Personal loan is a type of loan taken usually when you moved to new country or employment. It is an ideal option for any individual who wants to settle in any new region having minimum resources.
Types of loan:
Loan can be classified into two categories:
Secured loans:
A secured loan is the one that you can avail if you have some credit background, handsome asset to show and proof of paying back to that institute in limited time period.
Unsecured loans:
It caters the loan in which you don’t possess any asset e.g. house, property, credit, car. In this type, institutions are usually at risk, of getting their money back as they don’t have any mortgage property of the customer.
Personal loan is basically unsecured loan These loans don’t require collateral such as your home, car or other personal property.
Personal loan can be taken for many purposes.
Finance institutions:
Banks:
Usually banking policies differ in giving loan to the people. Some care for their customers and allow loan at very low interest rates for long term relationship with their customers and some keep their risk level low by satisfying their policies like full documentation of the client. Almost all banks in Dubai provide personal loans. The loan amount and interest would depend on individual’s current financial status e.g. salary, credit history, current financial liabilities etc.
You can go through different banks like ENBD, NBAD, or Islamic banks EIC, as they have somehow better pre-payment terms and solution plans.
Banks usually provide two type of personal loan
Type of personal loan:
Eligibility Criteria to Apply for personal loan in bank:
Money lending companies
For the ease of people coming new to Dubai, already established groups have made their minds to lend people money rather their investing in some bank directly. They invest on people directly and small loans can be made at win-win situation to both company and customer.
Eligibility criteria for loan:
Peer to peer loans : It allows you to borrow from individuals, rather than to ask from a traditional lender such as a bank. It includes:
How KWS Can Help You?
Mostly people are not aware of the ways to get the loan at their ease, on low interest rates, not known of loan procedures or the way to get quick access to the money. All you need is someone to do ask for your loan on your behalf and here we come:
KWSME takes care of its customers, we approach you not only to the banks but also to the Local sponsor in UAE. For more information about personal loans in Dubai, Please Contact Us or call on 00971-(04) 871 4313, or send an email to info@kwsme.com
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