• Loans of up to AED 7 Million
• Funding up to 85%
• Available for rental company
• Loans available to all segments of customers ranging from first time users to strategic customers
• Insurance funding
• Last 6 months (>250,000) of bank statements and Audited Financials (=> 1 MN)
• Passport copy with valid Visa page of Business Owner / Director / Partner
• List of vehicle fleet currently being used by the company
• Copy of Trade License & Memorandum of Association
• Power of Attorney
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The calculated Annual Percentage Rate(APR) is determined using the annual interest rate on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.