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aafaq Tasaheel-Business Finance
- The reduction rate and the flat rate is 17.6% and 9.7%. This denotes that the computation done was a division of the reduction rate by 1.814
- Provides maximum finance amount of up to AED 10,000,000
- Early settlement fee is 1% of the loan amount
- Processing fee is 1.5% of the finance amount
- Repayment period is up to 48 months
- Provides minimum finance amount of up to AED 100,000
- There is no maximum annual turnover limit to apply for this finance
- Minimum annual sales turnover of AED 1,000,000 is needed to apply for this finance
- You need not have an account in this bank to apply for this finance
- After successful submission of documents, within next 4 working days the bank will approve the loan
- Trade License should be valid
- All the partners and local partners are required to submit passport copies while applying for the finance
- All the partners and local partners are required to submit Emirates ID while applying for the finance
- Audited financials of last 3-4 years have to be submitted to the bank
- Bank statements of last 6 months have to be submitted to the bank
- Finance amount is high
- Long and flexible repayment period is provided by bank
- Top up facility available
- Follows Islamic principles
- Documentation process is simple and easy
Frequently Asked Questions
⭐ Do we need to have an account in Aafaq bank to apply for this finance?
A. No, you do not need an account in Aafaq bank to apply for this finance.
⭐ What are the types collateral that are required to apply for business loan in Aafaq bank?
A. Types of collateral that can secure your business loans are:
1. Commercial building
2. Personal residence
5. Life Insurance cash value
⭐ How old should company be in order to apply for this finance?
A. The company should be at least 3 years old to apply for this finance.
⭐ What is the maximum annual sales turnover limit to apply for this finance?
A. There is no maximum annual sales turnover limit to be eligible for this finance.
⭐ How long does the business loan process typically take in Aafaq bank?
A. The business loan process in Aafaq bank typically takes around 45-60 days.
Aafaq Islamic Finance provides Islamic financial solutions all across UAE and is one of the major financial institutions that provide Sharia compliant financial services for a wide range of institutions. The Aafaq financial company was founded in 2006 and is a fully autonomous financial institution.
The company focusses on exploring and finding out the best opportunities within various business sectors in order to get highest possible returns for its shareholders.