Personal Loan
Funds offered by UAE banks for personal expenditures, typically unsecured.
Detailed Description
Personal Loan
What is a personal loan?
A personal loan is an unsecured loan borrowed from financial institutions based on creditworthiness and income.
What are the types of personal loans?
Types include unsecured, secured, fixed-rate, variable-rate, and debt consolidation loans.
What factors affect personal loan eligibility?
Eligibility is typically based on credit score, income, employment status, and debt-to-income ratio.
How do interest rates on personal loans vary?
Interest rates vary based on credit score, loan amount, and term length, with unsecured loans generally having higher rates.
What are common uses for personal loans?
Common uses include debt consolidation, home improvements, medical expenses, and major purchases.