Steps to Get a Bank Loan in Dubai
There are over 50 banks in the United Arab Emirates; in the Emirate of Dubai alone there are about 25 local banking institutions and more than 25 international banking institutions. If you require a loan almost every single bank can assist you with your all your loan needs. Most banks will loan you the money to purchase a home, car, personal and almost every other financing desires.
It is easier to borrow money for a personal loan than to use credit cards as the interest rates a higher. Many banks already have lists of approved companies whose employees can easily obtain a bank loan. Auto loans are much easier to obtain because the bank has the ownership of the vehicle and interest rates are cheaper than a personal bank loan.
Instructions
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1
What kind of ID you need for a bank loan in Dubai:
A. Passport and Copies
B. Salary certificate or letter (must be original, you can obtain this from your employer or company)
C. Employment contract (Banks may not always require this but it is better to have one handy)
D. Depending on the bank and your financial need the bank may require more documentation, if so the bank will notify you with further details. -
2
Loan Details
A. Personal loans are allowed up to a maximum of twenty times the monthly salary of the borrower, so if you get paid 5,000 a month your maximum loan will be 100,000.
B. Maximum repayment period allowed for personal loans is 4 7 years depending on your status as a local or an expat.
C. Car loans are up to 80% of the value of the vehicle, with a maximum repayment period of 5 to 6 years. -
3
Quick List of Some Banks and Their Interest Charges and Loan Maximums in Dubai
A. Arab Bank in Dubai
Phone Number: 8002 7224
Maximum Loan Amount: 250,000 AED
Interest Rate: 11 percent per Annum on a reducing balance basis
Loan Repayment Time: 6 years depending on the bank.
B. Commercial Bank Of Dubai
Phone Number: 04 212 1000
Maximum Loan Amount: 250,000 AED
Interest Rate: 11 percent per Annum on a reducing balance basis
Load Repayment Time: 60 months
C. HSBC Bank in Dubai
Phone Number: 800 4722
Maximum Loan Amount: 250,000 AED
Interest Rate: Applied on a Case by Case Basis
Loan Repayment Time: 7 years for UAE nationals, and 5 years for expatriates
D. Mashreq Bank In Dubai
Phone Number: 04 299 4233
Maximum Loan Amount: 250,000 AED
Interest Rate: 11.5 Percent per Annum on a Reducing Balance Basis
Loan Repayment Time: 60 months
E. National Bank Of Dubai
Phone Number: 04 313 8888
Maximum Loan Amount: 250,000 AED
Interest rate: Interest is subjected on Company
Loan Repayment Time: 6 years for nationals and 4 years for expatriates
