Banks offer offers on personal loans and cars until the end of February

Most banks offer offers on new personal loans, the purchase of existing debts, as well as car financing, until the end of February. The offers include the grace period, before the start of the payment of the first installment for personal loans, as well as reducing interest from half to 1%, depending on the value of the salary, and whether the customer is a citizen or a non -citizen.

According to information collected by “Emirates Today” from these banks, these offers are expected to extend during the month of Ramadan, or the banks may start other campaigns to celebrate the holy month. The banks are distinguished by employees working in government agencies and registered companies from the category of A.

According to these banks, the interest starts from 4% fixed, with a salary starting from 10 thousand to 15 thousand dirhams, and decreases as the salary increases until it reaches 2.99% for salaries of 50 thousand or more.

These banks also offer offers to purchase the existing debts of other banks with the requirement of salary transfer, while the new luxury cars start interest rates from 1.89% on new car loans for Emirati citizens, with the possibility of paying the first installment after three months.

Banks offer distinct financing on high -price cars, up to 1.5 million dirhams, or 80% of the car value, and a payment period of 60 months. As for regular cars, the percentage revolves around 2.49% is an annual fixed benefit for citizens, and 2.65% for residents.

The banker, Nazim Mohamed, said, “These offers are expected to continue until the end of this month, and come within the sales stimulating campaigns that are taking place from time to time,” noting that “there are future promotions with the beginning of the month of Ramadan, in which the current offers may be extended or In addition, according to what is announced later. The banker, Mohamed Ibrahim, added that “the current interest rates since the beginning of the year are less than half to 1% compared to their counterpart during the last quarter of last year,” explaining that some banks offer three or four months a rest period of payment, while other banks give more than That is, according to the client’s salary.

He continued: «The competition for the purchase of debts is greater than new loans, given the large size of debts compared to the loans, and it is in the interest of customers to reduce monthly deductions, if the interest rate is reduced by less than what they have taken funding in the past.

Ibrahim said: “As for car financing, the beginning of the year is usually an opportunity for many to buy a new car, with models available for the same year, so banks are active in parallel to achieve their marketing goals.”

He pointed out that it is expected that the offers will continue with the beginning or amendment of Ramadan, but it can be said that marketing campaigns are a great opportunity for customers to benefit from the advantages of insurance exemption for personal loans, postponement and reducing interest, so that some banks hope for car insurance, and this is important, especially for cars Electrical and expensive, which insurance is usually costly.