The United Arab Emirates consists of various emirates in which Dubai, Sharjah, Ajman, and Abu Dhabi are the most common and popular places. People throughout the world come here to visit this region and this cultural diversity makes the UAE more attractive. Particularly the city of Dubai is famous due to its tallest building in the world named “Burj Khalifa”. Here everything is amazing, in which the financial companies and banking networks are also involved. The loans in Dubai are world famous and people from far places within UAE also want to apply for Dubai loans.
There is a complete list of the top banks that are providing the best loans. UAE banking network is distributed among the whole region and contains an awesome variety of products. Our main focus is only one product, which is a loan from the UAE. People want to know the difference between the loans in the governmental sector and the private sector. Also, we are going to explain the key features of the most demanding loans. So, let’s get started with the categories of numerous loans.
Categories of loans given by banks in the UAE
- Personal loan
This is the first category, that people want most because of its affordable interest and adjustable period of installment. Anyone can apply with all the required documents by the selected bank. It may resolve all kinds of personal financial issues that disturb you due to deficiency of money.
- Auto loan
In UAE, it is the second most demanding loan, people want to purchase a new and used car according to their needs. There is a difference between the rates of both cars but people still want both because of their comfort zone.
- Business loan
It will be useful for all business owners and purposefully the attractive UAE loan for the management of all financial business affairs. It comprises on both levels, on a small scale and large scale, Businessmen can avail according to their needs.
- Home loan
It is common for all kinds of people especially the expats are more trying to avail their own homes. But due to lack of money, they mostly go to banks to avail home loans.
- Instant loan
This facility is also provided by the bank to give quick cash within only 24 hours. This loan is not required long procedures as the other bank loans require, it can be given to anyone with just an Emirate ID.
- Online loan
Now everyone likes to apply for online loans, rather than going to banks. Online emirates loans in UAE are less time-consuming loans and without a special documentation method.
Loans of governmental sector vs private sector
- Everyone should take loans from the governmental legal institutes because they provide you the authentic loan via legal procedure. Banks are the most common type of legal and government-registered institutions. Bank will check every detail of the candidate for authenticity and will maintain all records for future use.
- On the other hand, private institutes are not legal and will not provide you the loan in an authentic way. They give you loan urgently but on behalf of this urgent loan, they will receive your ID.
Demands and Requirements of bank loans
- The demand for salary would be about 3000 to 8000, which is depend on the loan type and all up to the chosen bank.
- Papers including salary record or slip, ID and old few month’s bank statements.
- The license of your vehicle and trade is a must while taking emirates loans in UAE, Especially when you are applying for an auto or business loan and Personal loan in UAE 3000 salary.