Find right PERSONAL FINANCE
Personal loans can help you enhance your home conditions, travel first and pay later, bear medical expenses so on and so forth. Moreover, our educational aspirations are no longer subdued since personal loans have become a viable option. We at Proficient Finance understand your financial and banking needs and have successfully implemented structured personal loans for smooth access & ease of use. With us, you will get the best of personal loan offers with translucent policies here in UAE.
Personal Loans are usually lent out to those borrowers who have a higher credit rating i.e., their ability and past propensity to pay off loans. Even though personal loans are unsecured loans, we at Proficient Finance ensure you of the smoothest monetary assistance during your tough time.
Certainly, all banks in the UAE check the Al Etihad Credit Bureau (AECB) score and evaluate loan repayment tendencies of prospective borrowers. Needless to mention, that repayment schemes based on salary are slightly more advantageous than non-salary personal loans. Moreover, salary-transfer based repayment schemes enjoy preferential interest rates.
Highlights of Personal Loans:
Frequently Asked Questions
Banks provide loans in exchange for an interest in the form of a Personal Loan. Borrowers return the entire sum of money along with interest within a maximum period of 48 months.
We at Proficient Finance ensure to guide you through all the crucial terms and conditions of personal loans. Our personal loan specialist will get in touch with you at your convenience.
- Loan Amount – All banks in the UAE have a maximum loan cap or ceiling. You need to evaluate how much you need before you approach a bank. Moreover, these loan caps are determined based on your income, employer or nationality.
- Minimum salary requirements– Choose a loan provider that has the least salary requirement or is equivalent to your salary limits.
- Interest rates – Always check the difference between flat rate interests and reducing-rate interests before availing a loan.
- Fees – Choose a loan provider who charges the least facilitation fees.
Typically, you need to show two documents to avail of a loan in UAE –
- Identity Proofs including passports, visa, Emirates ID, or a Family Book for UAE nationals.
- Income details – Bank Statements & Salary Certificates.
Debt Burden Ratio or DBR calculates an individual’s capacity to cope up with monthly loan payments. Moreover, it also shed light on whether a person will at all be able to repay his or her debts or not. The Central Bank of the UAE has capped DBA at 50%.
Taking out insurance on your personal loan is a smart option. In cases of, untowardly incidents in life, your insurance will pay for your loan defaults.
When borrowers and lenders mutually agree to reschedule loan repayments by executing an interim agreement, it is called an EMI deferment. These EMI deferments are allowed upon payment of a fee and are available only for a mutually fixed period.
An “Early Settlement” is good news for you and the bank. However, banks in the UAE will charge you some fees for paying back quicker rather than on agreed time.
Yes, you can be subjected to prior approval from your original lender. Moving to banks with lower interest rates is always beneficial.