| Minimum Revenue | Maximum Loan Amount | Equity Required | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Emirates Money Loan for Rent a Car Companies
|
Minimum Revenue: AED 360,000 | Maximum Loan Amount: AED 7,000,000 | Equity Required: Yes | Maximum Term: 4 Years | Flat Rate: 4.44% | Reducing Rate: 8.0% |
Features:
Documents Required:
- Loans of up to AED 7 Million
- Financing up to 90%
- Variety of brand and types of all passenger cars & mini buses
- Minimum length of 1 business year
Documents Required:
- Last 6 months (>250,000) of bank statements and Audited Financials (=> 1 MN)
- Passport copy with valid Visa page of Business Owner / Director / Partner
- List of vehicle fleet currently being used by the company
- Copy of Trade License & Memorandum of Association
- Power of Attorney
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
