Business Loan in UAE
It is the Right Time to Bring Your Dreams to Reality and turn your Plans into Action !!!
Nowadays, you can avail a business loan for a new company (6 months old) with three months bank statement, and with a monthly turnover of a meager AED. 25,000/-
What do we do?
We, Xtreme Solutions are giving the business owners of UAE the power to manage and scale up their businesses with flexible business loans terms, so the small and large business owners can take the effective and profitable decisions.
Business Loans Features and Benefits
Different banks offer different terms and conditions; however, the most general terms for Business Loans in Dubai, Abu Dhabi, Sharjah and other parts of UAE are:
- Loan Amount can vary from 150,000 AED to 2 Million AED.
- Most banks don’t require collateral.
- Flexible repayment options, which can range from 2-5 years. The repayment period usually depends on the amount of loan taken.
- Documentation is usually very simple and the approval process is also quick if you have all the documents ready.
- Interest rates also vary from one bank to another.
- Along with the business loan, you will also get a Business Current Account with the lending bank that will have no minimum balance requirement.
- Most banks offer a Credit Card as well in addition to the Business Loans in UAE.
In addition to offering small loans through retail banking, most of the UAE banks offer the option of Business Loans as well, to SME (Small and Medium Enterprise) customers. Business Loans in Dubai, Abu Dhabi, Sharjah all over UAE can vary anywhere from 150,000/- AED to 750,000/- AED. Most banks have established separate departments to facilitate the business loans applications. Business Loans in UAE grant you within the period of 7-15 working days from the date of application. Some of the general terms for Business UAE Loans are (may vary depending on the bank you opt for):
- Loan Period: 12-48 months
- Interest Rate: From 18% to 24% per annum
- Loans Amount: 150,000/- AED to 750,000/- AED
- General Requirements for Business Loans in UAE
- Bank statement of Business or Personal account for last 12 months.
- You should be running the business for at least 2 years.
- Business turn over must not be below 3 Million per annum
- Company financials are preferable.
- Banks may also offer term loans in UAE with very attractive interest rates depending on the credibility, reputation and the size of the company.
Required Documentation for Obtaining a Business Loan in UAE
- Bank`s application form
- A copy of trade-license
- All applicable Incorporation documents: Partnership agreement, Power of Attorney, Memo of Association, etc.
- Bank statement of last 12 months.
- Valid passport for the owner and all partners (where applicable).
- The documents requirement will also vary from bank to bank, but generally, the above-mentioned documents require from every bank.
Consult us and we will find a way to have a business loan in UAE, if you are really struggling for finance to run your business…
Personal Loans (Salary, Smart & Vehicle Loans)
Personal loan in UAE Is a loan that establishes consumer credit and granted for personal use; usually unsecured and based on the borrower’s integrity and ability to repay, Employees in UAE describe it as an amount gives to an individual to use for personal benefit that must pay off at a specified time.
UAE Banks compete on a daily basis for one, named as a Best bank in UAE offering the most suitable loans together with a combination of either a debit card or credit card in UAE, thus this leaves employees working for established UAE Companies with unlimited options on which product to take up, be it a visa card, auto loan in Dubai (which is commonly known as a car loan)etc., thus making it a very exciting platform for banks to showcase their products. Such high levels of competition brought about by each and every bank in UAE, signify the reason why the UAE has magnificent offers in Dubai and all other Emirates, for salary transfer loans or on a personal loan without salary transfer. As a result, UAE at large, are redefining banking and Gulf Finance in the Middle East Region.
Each and every Bank offers a unique loan in UAE, together with credit card offers with unique loan repayment periods which are computing by different loan EMI calculator(s). In UAE, financial products keep evolving and getting better by the day.
Characteristics of Personal Loans in UAE – The main characteristic of a personal loan in UAE is that it is insecure by any form of collateral finance and this also applies to a personal loan in UAE without a salary transfer. “Collateral” is simply any economic resource of fundamental value, like a house, boat car or employment terminal benefits (in Dubai) that the lender can repossess if the borrower fails to repay or meet their obligation as agreed. Personal loans in UAE are backing only by your promise to repay (salary certificate), and for this reason, they are also known as insecure loans in Dubai.
This kind of financing usually has two forms of interest calculation methods notably 1) Fixed rate of interest in Dubai (as determined by the loan calculator) and 2) Reducing balance rate in Dubai. Amounts on Unsecured loans in Dubai differ, but most run between a minimum of 10000AED and a maximum of 300000AED.
The better your credit score, the more money you can borrow for personal loans in UAE is dependent upon your credit rating. A good credit rating will afford you huge personal loan principal amounts at low-interest rates, whilst a negative credit rating would reduce the principal and hike the interest rate at which the loan in Dubai is dishing at. This is a common feature of banks across the world including Banks in Dubai.
Qualifying for a Personal Loan – lender must rely solely on the borrower’s willingness to repay the personal loan as agreed, credit scoring is extremely important — it’s widely believing that in Dubai today, the way you’ve managed your obligations in the past is highly predictive of your performance when borrowing in the future (precedence) for personal loans in Dubai/UAE. The Bank takes applications and verifies your income and debts, and the Best bank in UAE,.
Your income and debt picture influence the personal loan amount the lender is willing to disburse to you and how long they are willing to lend the personal loan. For personal loans, in UAE the lender also pulls a credit report, examines your scores and assigns you a credit grade. Depending on your credit grade, personal loan amount and the length of time you wish to borrow, your personal loan interest rate in Dubai will likely fall between 4 and 21 percent (Fixed rates).
Rates and terms vary considerably as they (the interest rates in UAE) are affected by liquidity, market risk, the stock exchange, commodities exchange among others. For this sole reason interest rates fluctuate, to an extent that UAE Banks conduct asset and liability management in a diligent and productive manner, in order to safeguard their assets against wild volatile market movements, which may end up tempering or affecting interest rates in Dubai. Visit us with all your documents and we will give you the proper guidelines and help you to have the adequate eligibility to get a loan from UAE Banks.
Salary & Business Loan for NRI Citizens (ALL GCC COUNTRIES)
We, Xtreme Solutions are a mediator between the loan seekers and the banks providing loans in India, We do have various tie-ups with banks and we are sure that you will get your financial requirements fulfilled here, We are doing this service since 2010 and we provide our services throughout India. Loan schemes of NRI Citizens are as follows;
Business Loan for NRI Indians / Salary Loan for NRI Indians / Home Loan for NRI Indians / Housing Loan for NRI Indians / Project Loan for NRI Indians / Top-up Loans for NRI Indians / Plot Loans for NRI Indians / Lap Residential or Mortgage Loans for NRI Indians / Home Loan balance transfer to other banks with a low-interest rate for NRI Indians
Remember – If you are still having difficulty to get loans from GCC Countries, NRI Loans from India can be arranged within 10- 15 days.
Credit cards are the most sought after as the society is fast evolving and an individual’s standard of living is improving at a tremendous pace. Most banks come up with the best credit card offers in UAE, which attracts the common man and makes them want to utilize the facility to the maximum extent possible so as to improve their lifestyle. In the present day world, the credit card is one of the most popular banking products that are most commonly used by people belonging to all strata of society.
How it works
When you use your credit card at the local supermarket or at your favorite apparel shop online, the bank that issued the card tracks all your purchases made in a calendar month and ensures that all your purchases are within your approved limit. At the end of the month, the bank sends you a bill and instructs you to pay the dues within a certain period.
Eligibility criteria for getting credit cards
There are different types of credit cards offered by different banks and credit card companies but the basic rule is that your credit limit is fixed based on your salary. As per the latest circular of the Dubai central Bank, only those with a minimum annual salary of AED 60,000 are eligible for a credit card. You also need to have the following documents to apply for one:
- National ID
- The latest statement of account from your bank
- Salary certificate
- Latest utility bill
In exceptional cases, the bank may ask for additional documents. If you are found to have a permanent fixed income and have no outstanding dues against earlier loans, the bank will be quick to approve your credit card.
The rates of interest charged on your credit card may vary depending on the issuer. Some banks offer credit cards with no annual fee for the first year and thereafter charge a minimum annual fee if the minimum annual card usage is not achieved. Some others offer this facility only on premium cards. The annual fee is normally about $15 but can be higher for cards with a higher credit limit.
It is always better to compare credit cards in Dubai and choose the best one that suits your lifestyle and preferences.
The following are the fees that are chargeable on all kinds of credit cards in Dubai:
- Joining Fee
- Cash withdrawal fee
- Over-limit fee
- Late payment fee
Credit Cards in UAE – Boon or Bane?
Having a credit card in Dubai is very useful especially when you want to shop till you drop without cash on hand. The greatest advantage of having a credit card is that you get a decent time gap before you pay your bill.
At the same time, if you are not careful in paying your credit card bill in time, you would have to pay a penalty on the total amount of credit, the rate of interest being as high as 36%. Nevertheless, the benefits of having UAE credit cards are certainly more once you know how to handle your monthly bill payments.
How to manage your credit card effectively?
- Know your card limit and make purchases within the specified limit
- Track your credit card transactions online
- Check the individual transactions on your monthly credit card statement when you receive it by preserving your receipts. Notify the company of any discrepancies you find. If you have linked your credit card to your net banking account, check your current credit card statement weekly or fortnightly or within a day or 2 after you have made huge purchases
- Pay your card bill on the due date in full so that you get to save a considerable amount that you would otherwise be paying the bank as interest the rates of which are very high
- Delayed payments and non-payments of your credit card would affect your credibility particularly when you apply for a new credit card elsewhere
- Never use the ‘minimum payment due’ option unless otherwise extremely necessary because you will find yourself entangled in a financial trap when you start paying exorbitant rates of interest (20 to 45%) on the entire bill amount
- Make use of the SMS and email alerts from the bank and keep yourself updated with your card transactions. You even receive due date reminders via SMS or email once you sign up for them
- Be alert and cautious when someone asks for your credit card number via email or telephone. Never trust anyone with these details as credit card issuing banks do not ask you for such information
- Once you follow these rules religiously, you will be able to enjoy all the benefits of using your credit card.
Visit us with all your documents… we will give you the proper guidelines & help you to have the adequate eligibility…