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Sometimes we get stuck with the liability of paying multiple loans or even outstanding credit card debt and they have all varying balances due at different interest rates. In such a case, banks offer you an option of Buyout or Debt Consolidation where the bank consolidate all your liabilities and you only have one loan and one installment to pay. The bank gives you one single loan for an eligible amount as per your need, using which you can pay off all your past dues. It makes it easier to work out a time frame to pay off your debt without getting overwhelmed.
All loans are not created equal, personal loan has become a great option for people to use.
Any salaried, self-employed, or professional is eligible for a buyout loan.
To apply for a Salary Transfer Loan in UAE, the minimum fixed monthly income should be AED 5000 or above.
A minimum credit score of 650 has become the most important factor in applying for a loan or any financial product in UAE.
The maximum permissible DBR is 50% for salaried and self-employed applicants and 30% for pensioners, as stipulated by the Central Bank.
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Our focus is to avail our visitors with complete and transparent information about loans and other financial products in the UAE market.
Gulf Finance provides you an instant comparison on rates, eligibility, and other features before applying for any financial product and helps to save time and money.
Yes, an auto loan can be consolidated, however, policies may differ from bank to bank.
Debt burden ratio is the ratio of total monthly installment/commitments of credit cards, loans, or any other committed monthly repayments to the total income of an individual.
Yes, but after the consolidation of all loans and cards, your DBR should not reach above 50%.