Questions to ask before taking an Emirates NBD personal loan
Personal loans are a great source of finance for a variety of reasons from home improvements to furthering your education. But how do you get the best deal? And how much are you eligible for? Economic changes strongly impact banks and lenders. As a borrower, it is extremely important to be aware of market trends if you’re considering taking a loan. Before you opt for a personal loan, consider the following: How much do you need to borrow? Consider how much you need. Loans can be expensive, so if it’s a small amount you need, it may be worth saving up or borrowing from family or friends to avoid paying interest. If you do need a loan, then borrow as much as you need and no more. How much are you eligible for and do you have the necessary documents for the loan? You can always learn more about what you are eligible for by reading the terms and conditions of the loan you are interested in. Here is a helpful article. Read more on these links about the necessary documentation required, credit score report, salary certificates and verification documents. How long will it take to pay back the loan? A loan requires you to pay back in monthly installments. The length of re-payment is based on the amount of loan taken.
Will you be able to make the monthly payments? When you take a loan, you get to decide on a repayment cycle that works best for you. Low monthly payments with a longer tenure can be costlier than higher monthly payments and a shorter tenure as rates vary and you end up paying more over the longer term. Do you have to pay any fees or charges? Some banks may charge you processing fees while others don’t. You can sometimes negotiate a waiver of this fee and save some money. What about a top-up facility? Emirates NBD offers loan top-ups with quick processing and fast approvals. You can even transfer your loans from other banks to Emirates NBD. Just visit any Emirates NBD branch near you for more information or fill in this form and a customer service agent will call you back. Thinking through your decision and shopping around will surely get you the best deal and service from a bank that suits your personal needs. All the best with your decision. Borrow wisely!