Nowadays navigating your way through a monetary crisis has become much easier due to various options offered by banks. Contact moneyingulf.com for counseling about the different loan services in UAE that you can avail for instance:
SALARY TRANSFER LOAN IN UAE
Salary transfer loan is a type of secured loan. All the banks in UAE let people open an account, then get their salaries transferred to the same salary account and then ultimately avail financial credit benefits from the bank by availing salary transfer loan.
This is a very convenient solution to any financial problem you might find yourself in. Whether you have pay any sort of education fee, purchase a new house, precious jewelry, or need money for a wedding or hospital bills this is a smart option that you can pursue.
The perks include quick online approval, top-up options, and low interest rates.
Different banks have different eligibility criteria for this loan but generally it consists of:
- A UAE national of age 21-65 years.
- An expat resident with valid documentation between 21-65 years of age.
- The candidate should earn a minimum income of AED7,500
In UAE, local auto loan interest rates are quite low i.e. 2 to 4 % compared to 5% in other places. A large percentage of car buyers seek an auto loan and banks are very eager to get customers for their plans and even set up shop at dealerships. Car financing is quite popular in the Emirates. The various aspects of this service are:
- You can borrow the amount for a period of maximum 60 months, both for new and used cars.
- The loan covers 80% of the price of the car, 20% has to be paid in down payment.
- The minimum car value should necessarily be at least Dh 25,000 so the minimum loan amount that can be borrowed is Dh 20,000.
- Monthly payments must be less than half your income.
Credit card loans
These help you enjoy greater financial flexibility but they have higher interest rates. Their benefit is that there is no hefty documentation process involved and you can acquire easy and quick access to cash. You can fulfill your financial needs anytime and at any place with convenience. You can repay the borrowed amount in easy installments up to two years.
You can opt for any of these loan services in UAE according to your requirements and status.