Emirates Money Offering up to AED 50,000 Cash Back on Loans

Are you planning to borrow money to boost up your business? Why not take a loan that lets you earn money from it while you spend it! Emirates Money offers cash back of up to AED 50,000 on any loan you take from the bank. Not only this, the icing on the cake is that you will also be eligible for a complimentary business credit card. The card offers a cash back of up to AED 2000 every month for life.

Types of Loans You Avail the Cash Back Offer On

Here are the five type of Loan products offered by Emirates Money under which one can avail the cashback offer:

  • Business Loans – Under this category, you can borrow up to AED 1.5 million and there is no collateral required. It has flexible repayment terms of up to 48 months. Also, the top-up facility available can help you avail more money within six months of repayment. This basically works on your repayment record.
  • Merchant Loans – You can borrow money up to AED 2 million under this category. It also offers higher eligibility for merchants. You can avail the top-up facility within 3 months of repayment. Also, point of sales receipts issued by any bank can be pledged as a security.
  • Vehicle and Equipment Loan – You can get a credit grant of up to AED 7 million under this category. The money grant will not exceed more than 90 percent of the vehicle or the equipment value. It can be procured for both new and used vehicles. The sum borrowed is backed by insurance funding.
  • Property Power – Under this category, your residential or commercial property acts as a collateral. Both salaried individuals as well as sell-employed individuals and companies can borrow money under this category. You can borrow up to AED 7 million. The long-term repayment option of 15 years makes this a lucrative deal. Not to forget the cash back you get.
  • Loan Against Gold – Gold is the glitter that has the power to finance your dreams. It offers instant liquidity. You also get free valuation of your gold. Your assets are safely stored in one of most secure vaults of the region. Gold certificates are also accepted. You can get a top-up within 3 months of repayment.

Emirates Money is offering this amazing cash back offer for limited period from September 16th to October 31st. Hurry! Do read the terms and conditions before signing on the dotted lines.

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When Personal Loans Come To The Rescue

A personal loan can help you when you need urgent funds for professional or personal difficulties. Banks in the UAE are flexible about giving personal loans as well.

Those living in the UAE never want to live anywhere else. Life is certainly on the fast lane here, but there is a good standard of living for all. Both residents and expats enjoy the quality of life in the country, buoyed by the Government’s friendly policies that result in economic growth for everybody.

The UAE is fortunate to have a highly evolved banking system that functions on par with global standards. Banks and financial institutions in the UAE process every customer request in the minimum of time and using very less paperwork. Loan applications, especially, are processed quite quickly and with less hassle to the customer. Those availing of Personal loan UAE, especially, reveal that their banks and financial institutions in UAE are responsive and highly professional in operationalising the loan transaction.

Why take personal loan?

A personal loan helps one is times of financial uncertainty. One may need cash to fund a variety of emergencies, ranging from one’s hospitalisation to paying for their child’s marriage. On the other hand, a personal loan can also finance measures to alleviate professional crises such as putting down the money for new equipment or even paying for a long term commercial space lease.

Though banks and financial institutions offer advice on the personal loan you require, it is wiser to start by conducting your own research. You can do this online; just type the term ‘Personal loan UAE in the search window of the search engine you use, and you will find pages of useful information. Browsing through the personal loan products of various banks and financial institutions will give you information about loan interest rates, tenure, EMI calculation, etc. You can also find out the loan application process and the documents you will need to submit.

Additionally, you must also find out the charges and penalties levied against personal loan in UAE. These may include processing of the loan and pre-closure charges.

What you need to factor in

Before proceeding with the loan application, you must assess your current financial health. Factor in your current and projected future monthly expenses and whether you can afford to pay the EMI. Additionally, the rate of interest plays a major role in determining the EMI amount. It is better to take a floating rate of interest, which results in a cheaper loan for you. Besides these, you must have a plan in place to repay the loan amount earlier than the tenure expiry.

Why do mental math when you can use an online calculator?

You can calculate the bare details of your auto loan requirement with an online calculator made for the purpose.

That the Internet has made our lives much easier is an understatement. And nowhere has the Internet facilitated ease of business the way it has in the banking, insurance and retail sectors.

All over the world, people are using the Internet to conduct their banking and insurance transactions with complete ease. It is unthinkable now to physically go to several banks and financial institutions to gather details for loan applications and withdrawals. With one click of a button, we have all the relevant financial information at our fingertips.

Using calculators for loan calculations

A calculator is the tool of choice for bankers and accountants all over the world. It is the most useful device for number-crunching in banks, and it helps to break down calculations in an easier format.

They have now transitioned on to the websites of banks and insurance providers. Customers can use these online calculators to compute the rate of interest, preferred loan amount and even tenure for themselves. The calculation is done in real time and presented in seconds. This helps the customer make a quicker decision about a loan he or she is considering.

Calculators for auto loans

The UAE is a minefield for the best and latest cars from the top global brands. There are cars to suit all tastes and budgets. However, both residents and expats prefer to take auto loans before making their purchase. For this, they shop around for the best loans.

It is considerably easy to select the best loan option if one uses an auto loan calculator. Under this, the applicant has to enter the category of the loan, his or her monthly income, the amount of loan required and the preferred tenure. Once this information is keyed in, the auto loan calculator arrives at the eligible loan amount at a certain rate of interest.

The auto loan calculator also allows for various permutations and combinations within the above parameters so that the best combination can be arrived at. However, this is only the first step in the auto loan application process. The results are only an estimation and need to be discussed with the bank in greater detail.

Avail of a Personal Loan without a Hassle

Some banks in the UAE allow applicants to take personal loans without transferring their salary. This is a good option to pursue.

Life in the UAE is wonderful, with both residents and expats enjoying a good standard of living. Additionally, the Government in the country is well-tuned to the needs of its population, thus resulting in a slew of people-friendly policies across several sectors.

Banking, for one, is a highly evolved service in the UAE, with people availing of all its benefits and extremely easy processes for their personal and professional use. Banks and financial institutions in the UAE offer many products and services with the minimum of paperwork and with a well-regulated system in place to bring down both effort and time for potential customers.

If you’re looking for a personal loan product, you could do no better than to avail of one which is perfectly suited to your needs and requirements. Considering the large expat and non-resident population based in cities like Dubai, especially, there are several personal loan options to benefit from.

In the UAE, it is possible for a person to avail of a personal loan from a bank where he or she does not transfer his or her salary – this is a rare feature, and one not offered in many countries around the world. However, this option is not offered by all banks, so choose wisely. Also, banks and financial institutions follow the thumb rule of offering a personal loan amounting to not more than 20 times your regular income. This loan amount is to be paid back in a period not amounting to more than 48 months, in regular monthly instalments not higher than half the monthly salary.

Some banks will allow you to borrow an amount of up to Dh 2, 00,000 without transferring your salary to them – if you have an account with them or if you transfer your salary, the loan amount may be higher. When you apply for a personal loan, enquire what’s the bank’s repayment policy is and if there are flexi-options for repayment. Steer clear of banks charging a fee for foreclosure of a personal loan.

Broadly, you will be eligible for a personal loan if you earn upwards of Dh 12,000, are employed with your current firm for at least six months, have all your documents (personal, visa, work permit, proof of residence, employment certificate, etc.) in place and salary slips of at least latest three months to show. Loans may be availed for a variety of reasons, right from funding immediate personal expenses to paying for children’s education.