Dubai or any other part of the world. There is direct involvement of money so banks avoid any problem.
2.      The loan amount for residents and expatriates
The amount of home loan for residents or non-residents for a specific loan package varies from one customer to others on the basis of the monthly salary of the customer. The remaining time period of the employer is also considered while offering a package. An applicant working in a reputed firm in Dubai means a multinational corporation than for sure there is no point that he/she would get refused from a lender in Dubai.
There is another unique offer for a personal loan in the form of a non-salary transfer loan. In this type of loan, you don’t need to pay the loan installment through your salary account. Every month your payment is due and your bank will wait for you repose then would make a decision according to your mood of payment.
3.      The interest rate on a loan amount
An amazing feature of Mashreq bank that it charges a very low-interest rate on personal loan services. Believe me, when it comes to personal loans for expatriates, it will make you happy as Mashreq bank offers attractive reducing interest rates. At first, make a comparison between rates being provided by Mashreq Bank with other providers. You will get a clear difference between the rates.
The interest rates offered by Mashreq Bank in UAE starting from 4.99% or 2.63% flat per annum which is very much less than all other banks working in Dubai. Now the rate will move according to the requirement and nature of packages for a personal loan for expatriates. You just need to open a bank account in UAE to proceed with your matters in line.
One must need to review the terms and conditions applied to a loan amount or a package being offered by a bank. This is necessary to be noted because every bank has its own terms and conditions for diverse deals and offers. For further updates and the latest information, you can take help from the online portals of a bank. Most of the banks in the UAE are working through the e-banking system.
Labels:

Comments

Post a Comment

Popular posts from this blog

Get insured your banking Services

You should consider your insurance policies in UAE regarding your mortgage loan or any other property. This insurance plan can be applied on many other services as well. Usually, there are two types of insurances available for borrowers in UAE: Lifespan insurance which is bit expensive but quite perfect for expatriates. This is particularly intended for the borrower’s family so that to cover the unexpected happenings. It covers all the loan expenses in case the mortgage holder dies during the mortgage lifespan or in case of any other serious damage. Thus, the family does not have to evacuate the house, and the entire mortgage will be paid through the insurance coverage without any trouble. Before moving towards this option, you should understand the working pattern of banks because it is different from one another. As you can see that most of the banks in UAE are divided into Islamic banks and conventional banks, so your choice will be mattered a lot. While moving towards your Ins
Post a Comment
Read more

What Benefits you can Get from Investment Banking?

You need to get into the list of Top Tips regarding banking in Dubai. First of all make sure the bank has an ATM machine next to your home or office, which would be a plus point. You don’t need to get into any trouble for cash at the spot. Also in case you want to get some minimum, you can easily avail of this option. You don’t have to go too far just to withdraw Dh100 for grocery or other small expenses. But before you jump right in and make that call about a certain bank, keep one thing in your mind that either it can provide investment banking solutions or not? Along with the above mentioned query, you first need to consider a few things about yourself which is very important: ·       Can you explain your reason for stay in UAE or are you a resident here? One more thing do you work for a company as an employee and earning a handsome salary package? ·        Are you a resident and do you have your own business with multiple options? Once you have identified which of these two c
Post a Comment
Read more

Credit Card VS Home Finance: Is there any Relationship Between These Two Terms?

These two are different banking terms and nothing much to do with each other. If I say there is a strong connection and both can help an account holder what you will say? I will prove it through different examples. Before that, you will have to understand the credit card types and their availability. We have known to different cards like an entertainment credit card, golf credit card, travel credit card and cashback credit card but what is their source, do you have any idea? Two options in UAE are available as: • Credit card through Islamic banks  • Credit card through conventional banks When we discussed the two banking units, they vary considering interest rate point as we can see Islamic banking works without taking interest rate and provide Islamic bank credit card on actual balance payments. While on the other hand, conventional baking provides some excellent perks and benefits but with an interest rate.  Some of the unique offers like we can say that priority s
Post a Comment
Read more