Dubai has very favorable conditions for a loan, mortgage, as well as for opening an account or issuing a local card. Interest rates are decreasing annually and the level of trust and security is growing.
In the article we will talk about three banks with the most favorable conditions for foreigners.
1. Emirates NBD
The bank comes out on top in a variety of indicators: various types of accounts, loans, insurance programs, favorable registration of credit and debit cards. The most significant are the special credit conditions for expats:
- The maximum loan amount is 15.000.000 dirhams UAE, or a multiple of 70 monthly salaries;
- the bank can provide up to 75% of the market value of real estate;
- long—term lending – 25 years;
- preliminary approval of the loan (you will be informed about the results of the verification remotely. There is no need to visit the bank multiple times).
The bank also provides loans to both employees and entrepreneurs.
The main features of the Standard settlement account in Emirates NBD Bank
- No interest is accrued on cash
- A checkbook is provided
- Free debit card Master Card (currency only dirhams)
- The account can be opened in an approved foreign currency
- A standing payment order service is available
- By agreement — the possibility of overdraft
- Access to the account via ATMs, telephone banking and Internet banking
- Monthly statement of account status
- Account opening from 2 to 4 business days
- When opening a current account, a bank card is issued free of charge (Master Card).
2. Mashreq Bank
The Bank provides a full package of banking services for expats.
The services are available to all foreigners, except Iranians and tourists who are in the UAE on a tourist visa.
The service in the bank can be free thanks to the incompressible balance system:
- Gold – 25 000 AED (6 850$);
- Business Value Plus Silver Account – 100 000 AED (27 340$);
- Business Premium Account – 150 000 AED (41 100$);
- Business Platinum Account – 350 000 AED (95 900$).
If the amount of the balance is reduced, then the service price will be ~ from $ 25-190 per month.
Debit cards work according to the following principle:
- Bank card – free of charge
- Up to 7 transactions per month – free of charge
- More than 7 transactions – $ 2.75 for each
- Cash withdrawal at an ATM – 1% + 5.5$
- Bank cards are accepted in all countries of the world (visa system)
3. Standard Chartered
This is a British international company that provides banking services. Among the main advantages, it is worth noting: Personal Loan (personal loan for personal needs) and Home Loan (loan for the purchase of residential real estate).
Both UAE citizens and expats can get a personal loan. The Bank sends information on approval as soon as possible and immediately issues funds.
The maximum amount of a personal loan is 1,000,000 dirhams. But the cases are individual, the exact calculation depends on the income. The term of such a loan is up to 48 months.
The flexible system allows you to make deferred payments no more than twice a year and apply for additional financing.
The maximum loan amount for the purchase of residential real estate of the freehold class is 18.000.000 dirhams. In case of purchase of ready-made real estate, expatriates can expect to receive a loan in the amount of up to 75% of the amount of the market value of the property. The maturity is up to 25 years.
Expats can also enjoy the benefits of related banking services: various insurance offers and access to an online banking system.
The UAE banking system provides excellent conditions, timely payments and reliable storage of funds.