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Credit card offers in Dubai and UAE

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credit card offers dubai

Best Credit Card Offers in Dubai

The Middle East is, undoubtedly, a hub for growth and tourism. People from all parts of the world flock here and enjoy the attractions and luxuries at disposal.

Chief among the countries in the Middle East is the United Arab Emirates. It is a prime centre for commerce and tourism in the region. Living here is an expensive and extravagant affair.

The people are well aware of this, and they do their best to keep up that lifestyle year round. Naturally one of the most used tools is credit cards.

Most banks in the region offer multiple types of credit cards with a host of benefits and advantages of owning them.

Best Credit cards in Dubai

Credit Cards Minimum Salary

Major Benefits
 

Citibank Citi Prestige card

 

AED 30000

 

Access to over 750 airport lounges, 10k thank you points.

 

Arab Bank Visa Platinum card

 

AED 20000

 

Access to over 700 airport lounges, attractive cashback offers.

 

ADIB Edge Card

 

AED 30000

 

Access to over 500 airport lounges, free golf at the Arabian Ranches Golf Club, valet parking and travel insurance, 10% cashback on every purchase.

 

AMEX The Platinum Card

 

AED 31000

 

No credit limit, priority access to VIP lounges in airports, exclusive discounts, 24/7 concierge service.

 

Citibank Citi Prestige card:

This offering from Citibank is a fantastic one. The sheer number of benefits one can avail using this card is quite a lot.

One can get access to over 750 airport lounges, it also comes with a 24/7 concierge service, free movie tickets each month, travel insurance and much more.

Just renewal of this card annually can fetch you 10000 thank you points. In order to get this card, one needs to have a minimum salary of 30000 AED per month.

There is also an annual fee of 1500 AED and a monthly interest rate of 2.79%. The advantages one can get from this card far outweigh the drawbacks.

The rewards for spending also include merchandise, flights and hotel bookings and so much more. One can use the points to offset any dues, with the minimum starting from 15000 points to pay off 500AED.

There is also an added advantage for using this card internationally as one can avail up to 3 points per 1usd of expenditure.

Arab Bank Visa Platinum card:

A premium card through which one can avail exclusive platinum benefits only reserved for VISA premium users. One can also get access to over 700 airport lounges, tons of cashback offers and a great rewards program.

In order to be eligible for this card, one needs to have a monthly salary of 20000 AED. There is an annual fee of 500 AED and a monthly charge rate of 2.79%.

The rewards program on this card is excellent, for every one AED of spending one can get 1.5 points and as soon as one crosses 60000 points, there is a1000 AED cashback on the card.

There is a minor charge of 3% on international expenditure. The advantages of having this card far outweigh the disadvantages and can even be considered as minor kinks.

ADIB Edge Card:

An exclusive card from the Abu Dhabi Islamic Bank, the minimum salary requirement of this card is 30000 AED.

There is an annual fee of 750 AED and the profit rate is 2.99% per month. For all these fees and cess, there are multiple advantages one can avail using this card.

One can get access to over 500 airport lounges, free golf at the Arabian Ranches Golf Club, valet parking and travel insurance are some of the perks one can avail from this card. The rewards system is also pretty great, one can redeem up to 2.5 points per AED of expenditure; as one builds this up they can avail it for airline tickets, shopping vouchers and much more.

. This is rare for most credits cards, which offer direct transfer of points into tickets.
One can also avail a fantastic 10% cashback on every purchase in the UAE.
There is a 3% fee which applies to all international charges as well.
This is one of the best cards on offer, and with exclusive benefits, its merits are far greater than any other card in the same bracket.

AMEX The Platinum Card:

This offering from American Express is one of the most exclusive in the world. The card is not a credit card and is instead a charge card, which means that there is no credit limit or a line.

This also makes it a card which has virtually no monthly charge rate. The exclusivity means that in order to be eligible, one needs to have a monthly salary upwards of 31000 AED. There is also a foreign transfer rate of 2.8%.

Some of the staggeringly great benefits include global Wi-Fi access, priority access to VIP lounges in airports, exclusive discounts, a 24/7 concierge service and the list goes on
.
By far the most regal and elusive card in the world, if one can get this card; there is no doubt as to why they shouldn’t.
These are some of the most premium and superb credit card offerings from the best banks in the region. Getting a hold of these can help in living life in a lap of luxury!

Credit Card Eligibility in UAE

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credit card eligibility uae

Credit card eligibility depends on these factors —

  1. Basic salary.

2. Currently employed as salaried.

3. Self-employed professional or self employed business

4. Length of service

5. Nationality.

credit card life time free

Some countries have eased the process, and Credit card eligibility in UAE is a relatively easy task.

Even though their purposes may stay the same, each card differs based on the amount of credit that is available and the number of benefits that is available on the card.

Major criteria to obtain a credit card:

  1. Age of the applicant

The age of the applicant is also a big criterion; most of the Middle East allows applicants to get credit cards if they are over the age of 21. If one can provide an independent source of income, they are permissible to apply for cards at age 18.

If a younger entrepreneur wants to open an account, he can do so with a co-signer, who has to be a legal guardian. The benefit of getting a credit card at such a young age is the ability to build great credit and be eligible for bigger loans and mortgages.

  1. Having a verifiable income source

The most important requirement to issue a credit card is to have a verifiable income source. This can even help with self-employed persons if they are a national of the state. The best case scenario for a credit card application is to have a steady influx of salary.

This can be on a monthly or a weekly basis. It is of utmost importance as, without the income, one may not be able to pay off the debts and end up in a debt trap. Even paying off the bare minimum every month can be extremely useful.

  1. A physical address for the cardholder

A physical home address is also a key factor, which means that PO boxes do not count, and in fact, the address has to be a place where one can receive correspondence mail. These requirements and much more will vary depending on the bank; different issuers may have different credit ratings and requirements. It verifies the occupancy of the user and that the bank is not getting fraud in an unlikely scenario.

  1. Emirates ID and procedure for non-residents

A proof of residence is also necessary, in the case of the United Arab Emirates, the national ID card, called the Emirates ID is the required document.

Having this ID is important; it keeps a record of the person and any dues and fines along with things such as health and life insurance details. For immigrants and other Non- Emirati residents, they need to provide other documents.

These are the passports and the residence permit of the applicant; this helps establish a valid identity and the purpose of the applicant in the UAE.

Once they fulfill these criteria, they are assured to get a credit card, and then, proceed to use the cards and make their purchases.

Related: Compare and Apply for Credit cards in UAE

What should one look for in a credit card?

The purpose of buying a credit card in uae is to make payments to merchants without worrying about the balance and overdraft issues. Apart from this feature, there are other benefits which make owning a credit card, such a joy.

Among the additional features, cashback is the most widely searched ones. As one makes a purchase, a certain amount is deducted each time; for each deduction, if one could get a return of sorts, then the benefits for the card user is multiplied. Each bank has a tie-up with a number of stores and these “partner” stores offer cashback and other offers when the card is used at their merchant stores.

The cashback is usually a small percentage of the purchase and can usually range from somewhere between 1-3% of purchase value. The cashback can also differ on the type of expenditure one makes. For smaller transactions, their values may be very low, and for transactions abroad, they can be double that of domestic purchases. This encourages users to travel and utilize their cards, for expenditure abroad.

Best Cashback Credit cardsWant to know more about best cash back credit cards in uae

Banks also offer life time free credit cards , which means that regardless of the usage of the card, there is no charge for operating the card.
This may change for banks as time passes, and they usually charge an annual fee, if spending stipulations are not met.

Credit cards are given when the user can make a monthly payment, which need not be the full amount. Thus, most credit accounts are revolving accounts.

The monthly payment, however, is 5% minimum of the total debt and can vary depending on the bank. The interest rate fluctuates between 3-5% monthly. You can also find low interest credit cards in UAE.

The Best Cash Back Credit cards in UAE 2018

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Best Cashback Credit cards

In case, you are planning to spend a lot of money in the coming festival season, you must exploit cash back schemes on credit cards.

Cashback typically refers to a cardholder benefit provided by credit card companies, which pay the cardholder a small percentage of cash rewards for all purchases.

With around 60 cashback credit cards in the UAE , such type of cards are becoming popular in the country. Some banks provide cashback as part of a Rewards Points program (meaning – you can redeem points for cashback), but several banks now purely offer a cashback benefit. With cashback credit card, you can typically redeem a discount on your purchase.

Most banks offer 1% cashback on general expenditure. But there are many variations provided by UAE banks for this type of rewards program.

Free Cashback credit card

Some of the popular Cashback credit cards in UAE are as follows:

Citi Cashback Card:

 

This card needs minimum salary level of AED 8000 but does not need a salary transfer or adhere to Islamic finance.

It has zero annual fees but charges 3.24% monthly interest rate on the outstanding amount after 51 days period that is interest-free. It gives 3% cashback for international expenditure using card, 2% on grocery spending, and 1% cashback on all other expenditure.

These make for the widest cashback rates provided on one UAE credit card with no earn caps on cashback, no redemption and no minimum spend.

It offers perks like complementary access to over 850 airport lounges, globally as well as travel insurance.

Documents required include copies of valid visa and passport, Emirates ID copy, salary certificate and 3 months statement of salary in the bank.

Click here to apply for the Citi Cashback Credit Card

CBD Now Visa Signature Card

This card needs minimum salary level of AED 10,000. It neither needs salary transfer nor offers Islamic finance. It has zero annual fees, but a monthly interest rate of 2.99% after a 52-day interest-free period.

Transaction rate of foreign currency is 2% per month. It is applicable only to overseas transactions. Repayment must be done within 52 days.

It offers perks like 24-hour customer support, easy 12-month installment plan, and welcome offers for gaming, food, sports, or music, and unlimited access to over 550 airport lounges worldwide. Also, there are discounts on movie tickets and valet parking.

Documents required are Emirates ID, a copy of passport, and residence visa and salary certificate. Self-employed must also provide valid trade license.

For minimum annual spend of AED 5000, perks like movie tickets, and valet parking are available without extra charge.

Click here to apply for the CBD Now Visa Credit Card

DIB DANA Master Card

This card has a profit rate of 2.9% and features Balance Transfer costing 3%. Minimum salary stipulated is AED 5000, and the annual fee is AED 299.

The card offers cashback on national and foreign expenditure. Get access to airport lounges across Abu Dhabi and Dubai and free assistance in roadside.

Get free supplementary cards. Get free valet parking and help in car registration as well as rental services.

The card provides discounts on holiday and travel packages. It offers Meet and Greet services in over 450 airports globally.

This is an Islamic card which offers a grace period of up to 55 days for repaying outstanding balance. Get 1.25% cashback on international expenditure and 0.8% on domestic expenditure. No maximum or minimum amount is stipulated.

Click here to apply for the CBD Now Visa Credit Card

CBD AL Islamic Visa Infinite Card

When you apply for this card, you will be awarded a guaranteed Travel voucher worth AED 750.

The card costs zero for the first year, and one can get loyalty points for your complete expenditure, which may be redeemed for Etihad guest miles/Emirates Skywards or cashback.

The card charges are zero for the first year, and one can get loyalty points for one’s complete expenses which can be redeemed as Cashback. Profit rate is 2.255, and minimum salary requirement is AED 10,000. There is balance transfer, and no foreign exchange fee is applicable when you spend overseas.

There are no annual fees, and there is special access to airport lounges as well as 50% discount on VOX cinema tickets across the UAE. The card also provides free valet parking.

This is an Islamic card. Salary transfer is not mandatory for this card. There is a repayment period of 52 days. There is a minimum payment rate of 5% or AED 100, whichever is more. But the card is free for the first year. Earn points for every AED 1 spent which can be redeemed as cashback or airline travel miles.

Click here to apply for the CBD AL Islamic Visa Infinite Credit Card

ADIB Cashback Visa Platinum Card

The card features a profit rate of 2.99% and stipulates a minimum salary requirement of AED 5000. The card offers 1% unlimited cashback on all retail expenditure. Balance transfer fee is applicable, and there is a foreign exchange fee of 3% on your international expenditure.

It offers facilities like roadside assistance and 4 supplementary cards. This is an Islamic card in which minimum salary needed is AED 5000, in case there is salary transfer and AED 10,000 in case there is not.
The card offers a grace period (55 days) for re-paying outstanding balance.

Profit rate begins from 2.99% with salary transfer and rises to 3.09%. Overseas transactions are charged 3% on the foreign exchange rate. In the 1st year, there is no annual fee, but afterward, there is an annual fee of AED 1000.

The best part is the 1% cashback on all purchases. There is no minimum limit, or maximum spend for the same.

Click here to apply for the ADIB CashBack Visa Platinum Credit Card

CITIBANK City Prestige Card

This is a cashback credit card with an annual fee of AED 1500 and a minimum salary of AED 30,000. It offers 10,000 bonus thank you points when the card is renewed annually.

Card owners can enjoy complementary unlimited access to over 750 airport lounges worldwide, including provision for 1 guest.

The card offers Citi prestige global team of concierge services, available 24x 7 in any part of the world. This team takes care of all your needs from fulfilling travel requests to reservations in the best restaurants.

Free golf services once a month for both supplementary and basic card members in leading golf courses across the UAE. The company offers unlimited supplementary cards for free.

Click here to apply for the CITIBANK Credit Card

ADIB Spice Cards (for expats)

Get cashback for up to 9% of your expenditure. Cash withdrawals are available for up to 100% of finance limit. The card provides up to 25% discounts on dining.

This is an Islamic card. Minimum salary requirement is for up to AED 12,000 per month. It provides a free grace period of 55 days to pay back outstanding balance. It carries a profit rate of 3.09% per month. Charge on foreign currency transactions is 3.1%. Annual fee amounts to AED 199.

Click here to apply for the ADIB Spice Credit Card

Main types of Personal Loan in UAE

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Personal loans are amounts borrowed for personal purposes like education or marriage expenses.

The borrower receives a sum amount at the beginning of the loan and is free to do what he or she wants with the loan amount.

The most distinctive feature is that the loan is an unsecured loan, without any collateral or assets as underlying security.

How to Qualify for Personal Loans in UAE

In UAE, banks are strict about lending personal loans and only lend to persons, who are salaried and are working for one among a list of approved companies.

Firstly you need to understand how personal loans in UAE works .

best personal loans uae

In most cases, the minimum level of salary required for a personal loan is AED 3000. But this rule changes from bank to bank.

The debt to income ratio is set at a maximum of 50%. These rules are stipulated by the UAE Central Bank for regulating the banks. These are only basic needs.

Every bank may have unique demands as per their credit policies. The good news is that it is exceedingly easy to apply for a personal loan in UAE. This is because of consumer-friendly institutions and progress in technology

Personal loan for nationals of the UAE:

Getting personal loans is a cake walk for the UAE nationals. For them, loans are available at favorable terms and conditions. There are also attractive interest rates.

Additionally, tenures of loans are pretty comfortable for consumers, and they have flexible eligibility criteria.

Another bonus is that their loans have simple and easy paperwork.  For self-employed professionals

Such professionals are those who run their own business. Such persons may find it tough to get personal loans. The main reason is that they do not have a fixed income.

But the positive news is that there are many financial institutions and banks open to the idea of lending to self-employed professionals.

So, you can apply for a loan without fear.

Personal loan for expatriates

Those expatriates, who come to the UAE, can also request for personal loans to take care of financial obligations.

It must be crucially noted that terms and conditions are different from those offered to the UAE nationals.

But what matters is that there do exist attractive deals for them.

Loan without transfer of salary

It must be noted that most banks offer personal loans only to those who transfer their salary to the banks.

However, this is not a hard and fast rule; many banks in the UAE offer personal loan without requiring the transfer of salary to their coffers.

Type of Loans Based On Interest Rate

There are typically two kinds of interest rates charged on personal loans when you are approaching banks in the UAE.

  • Flat interest rate:

In case, you are availing of a flat rate of interest on a loan; it simply means that sum payable and interest are calculated at the beginning of the repayment and remains this way till borrowed money has been paid off.

  • Reducing interest rate

On the other side, reducing rates on loans work, by reducing the principal amount after every installment that is paid. Mostly, the constant percentage of interest is charged on reduced amounts every month. This works out to different installments due every month.

How Do Personal Loans In UAE Work?

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Personal loan is a loan, which establishes consumer credit that is granted for personal use. It is typically unsecured and based on the integrity of borrower and his ability to repay.

Features of personal loans in UAE:

The main feature of personal loan in UAE is that it is unsecured by any collateral, and this applies to even personal loan to those who are not salaried.

Collateral is just any economic resource of fundamental value such as car, boat or house, which can be repossessed by a lender in case borrower forfeits on repayment of the loan.

Let’s check out how do personal loans in UAE work!

Amount needed:

Every bank in UAE stipulates a maximum amount of loan provided to you. After you estimate how much you require, you can compare loans where the maximum pay-out is higher than you require.

Need of minimum salary

Every bank in UAE imposes a minimum level of salary you need to earn if you want to qualify for a loan. When you are searching to compare loans, choose only those with a minimum salary requirement that is less than your monthly remuneration.

Fees for arrangement

Arrangement fees are charged by the bank as soon as you take the loan and are clubbed with your principal loan amount. In some cases, arrangement fees may be offered at 0% interest, but this can rise to AED 600 or 2% of your loan amount.

Early fee for settlement

In case, you are planning to take a loan for 5 years but wish to pay off the loan much before, early settlement fee becomes a crucial factor in your judgment.

This is a fee imposed on you when you want early payoff of your loan.

You must take great care on checking the fine print because early settlement fees apply only if you settle in cash and not in case you are refinancing.

Types of interest rate

The rate of interest is a crucial criterion for raising a personal loan. But this issue is subject to much confusion.

The rate on the personal loan can be estimated in two ways: a flat rate and a reducing rate. Reducing rate is estimated on the outstanding balance of your loan.

In contrast, a flat rate is estimated on the principal amount of your loan, throughout its duration.

Hence a loan at a reducing rate of 8% is equivalent to a flat rate of 4.41%. Take care while making comparisons because one bank may be offering a flat rate loan while the other, a reducing rate loan.

Salary transfer

Banks in UAE have various rates of loan for different customers who wish to open an account and have their salaries transferred to that account on a monthly basis from their employer as opposed to a person who does not transfer his salary.

The customers, who transfer their salary, are regarded as less risky, and the banks offer them loans at very less rate. Some banks do not provide personal loans to customers who do not transfer their salary to them.

Islamic finance

In UAE, some Islamic banks follow the Shariyah Law according to which charging interest rates on loans is forbidden. Thus, you can check out for attractive loans from such banks.

Company that is not listed

In case, your employer is not listed with a bank; this will make it extremely tough to get a loan.

Extending personal loans

In case, you need to extend your personal loan; there are many options. You can get in touch with your bank to explore whether they are happy to extend your current loan. You can even have another bank to buy out your loan, which is called as re-financing.

Consolidating debts

This option helps you by merging all your loans into one loan. So, whether there are overdrawn credit cards or personal loans, there will be an offer by banks to combine these debts into one balance, which you can pay off easily.

These are all some aspects of taking personal loans in UAE. Whatever be the reason for taking out a personal loan, ensure you compare them, their arrangement fees, settlement fees, and rates.

It is also good to grow familiar with customer service level of the bank before taking on personal loans.

Things to consider when choosing credit card in Dubai

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Nowadays, the usage of credit card Dubai is very common. Because of easy transaction procedures, individuals greatly appreciate the reliability of credit cards.

Suggested post: How to choose the best credit card in uae

You can find different variety of credit cards like cash back credit cards, skywards credit cards; easy return credit cards, and others. Depending on your requirements, you can choose a suitable credit card and can flexibly manage your financial transactions.

As there are some credit card service providers in UAE, it is pretty confusing to choose the best credit cards. So, to reduce your confusions, below here some important considerations have been mentioned. Kindly go through each consideration to get the best credit card services in Dubai.

Annual Percentage Rate

Sometimes, it is not feasible to pay the credit amount in full by the due date. In such situations, the individuals carry the credit amount beyond the grace period with Annual percentage rate.

This Annual percentage rate is determined by the service provider only. Some service providers charge high APR while others charge a very nominal amount. Again, the APR varies with cash advances, balance transfers, purchases and others. So, make sure that you have knowledge about the APR for different modules.

Cost of a credit card

Though you have got the credit card for free, it’s not free. There are different charges, which are keenly associated with credit card services. Some common charges include Annual fees, over-the-limit fee, late fee, due date fee, and others.

You need to collect necessary information about the additional fees associated with credit cards. Compare credit cards of at least five service providers, and then go for a decision.

Credit limit

Every credit card has got a fixed spending limit. Thus you cannot spend beyond that limit. It is highly recommended to determine the credit limit, as per your convenience.

If you are selecting credit limit thrice or fourth of your earnings, then you may end up with high debts. You can simply get a credit card with low limits and should use the card wisely.

Attractive rewards

Yes, you can earn reward points on your every purchase through credit cards. The reputed credit card service providers offer attractive rewards to the users mainly on online shopping, service stations, grocery stores, and others.

You simply need to compare credit cards UAE and should avail the credit card with best rewards and offers.

Customer Service

Indeed, customer service is one of the important elements of a credit card. It is suggested to get a credit card with 24/7 customer support.

Look, when you are managing financial transactions through a card, there are chances you may face difficulties. In such situations, you can simply contact the customer service team and can resolve the issue.

So, if you want to get the best credit card services in UAE, then don’t forget to compare the credit cards over the mentioned factors. In case of any further confusion, feel free to communicate with the financial experts.

How to choose the best credit card in UAE ?

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Credit card Dubai

 

Finance management is one of the typical tasks, which is faced by every individual.

It doesn’t matter whether, you are living on your salary or doing your own business, managing the finance is difficult.

Sometimes, the expenses cross the limit, and hence you find it difficult to deal with the finance. Well, in such typical situations, availing loans from banks and private institutions is not handy.

This is the reason, why the individuals prefer to get a credit card. Yes, credit card eases the loan procedure and helps you in repaying the expenses instantly.

Every credit card has got its spending limit per month. Thus, now you can simply deal with your finance, without any worries. On the other side, a credit card can be a debt trap.

Most of the time, the individuals face difficulties in repaying the credit amount because of the high rate of interests.

So, before applying for a credit card UAE, you need to do good research regarding the credit card facilities and services.

In Dubai, there are some credit card service providers, which are offering financial services with best facilities. In case, you are confused in availing the best credit card services in Dubai; then you need to consider the below-mentioned tips.

 

Understand your expenditure –

This is the very first thing, which you need to do before applying for a credit card.  If you have no clear idea regarding your expenditure, then it will be very difficult for you to choose a suitable credit card service.

At present, different types of credit cards are offered by the financial institutes. Some common credit card services, as per the expenditure of individuals, include cash back credit card, skywards credit card, educational finance credit cards, and others.

 

Interest rates on credit cards –

Different credit cards have different interest rates, which highly vary from each other. So, you need to pay keen attention while studying the interest rates of credit cards. It is recommended to compare credit cards by interest rates and other additional charges.

 

Credit limit of a credit card –

It is recommended to get a credit card as per your monthly income. Don’t go for a credit card with high spending limits, or else you might end with serious debt issues.

 

Annual fees –

The service providers charge an annual fee from the cardholders to ensure proper maintenance. Again, there are also some service providers, who don’t charge any annual fees and offer lifetime validity of credit card. So, choose as per your convenience.

So, these are some of the important facts, which should be considered to compare credit cards UAE.

It is recommended to compare at least 5-6 credit card services to choose the best. In case, you are having any issues in understanding the modules of a credit card; you can seek necessary consultation from financial experts.

Don’t take any decision in hurry or else you may land in serious trouble. Consider all the terms and conditions keenly, and then opt for the credit card services in Dubai.

 

How to get the best deals on personal loan in UAE 2018

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Getting personal loan in uae loans at a great rate can be quite a hefty task, especially if you are planning on opting for the ‘Personal Loan.’

Before we get into the nits and bits of getting the best deals on the loan you desire, you should remember that personal loans come with an interest rate that is higher than the normal loans where you provide the bank with collateral to get the loan.

However, personal loans are harder to get sanctioned as it is purely based on your financial reputation and your ability to pay back the sum which includes your credit score.

Now that you have decided to get a personal loan let’s take a look at some of the pointers that you should remember to ensure the best possible deal with the lowest rate of interest.

Compare and Analyze Personal Loan:

If you desire a personal loan in UAE, the best way to get beneficial deals is to compare the plans from different banks followed by an in-depth analysis of the all the plans and their associated interest rates.

With modern-day technologies at your disposal, you can easily obtain all the plan details from the comfort of your home.

This will enable you to pick the best lender to help lower all your associated expenses. You can compare personal loan plans that include different procedures such as documentation and its complexity, processing charges, charges for pre-closure, customer support as well as an online tracking system.

Excellent credit score:

The process of getting your personal loan Dubai approved by the lender requires you to have a credit score that is eligible for a loan amount that you desire.

If you take a look at the interest rates provided by various banks, you will notice one thing that a great credit score gets you lower interest rates.

This is because you the banks believe you have the potential to return the money you owe. A good credit score can be earned from timely payment of bills and paying back your past loans in the time allotted to you.

Make sure you build a matrix to pay back the loan amount before the allotted time to maintain a great credit score because even a minor delay could affect your score.

Look for seasonal offers:

As you apply for a personal loan in Dubai, make sure you look through numerous gifts, seasonal offers or waivers provided by different lenders to boost the business.

Opting for a personal loan as the offers are on, shall get you discounted interest rates and if not some gifts or small holiday packages. Make sure you get the best out of the sale season for a personal loan that isn’t heavy on your pockets.

A careful analysis and proper study of the plans from banks located close to you can bag you a deal that takes care of your needs while being careful not to be heavy on your daily expenses.

Being vigilant and asking the right questions will make you a customer that gets the best benefits out of the banks.

4 Tips for getting Personal loan in UAE 2018

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personal loan in uae

 

With weddings, education, events, vacations and several other basic expenses to be covered, a personal loan might seem to be a feasible option.

A personal loan is when the bank provides you with your requested amount, just by your earnings and personal reputation that includes your credit score.

However, loan based on reputation also has a chance of being declined if you do not fit the profile. So before you go ahead and meet the bank officials for your requirement, make sure your profile is strong enough.

Type of personal loan requirement

In order to avail personal loan in uae , first you need to understand the types of personal loans. Well, there are different varieties of personal loans which are offered by the financial institutions.

Some common personal loans include Convertible loans, Fixed-rate loans, Installment loans, Payday loans, Secured loans, Single-payment loans, unsecured loans, Variable-rate loans, and others. You have to determine your requirements first, in order to avail a suitable personal loan in UAE.

Keep your credit score in check:

A credit score is one of the important components of personal loan. The Moneylender will check your eligibility through credit score, so it is recommended to maintain a good credit score all the time.

Make sure you do not attempt to obtain a loan unless you require it. This is because every time you apply for a loan, it gets recorded in your credit score which could damage your future chances of getting a loan approved.

Increase your credit score:

You have every chance to improve your credit score which could get you lower rates of interest when you get that loan approved.

To improve your score, make sure you pay all your pending bills on time. Always make sure you are free from any negative trait on your overall credit history which also includes late payment of bills.

The ratio between your debt and income:

If you apply for a personal loan in Dubai, make sure what you earn is sufficient enough to pay back the loan in time. A loan amount that is much more than your income can land you in trouble especially when you are unable to pay back the EMIs on time.

Once you have prepared yourself for all the basic checks before getting a personal loan approved, go to the best bank in your area that can provide you loans at less interest according to your credit score.

Make sure you compare personal loan from different banks and its variations. In case, you are in confusion, don’t hesitate to consult with the financial experts.

How to Buy a Home in Dubai with a Monthly Salary of 10,000 Dirhams?

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Dubai is a real estate paradise with a large expat population in residence. Attractive payment plans and low sales prices provided by property developers are causing more first time buyers of homes to rush to buying property.

RELATED: Tired of renting? Start owning! Click here to compare mortgages in UAE and to own your dream home in UAE! 

This rush in real estate activity is also due to innovative and Latest mortgage products by certain local banks. Even someone with a monthly salary of Dh10,000 can venture into the property market. All they need is a capacity to arrange for registration charges and up-front payment.
Many properties are available to cater to a wide range of income brackets. Two big barriers to property ownership – high prices and poor accessibility to a home mortgage – have been overcome. This has boosted real estate activity.

Those with monthly income between Dh15,000 and Dh10,000 can now easily purchase apartments. According to market insiders, the average one bedroom apartment in fresh residential areas like Liwan, Silicon Oasis, etc. costs around Dh600,000.

This needs down payment of Dh150,000 and registration expenses of Dh 30,000. The EMI for the buyer is Dh2,200 a month. This figure can be easily managed by people earning around Dh 15,000 a month, as it is less than their current monthly rental.

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In 2018, the topmost affordable properties to persons with monthly income of around Dh 10,000 are Dubai South, Al Furjan, JVC (Jumeirah Village Circle) and International city.

For those with a monthly income of Dh15,000 and above, leading properties are located in Dubai Sports City, Business Bay, JVC and Dubai South.

The issue is whether a person earning a monthly income of Dh10,000 is eligible for a mortgage. Provided customer does not have any other major loans, he can easily avail of a home loan for 25 years.