According to media reports, the expatriate population in the UAE in 2023 is close to 9 million. A significant number of people are moving to Dubai or the UAE for a better lifestyle and better prospects for careers and life. And settling becomes seamless with easy personal loans in the UAE.
Finding Personal Loans in the UAE
What are the benefits of an easy personal loan in the UAE?
A financial crunch is natural after changing your job or relocating to a new place, like the UAE. To ensure a seamless transition loans are an efficient method. Some of the most important benefits of personal loans in Dubai include easy application, documentation, and a simple verification process. Furthermore, the repayment tenure is up to 48 months or 60 months for the employees of the Ministry of Défense. Various banks do not charge any extra fee for early repayment of the loan.
How do I find easy personal loans in the UAE?
Before applying for a personal loan, you need to research them. The banks in the UAE offer various personal loans for salary holders. The criteria for the personal loan and tenure change with the salary range. Therefore, interest rates, additional fees, and credit scores are some of the factors you may consider while researching personal loans.
What is a fixed and variable interest rate?
Fixed interest rate enables the consumers to choose an interest rate that remains the same through the life of the loan. Hence, their monthly or quarterly repayment amount is the same. Variable interest rate is subject to change based on the EIBOR or Emirates Interbank Offered Rate. By adding the EIBOR rate and margin, the variable rate is calculated. The EIBOR rate is subject to the lowest ‘floor rate’. This rate is subject to change every three months.
Which interest rate is better – variable or fixed?
Banks in the UAE often allow customers to choose the interest rate type for their loans, variable or fixed. The fixed rate is more suitable if you want to repay in the short term. However, if you plan on repaying over a long time, a variable interest rate is best suited for your loan.
In the UAE, you can use personal loans to finance home improvement projects, family vacations, weddings, and even your child’s education. When the goal of relocating to the UAE is to build a better life, then letting the special moments of life pass by is futile.
So, obtain easy personal loans in Dubai, and set up a payback system that suits you.