Personal Loans

Certain banks may send reminders to help you avoid missing payments, while others may report missed payments to credit bureaus, resulting in a decrease in your credit score. It is important to note that even a single missed payment can have a significant negative impact on your creditworthiness.

The availability of top-up loans may vary depending on the bank you select. Some banks may offer top-up loans when you opt for a balance transfer, which involves transferring your loan from one lender to another. In either case, you may be eligible to apply for a top-up loan after maintaining a repayment track record of at least one year for your existing loan.

The limit of the personal loan that you can obtain in the UAE is subject to different factors, such as your income, credit record, and the lending institution's policies from which you decide to borrow. Usually, the personal loan amount in the UAE can vary from AED 10,000 to AED 2,000,000, or even more, depending on the lender and the borrower's financial position. It is crucial to evaluate your financial status and repayment capacity before applying for a personal loan. Finmart is here to assist you in selecting the best-suited loan that meets your requirements.

The maximum duration for personal loans in the UAE varies based on several factors, including the borrower's creditworthiness and the lender's policies. Typically, the repayment period for personal loans ranges from 12 months to 48 months, but some lenders offer repayment periods exceeding 60 months. Although lenders offer flexible repayment terms, borrowers should keep in mind that longer repayment periods typically result in higher interest charges and fees, increasing the loan's total cost. It is crucial to compare different loan options, analyze repayment terms, and calculate the overall loan cost, including fees and interest charges, before applying for a personal loan. Finmart can help you select the best personal loan that meets your requirements.

Lenders offer borrowers the option of loan foreclosure or early settlement, which enables them to repay the outstanding loan amount before the scheduled tenure. This facility allows borrowers to save money on interest charges and reduce the overall cost of the loan. The borrower can choose to repay the loan partially or in full, which helps in reducing the financial burden. However, when opting for loan foreclosure, borrowers may need to pay an early settlement fee, which is typically a percentage of the outstanding loan amount. This fee is charged by the lender to cover any loss of interest that they may incur due to the early repayment. Loan foreclosure can be an effective tool for borrowers who have surplus funds and want to reduce the total cost of their loan. By paying off the loan early, they can save on monthly payments and reduce the financial burden on their budget. It's essential to carefully evaluate the early settlement fee and calculate the savings before making the decision to foreclose the loan. Finmart can assist you in understanding your options and choosing the best course of action for your financial needs.

Different banks may ask for different documemts as per their policy. Here is the list of some commonly asked documents,

• - Completed application form
• - Copy of passport
• - Copy of Emirates ID
• - Salary transfer letter/ salary certificate
• - Bank statements of 3-6 months

A clearance letter, also known as a "No Liability letter," is a formal document issued by a bank that confirms the customer has cleared and settled all of their outstanding dues.