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How To Get a Business Loan In Dubai

To get a business loan in Dubai, it’s important to keep a few things in mind, whether you’re just getting started or want to expand your current operations. Consider the bank’s criteria and make sure you can satisfy all of the terms and conditions before applying for a business loan to see if you qualify.

  • The applicant must be over the age of 21
  • The business must have been in operation for at least 2 years (or as little as 1 year for certain banks)
  • The business’s annual revenue must be at least 1 million AED
  • The business must be a branch or representative of an offshore company.

Dubai’s business loan options span a wide spectrum, so it’s important to find one that works for your company. Choosing the best loan for your company requires a thorough understanding of your needs.

Common types of business loans in Dubai
  • The monthly payments on a standard business loan are set and can only fluctuate if the loan is structured as a variable-rate loan.
  • If you have a credit card, you can get a cash advance on it. However, interest rates on credit card borrowing tend to be quite high.
  • When conventional bank loans aren’t an option, a small association-backed loan may be the next best thing. The government may apply severe fines for late payments.
  • In accordance with Sharia law, the collection of interest is forbidden in Islamic finance. Instead, losses are shared with the investor under a profit-and-loss agreement.
  • Profit-and-loss agreements are the foundation of Islamic finance. Mudarabah is a type of contract where the entrepreneur and investor split any gains but the investor takes on any losses.

After your bank has approved your application for a business loan, you will need to submit the necessary documentation so that your loan may be processed.

  • Bank statements for the past 6-12 months
  • A completed bank application form
  • business constitution documents (e.g., AoA, MoA, partnership deed)
  • copy of loan applicant’s passport
  • Audit report
  • Ministry of Labour employee list
  • lading bill (if applicable)
  • Trade license
  • Copy of owner’s home residence tenancy contract or sharing accommodation letter
  • High-volume transaction invoices
  • VAT certificate
Methods to Increase Eligibility for  Business Loan in Dubai

There are a few things you can do to increase your chances of being approved for a business loan if you’re worried about being rejected.

  • Keep your credit rating at or above 750.
  • Make all loan and credit card payments on time, and keep all other bills paid as well.
  • It’s not a good idea to apply for many loans at once because that can lower your credit score.
  • To reduce your monthly payment and make the EMI more manageable, extend the length of your loan’s payback term.

To get a business loan in Dubai for your company is crucial to its success and expansion. If you need assistance securing a company loan, hiring a business consultant like 3AGlobal might be a great asset.

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