Bank loan in Dubai without company listing
The rejection of the applicants’ request application to get a loan is that their company is not listed. All the banks and other institutions have mentioned the names of the listed companies in their criteria for providing loans. But, now the advancement in banks & financial institutions of UAE and Dubai are massive. It is a reason that Bank loan in Dubai without company listing is also easily available. Moreover, the application procedure is not tricky but the requirements should be strictly fulfilled. As a result, the maximum chances of receiving the fund are in a shorter time.
To provide borrowers with a more convenient way to apply for and obtain a loan, the Loans For Gulf assists you. This financial company offers so many different types of loans even if your company is without the feature of listing. You have so many options when you apply through this company. It guides you on the choice of accurate debt with the interest amount. As you have an idea the interest rate is not the same everywhere, likewise the rate is also classified into two types. Before finalizing any debt, make sure the interest amount is suitable according to your financial budget.
Interest Rates for bank Loan without company listing
In Dubai, there are two categories of interest rates for non-listed companies as well. You have to carefully choose between them. Always prefer that option which gives you a relaxed feeling of financial budget. Further, the repayment amount with interest rate must be in your budget. Never take a too higher amount of debt and then choose the type of interest rate. The basic rates are the following:
Flat interest:
The majority of the applicants of non-listed companies select the flat interest. The purpose of flat interest is that the amount of interest will remain the same for the whole duration. Therefore, the borrowers can easily estimate the monthly repayments. When they have a clear idea about the installments, they can easily make their budget accordingly. Most probably, the flat interest range is between five percent to eighteen percent.
Reducing interest:
It is not similar to the flat type. The applicants in Dubai also consider this type of interest. Most of the time, the interest amount is higher in the starting installments. But, it decreases with the repaying of every installment. No matter if your company is listed or not, reducing interest amount is from 5-12 percent. When you repay constantly every month, you will get financial relaxation on the submission of a low-interest amount.
As compared to listed companies, the employee of a non-listed company will have to pay more interest amount. But, the good point is that now these employees in Dubai also apply for and get different loans. Furthermore, they have also the option of applying for higher amounts as per needs.
Features of Bank Loans in Dubai for Non-Listed Companies
There are specific features that make the loans ideal for employees of non-listed companies. Due to these features, the loans in Dubai are too impressive to deal with any tough financial situation.
Loan amount:
The banks have different choices of loan amounts. From lower to higher amounts, applicants can apply if they meet the eligibility criteria. In general, the debt amount is a maximum of one million AED. But, mostly, the lenders prefer to offer smaller amounts to non-listed employees. But, if your salary is higher with good credit history, you can also get a chance to obtain higher loan amounts.
Tenure:
The tenure is flexible for bank loans in Dubai. The repayment tenure starts from 1 year to go up to five years. In particular, the loan tenure is almost the same for every applicant. Your debt amount also decided the tenure period.
Income:
The banks made their terms of requirements. According to these requirements, the applicant must have to meet them in order to become an eligible applicant. For non-listed companies, the individuals’ salary must be more than three thousand AED monthly.
Approval & disbursal:
The overall procedure of application is faster. It is the most efficient way to apply through an application and get approval in a shorter time. With quick getting of approval, the disbursal of the amount is also quicker. Thus, you will use the fund for your need.
Benefits of Bank Loans in Dubai without company listing
Numerous benefits of bank loans consider an ideal way to reduce the stress of finances in a borrower’s life. You should opt for this sort of debt to enjoy your life without the financial tension. The most prominent benefits are:
- Anytime you get to worry about how to deal with unexpected expenses, financial institutions give solutions. Banks & lenders offer funds that you can use for any of your purpose including renovation of the house, paying bills, etc.
- After gaining the loan, you have the option to consolidate all of your existing debts. Maybe your previous debts are with a high-interest rate. So, when you consolidate them with a new loan with a lower interest rate, you will easily repay the amount in a reasonable way.
- In case you need an instant loan from a bank, you should choose a personal loan. In contrast to other types, it will not require any collateral. Other loan types are sometimes difficult to obtain like home or car debts.
- The bank loans in Dubai usually with a fast process application. Even, numerous lenders give approval to your application in just 24 hours.
Find the best option for a loan for non-listed companies
In Dubai, you can explore the financial institutions for obtaining a loan. There are numerous lenders choices but the choice of one is a little tricky task. But, we will give you some steps that are helpful to compare the loans of different lenders. If you only want to select an online financial company, Loans For Gulf is an ideal option. The company starts the application process without demanding the paying of extra charges. Before choosing the lender, consider the following point to do a comparison between the lenders:
- Check out the interest amount with the terms and conditions of the lenders.
- Research the types of loans and consider the type which is suitable for your financial situation.
- Repayment tenure should be flexible. So, you can conveniently repay the debt amount.
Documentation for a bank Loan for Non-Listed Companies
Now, in this part, you will know the complete details of the required documentation. Without submitting the documentation, no applicant from a non-listed company can get the fund. The essential documents are:
Form:
The first step to applying for any loan in Dubai’s bank is to fill out the application form accurately. The applicant without a listed company has to submit the form with the filling of authentic personal information.
Proofs:
In UAE & Dubai, the proofs of applicants are in the form of documents. For instance, for identity proof, you will require to attach copies of your ID, passport & visa. Some lenders also demand proof of your address in the city.
Bank statement:
The lenders clearly mention the essential submission of bank statement copies in their terms. Without listing your company, the banks demand that you have a good banking history.
Salary Transfer:
Salary transfer is compulsory for getting some lender’s approval and some lenders do not need it. If any lender requires this documentation, you will need a certificate of salary transfer.
