Get Business Loan in Dubai , UAE
To sustain, grow, or refinance their business, many business owners in the United Arab Emirates choose to take out a business loan. Depending on the potential risk, banks and other financial institutions in the UAE offer business loans at fair interest rates with or without security.
There are various eligibility requirements that you must meet whether you are seeking for a business loan to start a brand new or an existing business.
Today xclusive commercial brokerage will act as a guide, and teach you everything you need to know about Business Loans in the United Arab Emirates.!
What are the Features of a Business Loan in the UAE?
The Period of Repayment
A business loan has a repayment period that lasts between two and five years. The length of the loan payback period is also influenced by the loan amount requested.
Rate of Interests
Different banks may charge different interest rates for business loans. The applicants’ interest rates, however, are affected by a number of variables, including their credit history, monthly income, the number of loans they have open, the size of the loan, etc. An annual reduction in interest rates from 15% to 24% is typical for company loans.
Relationship Manager
The loan borrowers are given a relationship manager by the majority of banks in the United Arab Emirates so that they can get in touch with them if they have any questions.
Business Account
On the day they apply for a business loan, the applicants must have an open business account with one of the banks in the United Arab Emirates. This assists the lender in obtaining a reference from the bank regarding their interaction with the applicant.
The Amount of Loan
In the United Arab Emirates, business loans typically vary from AED 50,000 to 5,000,000. The banks examine the applicant’s financial situation and base the loan amount they offer on it.
What is the prescribed Eligibility Criteria for a Business Loan in the UAE?
Ask your bank what requirements you must fulfill in order to be eligible for a business loan in the UAE. The requirements could differ from bank to bank.