The most attractive type of loan is a business loan due to its various unique features related to business. Businessmen in UAE mostly want to take that kind of loan because of the great advantages given by the various banks. No matter if you own a small business and want to invest in that small-scale business. whether you want to expand your high-level business furthermore or want to invest in it. You can take a business loan in UAE with specific terms and conditions provided by the bank. Things included documents of working experience in the business field, revenue generation slip, and proper location/Address of the company.
If you are a business owner and want to take a business loan in UAE, you have to prepare your all specific papers. Those papers should be related to your business with accuracy and authenticity. In this article, you will see the comparison between a few banks that are giving business loans in UAE. The few essential points of such a comparison are mentioned below.
Comparison of business loans in different banks in the UAE
Al-Mashreq Bank Loan
Al Mashreq is one of the most prominent banks in UAE, that are giving business loan services throughout the whole UAE. You can avail the chance to get your required business loan, the range of loan will start from 1,500,000. The monthly repayment will be according to the bank’s prepared schedule, which is almost up to 12,950 with an attractive rate of interest. The ratio of flat rate of interest will be about 11.12% and the reducing ratio contains 20.0% with a 4-year term plan.
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- UAE business loan requires a simple documentation method, in which your working experience matters a lot.
- You have to attach copies of a few important business papers with the loan application. Few of these papers consist of proofs related to your previous and existing business, old bank statements, monthly revenue slips with validity, etc.
- Your visa and passport will be also evaluated with a validity stamp and date.
- The location of your company and complete address should be attached with the application form.
Dubai Islamic Bank Loan
Another well-known bank in UAE, through which you can easily get your business loan is Dubai Islamic Bank. You will get the amount of loan for your business, which will be up to 2,250,000 AED with a maximum time duration of 4 years. Their flat interest rate ratio is about 9.3% and the reducing rate is about 17.0%. In past days, the starting range of UAE business loan amount was about 1,000,000. Now it is changed with time, Deem Finance Personal Loan now the starting range is about 1.5 Million AED, with a flexible duration of repayment.
- The things you need to show in front of your bank are several slips of your business, like income slips on monthly basis and an annual basis.
- A trade license will be also an essential part of it.
- if your company is famous and included in the range of listed companies. So, that will be so beneficial for you, the bank will give you a loan without further investigation.
- Bank will ask for 1 year of working experience.
Gulf Finance Business Loan
It usually provides the business loan on small scale, the amount of the loan will be up to 250,000 with a repayment duration of 48 months.
- You have to show the experience letter of your company or business, the experience should be at least for 3 years.
- Copies of visa/passport are essential to get a business loan in UAE.
- Copies of Sale/purchase invoices will be also essential.