Business loans in Dubai are known to spark increased business growth in UAE. If you live in Dubai and have a business, getting a business loan can be a good step.
This article discusses the top ten business loans in Dubai. We will also illustrate the key features of the business loans and the documentation required.
1.Ā Ā Mashreq Small Business Loan
The Mashreq bank offers an installment loan for small businesses with minimum revenue of AED 1,500,000. The loan is repaid at AED 12,949 at 11.11% interest for up to 4 years.
The bank also provides you with a dedicated relationship manager, no equity, no minimum balance, and no salary transfer required.
Some of the entities eligible for Mashreq small business loan include:
- Free Zone companies
- Sole proprietors
- Limited liability companies
- Partnerships
FeaturesĀ
- Quick approval
- Competitive interest rates starting from 20% up to 26%
- Free credit card
- Minimum of 2 years of business operation
- 6 months minimum tenure up to 4 years
- 1.35% processing fee
- 0.65% insurance p.a.
Documents Required
- Trade license
- Applicable documents of incorporation
- Bank statement for the last 12 months
- Valid passports for all partners
2.Ā Ā Mashreq SME Business FinanceĀ
This is another business loan from Mashreq bank. The finance requires minimum revenue of AED 1,500,000. The loan resettlement requires AED 12,816 monthly installment at a 10.56% flat rate for 48 months. The loan is based on the Islamic principles of Tawarruq.
FeaturesĀ
- Business must be 2 years old or more
- 19% to 26% interest
- Simple documentation
- Quick loan approval
- Business current account
- Free business credit card
- 1.35% processing fee
- No collateral required
- 1% early resettlement fee charged on the outstanding loan amount
- Minimum loan of AED 125,000 up to 1.5 million
- AED 750 charged as an agency fee
- 0.65% insurance fee per annum
Documents RequiredĀ
- Trade license
- Incorporation documents
- Bank statement for the last year
- Passports for partners
3.Ā Ā Emirates Islamic Business FinanceĀ
The Emirates Islamic Bank offers market-competitive business loans at an 8% interest rate.
With minimum revenue of AED 150,000, you get a business loan with a flexible repayment plan of up to 4 years at AED 12,206 monthly installment.
FeaturesĀ
- Murabaha and Ijarah products
- Up to AED 3 million working capital and fixed asset financing up to AED 3 million on an unsecured basis and 5 million on a fully secured basis
- Trade finance products, including Murabaha financing
- 1.50% processing fee
4.Ā Ā Gulf Finance Small Business Loans
With minimum revenue of AED 2,500,000, you qualify for a business loan from Gulf Finance.
It requires an AED 12,930 installment for 4 years at a flat rate of 11.03%.
FeaturesĀ
- 20% – 24% for new loans, 18% – 20% for loan buyouts, and 18% – 22% for top-ups.
- An unsecured cash loan of up to AED 250,000 for new customers and AED 500,000 for top-up and buy-out loans
- Minimum 3 years of business for trading companies and 2 years for other companies
- Early settlement fees of 2% if settled from own funds and 5% if settled from other financial institutions
Documents RequiredĀ
- 12-month bank statement
- Copies of invoices for sales and purchases
- KYC/KYB documents
5.Ā Ā Noor Business Finance
Businesses with minimum revenue of AED 2 million qualify.
The repayment of the monthly installment of AED 12,662 is required at 9.92% for up to 4 years.
FeaturesĀ
- Current account with zero balance
- Pricing as low as 18% p.a.
- Life Takaful coverage for managing partner or authorized signatory
- Islamic Covered facility of up to 15% of business finance
- Minimal documentation
Documents RequiredĀ
- One year bank statement
- 2 years of audited financials
- Valid registration documents
By
