Suitable Strategies for a Personal Finance Scheme

I am sure you all have an idea about the banking system which is running mostly on the interest rate system. The same is the situation in Dubai as top banks provide some priority based services with different rates to different account holders. For example, if you are looking for Best Personal Finance in UAE then expatriates living in Dubai can get the lowest rates. Although several priority-based services are being provided to emirates and outsiders with equal rates there is a variation in the conditions. So before going o take any service, I would recommend checking complete terms and conditions being applied by a specific bank for a specific service. Now a day’s loans for emirates are the preferred means of short term credit to manage their property in the UAE region which is difficult in other cases. Such loan offers are being provided by top banks at economical rates so that people, could manage their position. Most of the people in Dubai are taking a personal loan because it is much easier to pay rents on the first of every month.

You can also approach a bank for a loan service using your credit cards. These credit cards from different banks provide many benefits and perks when you don’t have money in your account. For large expenditures like travel, purchasing business assets, meeting expenses like weddings, and many other things, your credit card can give you instant loan offers. Top Banks that offer a personal loan in the UAE, it can be returned using two methods – fixed rate method and variable rate method. But have you ever heard the interest rate which is applied to it, how one can manage it? Very simple again two-way method strategy can be applied in the form of:

  • Flat rates for interest rate
  • Reducing rates for interest rate

We will try to cover these two methods which are very important in case you are going to approach a bank for personal loan services. First of all, if we see the situation of flat rate interest rate on personal finance dealing it refers to when the interest and sum payable is calculated at the start. This is pretty closed to the type of interest rate which is run in a fixed-rate method. In this case, you cannot change the interest rate and period until the end of the last installment. This means that if you are taking the services of personal loans by using a flat rate interest rate, you are completely bound to pay the total amount within a fixed period. While on the other and hand if you are dealing with the reducing rate method then you can manage the repayment of the loan amount with no time-bound method. As the interest rate on a personal finance scheme may vary from one bank to another bank, one should be smart enough to manage the other important things.

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I hope one should be very much careful while utilizing the services of a bank especially the priority-based service. If we talk about the reducing rate of interest it is very much favorable for the residents of Dubai because they don’t need to pay any extra amount. In this system when a borrower pays an installment the rate of interest automatically reduced with the level of the actual amount.

According to the agreement done between the lender and the borrower, both parties should follow the SOP’s so that to save the time of each other. Through this method, you can also reduce your loan by reducing the interest rate in case you could pay some extra amount before a fixed period.

How one should select a bank?

Banks of Dubai are highly professional but divided into two main categories according to their services and functioning. While providing personal finance and other loan-related services, some of the banks will charge you with the interest rates while on the other hand some of the banks can provide you interest-free banking. In the case of Islamic banks in UAE, loan for emirates and outsiders is equally provided with zero interest rate as they are working on international standards. So these banks are very cooperative and you can easily access the services suing your smartphone banking option. This digitalized system provides completed ease of use while you are planning to get priority based services. You should all know that either you are working in a well-reputed company or a less reputed company, a job certificate can help you to get loan offers at the lowest rates. You cannot meet your daily needs if you are living in Dubai by doing a job because you must have some extra reserves.

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Dubai region is one of the most expensive places to live in but you can manage with a handsome salary package or even with a small-sized enterprise. You always need small-sized business industry and for this purpose, Dubai banks are always ready to entertain you. In this way, you can enjoy the lush lifestyle of Dubai. So for this purpose top banks are trying to grab the attention of investors and traders to generate maximum revenue.

Along with banks, local governing bodies are also very cooperative and efficient because the civil services of Dubai are of international standards. Let me share one of the best options for Dubai banking which is Mashreq bank. This private banks in the mid of the Dubai city are considered one of the oldest and most reliable banks due to its lowest charges. It provides different types of services including

  • Home loan services
  • Insurance services including life insurance policies
  • Wealth management services and investment solutions

Mashreq bank is the only bank which is providing all banking services at the lowest rates and with digital banking setup. Besides this, you can get Islamic as well as conventional banking under the same roof.

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