You can find multiple types of loans throughout the whole UAE. Personal loans, business loans, home loans, and car loans are the most common in UAE. Other than these, you can find other types of loans also, that are associate with the installment process of loans. For example, a loan without salary transfer or a loan with a salary transfer method. Both methods are made to facilitate the customer of banks, before making a contract of any loan, the bank will ask about it. After that, the process will begin according to your wish with the selected paying installment method.
When we talk about smart loan in UAE, it means, we are talking about the installment through a direct salary transfer procedure. This specific procedure comprises the specific term “DDA”, which means direct debit Authority. Via this authority of direct debit, your selected bank for a loan can directly take your amount of salary from the suggested bank. This transfer of salary will be done automatically at the time of repayment of the loan. This piece of paper will highlight some specific characteristics associated with the smart loan.
Traits of smart loan
- Direct facility
It will be a direct debit authority, which is free of any other special requirements or costs. Through this Quick loan in UAE, the bank will not impose another kind of extra hidden charges on you. Because the bank will handle all the tasks by itself and you do not have to come for the submission of repayment.
- No special documentation required
As it is a quick or smart loan, so you will not face any special documentation or paperwork. All your debt will be clear automatically through your indicated bank within the prescribed time. So, it means all the processes of transactions will happen from bank to bank automatically via a direct debit system.
- Less time-consuming process
This method is less time-consuming because of its automated nature. This means, that you don’t have to wait so long in rows of bank, your task will perform by the banking system. Because the other formal system requires a lot of time and the time of the bank is also limit. According to bank time, you may get late for the submission, so the direct transferring of repayment will be goes to your favor.
- Online facility
Most of the people asked how smart or quick loan works automatically. so the answer is, this all process is happen through an online service. You can say it is an online loan in UAE with a direct automatic system of transferring the debt monthly.
Some main points related to smart loan
- The smart loan amount range will be up to 2 million AED, which will be for both citizens of UAE, the residents, and non-residence also.
- The repayment duration is quite good, flexible and up to 4 years, you can easily pay your whole debt within 48 months.
- When it’s a matter of interest rate of the smart loan in UAE, so you should remember that it will be a reducing rate. The ratio of reduction rate will be almost about 15% of Personal loan in UAE 3000 salary.
- Usually, the range of salary is up to 5000, but it may vary from bank to bank.
- The bank statement is a must thing, without this paper bank can’t give you any type of loan.
- Age can not be more than 65 years and the minimum range will be 21.
- Arrange the copies of visa/passport with the valid ID of emirates, especially when you are an expat and living in UAE.
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