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Business Loan in Dubai
In a dynamic city like Dubai, commencing a business is easy as well as exciting. However, aspiring business owners here need significant capital to keep their companies operating smoothly. Getting funds from investors for business can be a challenging task, but opting for a business loan in Dubai can be a reliable solution. Business loans in Dubai are easily available and can serve as an instrument for financial boost which is adequately required to give your business a lift.
Arabian Wingz, as one of the leading financial advisors in Dubai, UAE comes to the rescue of businesses by offering them suitable banking solutions to operate their business effectively. We have an in-depth understanding of the local market and our powerful network of banks and other financial institutions supports us in lending loans that are particularly designed for your business expansion and operational efficiency. With such convenience of loans, we assist enterprises reach their maximum potential without facing any troubles.
Eligibility Criteria to Apply for Business Loans in Dubai
There is a complete eligibility criteria that a business is required to fulfill to obtain a business loan in Dubai:
- Operating History: The business should be operational and active for at least a year. This shows financial steadiness and sustainability.
- Age Criteria: As per the general criteria, the age of the applicant needs to be 21 years, however this can differ as per the bank rules.
- Credit Score: Having a strong credit score can be really beneficial for applicants. It can make it easier to acquire a business loan.
- Trade License: The business needs to have a UAE trade license to present it in front of bank authorities.
- Annual Turnover: The minimum turnover requirements can differ as per the bank, but generally it is AED 1 million or more.
- Corporate Bank Account: Having a business bank account is compulsory for enterprises in the UAE.
Documents Needed for Dubai Business Loan Application
Here is a comprehensive list of documents that businesses must gather to get a business loan in Dubai:
- Memorandum of Association/ Articles of Association (AOA)/Power of Attorney (POA)
- Filled bank application form
- Business loan plan
- High-volume transaction services
- VAT certificate
- Audit Report
- Landing Bill
- Passport and visa of all the partners of the company
- Emirates ID
- Ejari
- Previous 12 months' bank statements
- Home residency tenancy agreement of the owner
- Trade License
- List of all the employees acquired from the Ministry of Labor
- Asset ownership proof
- Collateral documents (for larger loans)
Banks might demand additional documents as per the purpose of the loan.
How Easy It Is to Work With Us?
Here is how experts at Arabian Wingz work
Initial Consultation
Through an initial consultation, our financial experts understand your business requirements and as per that, we suggest suitable loan options.
Documentation Submission
We gather all the essential documents of business while we negotiate with financial institutions for the best terms.
Get Funded
The funds are transferred to your account after the approval which allows you to expand, invest, and scale your enterprise.
Best Place To Obtain A Business Loan
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Things to Know When Applying For a Business Loan in Dubai
When applying for a business loan in Dubai, here are some key factors that you need to consider:
- Interest Rates: There are two kinds of interest costs in Dubai for business loans, either fixed or variable. It is important to compare the rates presented by different banks before coming to a conclusion.
- Repayment Terms: Generally, the repayment duration for business loans in Dubai ranges from 6 months to 60 months. Higher payback amounts but generally lower interest rates are linked with shorter periods. Whereas, longer durations result in higher interest but smaller monthly payment amounts.
- Government Grants: The Mohammed Bin Rashid Innovation Fund and Dubai SME are only two of the several government grants and support programs available to business owners and startups. Both new and experienced business owners can receive guidance and incubation services from these programs.
- Credit Score: Make sure your credit score is high, ideally between 700 and 750, because the lender will check it.
- Total Loan Cost: Understand the loan amount cost and make sure that it matches your budget before making a decision. This involves interest rates, loan processing fees, fines for late payments, and other expenses.
- Traditional vs Islamic financing: Recognize the differences between Islamic and conventional finance, then select the one that most closely matches your preferences.
How Arabian Wingz Can Help You Get a Business Loan?
Arabian Wingz is a team of financial experts with a lot of experience in the industry. Our goal is to be the most trusted, knowledgeable, and friendly financial advisors in the UAE. We want to be the first choice for people who need help and advice with property financing. Our company is fully licensed and we connect you with the top banks and offer a wide range of financing options. Even if you need a personal loan, mortgage loan, business loan, or refinancing, we are here to assist you find the best financial outcome.
We help clients secure:
- Personal loans
- Mortgage loans
- Business loans
- Credit card solutions with great benefits and flexibility
Our professionals carefully review your financial standing and operate closely with reputable banks in the UAE to offer loan choices. We make sure the process is easy, with minimal paperwork, fast approvals, and no upfront fees.
