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.

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.