Are you thinking about the loan in UAE but confused about the banks, where you should go for a loan? So, this article may make your decision simplest and easiest for you. UAE is a place with an amazing banking system with very simple means of money transactions. Banks here in UAE are working on a proper channel and providing high-level and authentic financial services to their customers. Whether it’s a matter of an account opening or you want to take a loan of any kind, banks play a mandatory role.
UAE bank loans service is one of the finest and most authentic services of banks, that never disappoint their customers at any point. If someone faces any kind of issue related to their service, their active and skilled team of staff handles it effectively and efficiently. So, that means you can easily rely on the services of banks in the UAE, especially when you want to get a loan. This article is based on content about getting loans via banks in the UAE and how banks are so helpful with their loan services.
Major kinds of banks vs their loan services in the UAE
There are some major types of banks functioning in the UAE and delivering their financial services to their people. The banking sector that is prevailing in UAE is not small, it is furthermore divided into more categories. These fundamental categories are as follows:-
- Commercial Banks and their loans
This category refers to the banking sector which is always open to providing its services to all people. Everyone who lives in UAE can take advantage of their services, the list of services is as huge as the commercial banking system. These banks are again divided into various parts, for example, different small and large sectors, national and international sectors, etc. Everyone can get the facility of bank loans in UAE through this category, because of the high-level loan services they offer.
- Industrial banks vs loan facilities
The main aim of this sector is to provide long-term loans that are specifically made for industrial or any kind of productive work. People apply in this sector when they are working on long-term projects and their companies are famous due to their marketing and productivity. You can say, this form of the banking sector is specially designed to help out investors, businessmen, and factory owners through its loan service.
- Islamic banking sector vs loans
This category of bank is providing the facility of loans to everyone with the lowest rate of interest. Because this sector follows the strict Islamic sharia laws and is specifically design for Islamic purposes. If you are a businessman and want to apply for a business loan in UAE With the lowest rates, you should apply in Islamic banks. The most highlighted Islamic sharia banks are Dubai Islamic bank, Abu Dhabi Islamic bank, Mashreq, etc.
In what conditions bank of UAE will allow you to apply for a loan?
Banks have some specific conditions regarding loans, without passing all these conditions, you can’t avail bank loans. These conditions are as follows:-
- All the previous records will be check by the banks before approving the loan. The previous record consists of all required papers like your credit history, salary certificate, visa/passport copies, some utility bills, business registration slips, etc.
- The UAE bank loan is only provided to you if your age is between the range of 21 to 65 years.
- Similarly, you will qualify for the loan if your monthly salary range is between 3000 to 8000 AED.