Loans that make life convenient
Loans for residents in the UAE are a phone call away. All you need is a sound commitment to repay.
The UAE is a land of opportunities and expatriates enjoy all the avenues to plan and secure their lifestyle, as per their wish. Getting finance from banks and other lending institutions is just a phone call away. Banks in the UAE offer expatriates credit facilities unseen in any other part of the world. Expatriates make use of this facility to plan a great future for themselves.
There are several kinds of loans and credit facilities available for the expatriates. Apart from credit cards that almost all banks offer to employees in private and public sectors, there are loans structured to meet the needs and requirements of expatriates. This is why the UAE banks compete on a daily basis in offering the most lucrative deals for their customers. The offers are unlimited, and range from salary transfer to non-salary transfer loans, as well as a plethora of credit and debit options, which can be conveniently used for procuring cash facilities.
Expatriates working with companies in the UAE are at times flooded with credit offers, and this also underscores the strength of the economy and the trust to promote credit financing. Last but not the least, credit facilities are also abundant in auto loans, as well as house mortgage loans. Expatriates often have options to choose a deal from any of the banks to procure personal and investment loans for their ambitious plans. In this way, not only the banks showcase their products and services, but also offer the expatriates with a level-playing field to realise their dreams.
A popular feature that an overwhelming number of expatriates opt for is the salary transfer loan. This helps them not only pay off their outstanding debts, which many expatriates bring with them as indispensable baggage, as they come here to work, but also settles them with a new lifestyle in the UAE.
The main characteristic of a personal loan is that it is unsecured by any form of collaterals, and is granted to the expatriate purely on the basis of his credit standing and his company’s reputation. It works as a lifeline for many. This form of finance facility has worked wonders for the economy of both the banks and expatriates. While such loans are backed only by the promise to repay in a scheduled monthly format, banks are more than eager to invest in the goodwill and trust of their customers. So is the case with non-salary transfer loans, which are doled out on soft terms in lieu of post-dated cheques.
Credit cards in the UAE usually come up with convenient cash facilities, which is almost a smart loan to be repaid in monthly instalments ranging from three to 36 months. Banks in the UAE have two forms of interest calculation methods: fixed rate, which is paid over a period time based on procured loan, and the other is on a reducing balance rate. It is said that more than 80 per cent of loans in the UAE are pinned on the reducing interest rate formula.
Moreover, expatriates also enjoy the offer of ‘buy-out’ loans option from banks, through which they can consolidate their debts from other banks and pay them off with a stroke of pen. This moderately helps them secure their budget in a manageable repayment format.
The wonder is that expatriates can avail a cash facility from Dh10,000 to Dh300,000, and it all depends on the salary structure of the employee, as well as his credit rating.
What primarily counts in the UAE, as expatriates deal with banks, is the borrower’s integrity and ability to repay! Banks are never lost on trust and so are the expatriates in their commitment. This relationship of trust and business makes the UAE the most preferred destination for millions of people who come here for a better tomorrow.