A personal and unsecured loan means that there is no collateral or guarantor required to apply for it. Undoubtedly it is the type of loan in Dubai that is procured by the clients from financial institutes or banks so as to cater to their financial needs. The needs for procurement of personal loan include wedding, higher education, overseas trip and also for debt consolidation. In Dubai city, maximum loan amount that one may get needs to be at least twenty times equivalent to monthly salary but repayment tenure is forty-eight months. Key factors like credit score, source of income, employment status, age. On the basis of these factors, the loan amount may be determined.
The interest rate provided by leading private lenders in Dubai on personal loan often is referred to as additional charge that may be levied on principal loan amount. There are certainly two types of interest rate applied by banks as well as financial institutes and these are namely flat rate of interest and reducing interest rate.
Decreasing interest rate for personal loan
As contrary to flat interest rate, the rate of interest gets reduced every time a borrower pays loans instalment. The decreased interest rate is generally charged on excellent principal sum that ranges between 5.24 and 39.9 %.
Get flat interest rate on personal loan
A flat interest rate on personal loan is often charged on whole loan amount that usually remains constant throughout the whole tenure. In comparison to reduced interest rate structure, this kind of structure is more expensive because interest rate is charged on entire loan amount. In fact, as compared to reduced interest rate structure, this kind of structure is costlier because interest rate is often charged on entire loan amount. The rate of interest ranges between 2.63 as well as 22.22%. Get in touch with MoneyDila, the leading private lender of Dubai for all your financial need and enjoy financial benefits.
2509, Burlington Tower, Al Abraj Street, Opposite Oberoi Hotel, Business Bay
Post Box number - 28173,
Dubai, United Arab Emirates
Contact : +971-4 332 0030
Email: [email protected]