Are partial payments allowed? What if you don't have a bank card to pay online? This guide answers some of frequently asked questions
life and living1 week ago
The UAE is a flourishing country for both those looking to find job opportunities as well as those who want to set up their businesses.
Along with a diverse market hosting various industries and a wide range of resources, the country's banks and financial institutions offer monetary resources and loans to help entrepreneurs kickstart their dreams.
The UAE has set certain legal and eligibility requirements for those looking to get business loans. From minimum age to annual sales turnover, here is a guide to taking out a business loan in the UAE.
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Term loans
A term loan is a type of loan where a fixed amount is borrowed from a financial institution. This must be repaid in regular instalments. This also includes an interest amount. These loans typically range between one to 10 years.
Start-up loans
Although most banks require a set number of minimum years of operation along with a required sales turnover, when it comes to start-up loans, these requirements are flexible. For new business, the loans offered by banks or financial institutions tend to have smaller amounts and shorter repayment periods.
Small business loans
Small business loans offered by banks or financial institutions offer lower interest rates and smaller down payments. These loans often act as an investment for these businesses to start operations.
Trade finance loans
Trade finance loans are given in cases where a business may be involved in international trade. This type of loan covers expenses like shipping and inventory among other export and import related costs.
Islamic finance
For those who want to take loans as per the Islamic Shariah laws, Islamic financing loans are a good option as they are interest-free. Instead of charging interest, these institutions may have in place some profit-sharing or leasing agreements.
Equipment finance loans
Equipment financing loans are for businesses that may need funding for specific tools or equipment.
Although requirements vary across different banks across the UAE, some of the required documents are:
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Are partial payments allowed? What if you don't have a bank card to pay online? This guide answers some of frequently asked questions
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