Business Loan

Enterprises are a prominent part of any country’s economic condition. If more people have an interest in doing their own businesses, the country will economically grow faster. But, proper set up of businesses is also not too smooth because more financial help is required. Considering this factor, EasyLoanly offers Hassle-free loans specifically for businesses. Many banks in UAE provide such loans also. You can go to banks to apply directly by yourself or you can apply for an online business loan. 

Overview of Business Loans

When a person has the spirit to do some new business or grow an old one, a business loan is an appropriate step. The purpose of this fund is that your other financial activities will never disturb. You will happily and peacefully live your life all time. Every loan is with different interest rates. Compare the rates and then select the package. One thing common in all loans is that the interest rate will remain the same for all monthly repayments.      

Features & Benefits

In this section, you will know the best features & benefits of business loans. Such features are amazing and give you surety that you will never feel difficulty in returning the amount.     

• A Hassle-Free Business Loan does not require collateral. The formalities are also very least. So, a borrower can quickly apply without spending much time.
• In the finance market, such funds are with more benefit from fair pricing. Even, the interest rate with the fee is also lower.
• The duration for credit decisions is also just 48 hours. If you want to take any decision regarding credit, you will see results in a shorter time.
• The requirement terms for the fund are very transparent. They are so clear with straightforward that anyone can immediately understand them.
• There is no need to spend more time every time you repay the amount. The reason is that the repayment will transfer from your account directly.  
• The tenure time is flexible. Its minimum tenure is twelve months. On the other hand, the maximum duration is forty-eight months. So, you can select the months according to your comfortability of repaying.
• Many financial institutions do not demand the annual statement of your account. There is not too much difficulty in getting an efficient loan.     

Fees and Charges

The fee for every loan application is compulsory. Some are with higher fee charges and some are with lower. Before deciding, you should know the processing fee also. The total fee is only 2.5%. A person will only pay this loan when the application got the status of approval.  

Eligibility Criteria

Business Loan in UAE is not too complicated but the eligibility criteria are mandatory for every applicant.

• The business should be registered professionally. The business can be from any sector like trading, manufacturing, etc.
• Proper working of the business is also essential. Your business must operate for two years with good earnings annually.
• Applicants, who have a good relationship with a bank for at least six months, get more chances of funds instantly. Your business account is a plus factor in your eligibility.  
• Business Finance is not a small thing. People of mature age are eligible. The age must be above 25 years for the criteria of some banks.

Required Documents

The documentation is essential to submit and gives the guarantee of your identification. There is no fear of insecurity about your documents. They will remain safe for a lifetime.  EasyLoanly also helps you in this process. The company will easily explain the required documents.  

• The National ID is important to submit for citizens. However, a valid passport can also be used.  
• Besides your personal identity, the legal documents of your business are also important. The purpose of legal business documents is to know your work legally.
• If you do business with other owners mutually, you have to provide the details of all owners also.
• With the address’s proof, submit the company profile if it is possible. Show the bank reference letters that contain the economic state of your business.
• All those applications will get more chances of funds if they are attached to the original bank statement. The statements should of at least 12 months. After submitting all documents, you will get the approval notice shortly.