ADCB Business Loan
Rakbank Business Loan
Union National Bank Business Loan
CBD Business Loan
ADIB Personal Loan
ADCB Personal Loan
Rakbank Personal Loan
Emirates NBD Personal Loan
Dubai Islamic Bank Personal Loan
ADIB Credit Card
ADCB Credit Card
Rakbank Credit Card
Emirates NBD Credit Card
Citibank Credit Card
ADIB Home Loan
ADCB Home Loan
HSBC Home Loan
NBAD Home Loan
Dubai Islamic Bank Home Loan
ADIB Car Loan
HSBC Car Loan
Standard Chartered Car Loan
Emirates NBD Car Loan
Al Hilal Bank Car Loan
Oman Insurance Company Life Insurance
Zurich Insurance Life Insurance
AIG Insurance Company Life Insurance
AXA Gulf Life Insurance
MetLife Life Insurance
Annual Turn Over
Tenure In Months
Required Annual Turn Over
RAKBANK Point of Sales Finance
Dubai First SME Business Loan
RAKBANK Commercial Real Estate Loan
CBD Cheque Discounting Finance
Aseel Business Finance
ADCB Business Insta Loan
Noor Bank Business Finance
RAKBANK RAKfinance Loan
CBD CAPEX Finance
Emirates Money Property Power
In today’s times, businesses have the constant need to be at the top of their game. Whether it is adopting a new technology, mergers, acquisitions or opening the gates for imports and exports, they need to have it all. This has led to a regular need of funds at the disposal of the business owners
UAE, which ranks among the top 30 countries in the World Bank’s Report on the ease of doing business, recognized this need and offers business loans to customers to help them meet their business requirements. There are many banks and financial institutions offering business finance today.
A business loan is usually an unsecured loan provided to businesses to meet their small financial needs. The loan must be paid back in instalments with interest over the agreed tenure.
As a business owner, you must be careful in choosing a business finance provider. Here is a look at some salient features of business loans in UAE:
Business owners have a constant requirement of finance for some or most of these reasons:
Regardless of the reason behind applying for a business loan, most banks in UAE are welcoming the possibility of a mutually beneficial borrower-lender partnership with business owners.
Every bank has its own eligibility criteria which needs to be checked individually. However, some basic requirements are as follows:
As is the case with eligibility, every bank can have its own requirement of documents to process your loan application. Apart from the application form, some basic documents needed are:
If you already have an account with the bank, then the number of documents needed might reduce. Please ensure that you arrange all the documents before submitting your application.
There are different kinds of fees and charges associated with business loans and they can vary with each bank. These may include an arrangement fee which usually is a small percentage of the loan amount, processing fees of around 1.2-2% and early settlement fee of around 1% of the outstanding amount. While most of these charges would be standard across banks, it would be in your best interest to go through the detailed schedule of charges thoroughly before applying.
EMI Loan Calculator to Calculate your Business Loan Installments.
Banks are slowly recognizing the need for business loans in the market and are continuously improving their products. Some leading banks offering business loans are:
Remember, a business loan can go a long way in expanding and improving your current business. However, ensure that you research well as this will be a long-term financial association and you wouldn’t want to find yourself at the shorter end of the stick. Consult a business/financial advisor, if need be.
A. LOB is an abbreviation for Length of Business. Every bank has a specific requirement about the time for which the trade license is functional. The authorized signatory, as evidenced by the Memorandum of Articles, should be at least one year in business (can vary from bank to bank). It is advisable to talk to your bank to get a better understanding of the same.
A. The answer to this question depends on the bank through which you have availed the loan. Usually, banks dissuade partial payments of business loans. However, you may talk to your bank regarding the same.
A. While majority banks provide business loans with collaterals, some banks may choose to demand the same. You may approach other banks with no such conditions. Remember, to check all terms and conditions and schedule of charges before signing the dotted line.
A. Here is an explanation for both the rates:
Flat rate of interest: Interest is charged on the amount borrowed at the agreed rate of interest throughout the tenure of the loan.
Reducing rate of interest: In these loans, the first instalment is charged on the entire amount and from there the principal component keeps reducing and so does the interest.