Credit System in Dubai

Updated on Tuesday 23rd August 2016

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There are about 45 financial institutions in the UAE that offer credits, personal loans and other monetary support.

The country also implemented a system that checks credit history and provides credit reports, giving banks the chance to verify debt levels of candidates and make better decisions on whether to lend them money or not.

Our team of accountants can inform you about the credit system in Dubai, whether you need a personal loan or a credit for your business.
 

How to obtain a personal loan in Dubai


When you apply for a personal loan in Dubai, the lender must trust only on the borrower's motivation to repay the personal loan as approved, credit scoring being really important.

It's widely believed that in Dubai today, the way you've managed your obligations in the past is highly predictive of your performance when borrowing in the future for personal loans or business credits in Dubai

For personal loans in Dubai, the lender also pulls a credit report, examines your scores and assigns you a credit grade. Depending on your credit grade, and personal loan amount the length of time you wish to borrow, your personal loan interest rate in Dubai will likely fall between 4 and 21% (stable rates). 

The maximum finance amount for UAE citizens and Dubai residents is up to AED 4,000,000, and for expats residents, up to AED 2,000,000.
 

How to obtain a business credit in Dubai


In order to obtain a credit or a loan in Dubai you should have the resident visa. If you would like to get a credit for expansion of your business, your enterprise shall be considered eligible if it has functioned in the city for at least 3 years. 

In order to be suitable for a business credit, you should ask for help and guidance from our accounting firms in DubaiCredit facility conditions will be guided by the security offered and the financials of your business in Dubai.

Consumer crediting is categorized by fairly low interest rate, and you will need to submit proper documentation to the bank, settling the reason of your credit

If you plan to take a credit for your business in Dubai, you need to understand that the option of banking institution will mark your probabilities of saving money in future when making reimbursement. 

As a recommendation from our accountants in Dubai, it is significant to comply with credit repayment terms and conditions. Your positive credit evidence will guarantee reliability on the side of banks or credit institutions in Dubai.

It is good to know that you can rely on our accounting services in Dubai and you can contact our accountants if you need extra information about the credit system in Dubai.

 

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