Minimum 1 year in business by the current owner of the company.
Minimum annual turnover of AED 1,000,000/- required.
Yes, it is mandatory for most of the banks and VAT exempted business will be considered exceptionally.
Yes
It is based on bank-to-bank policies.
Mainland companies, Free Zone companies, Branch of Foreign companies etc.
It is based on bank-to-bank policies.
From 6 months to 5 years (It is based on bank-to-bank policies)
Undated security cheque of company for the full repayable amount (It is based on bank-to-bank policies)
Repayment of business loan/finance should be on EMI (Equated monthly installment) basis which needs to be auto debited from company account or via monthly payment cheques (It is based on bank-to-bank policies)
Yes (It is based on bank-to-bank policies and the payable amount will be decided by banks)
Interest/profit rate will be calculated on diminishing (reducing) rate basis by most of the banks in UAE.
Under a flat lending rate, interest/profit is calculated on the total principal amount sanctioned, whereas interest/profit accrual under a diminishing rate is based on the outstanding loan amount.
It is based on bank-to-bank policies (Some banks it is mandatory to open the account, and some are not)
Yes, as per the bank policy and UAE federal law.
Yes, subject to settlement charges decided by banks.
Once a customer takes loan, he can apply for a top up or in other words more loan amount after a certain period.
Yes.
Yes, it is based on bank-to-bank policies
Profile change to be updated in respective banks and it is the decision of banks to accept the profile change or loan/finance to be closed before the ownership change.
2. BUSINESS ACCOUNT OPENING:
You can open a business account for as low as 0 dirhams (as per bank policies).
A valid Trade License.
Yes
Yes, availability & charges apply as per bank policies
Processing starts from 1 working day however the time taken for activation could vary on case-to-case basis.
Yes, customer must approach respective bank to update the profile change with required documents.
Yes. availability & charges apply as per bank policies.
