| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Commercial Bank International - Loans for Self-Employed Professionals
|
Minimum Salary: AED 0 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 4 Years | Flat Rate: 6.0% | Reducing Rate: 10.8% |
Features
- Borrow up to AED 500,000
- Insurance covered in case of any unforeseen circumstances
- Convenient simple and quick processing of documentation
Documents Required
- Completed application form
- Valid Passport and UAE resident’s Visa for expatriates
- Khulasat Qaid copy (For UAE Nationals only)
- Valid Emirates ID
- Six month’s personal or company bank statements
- Audited copies of your business financial accounts
- Valid Trade License
** 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
