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With the increasing number of expatriates in the Emirates, there has been an exponential rise in the demand for personal loans. A Personal loan is an unsecured form of credit that can be used to meet the immediate financial needs of an individual. Very often loan seekers are stuck in dilemma and therefore are unable to decide which provider is the best when it comes to this type of loans in UAE.
Two of the biggest players for this category in the market are ADCB and RAKBANK. Both of the financial institutions offer these loans at attractive rates of interest and hence are quite popular amongst people looking for loans in the UAE irrespective of their nationality.
RAKBANK personal loan and ADCB personal loan both have their own pros and cons and if you are looking forward to discovering which of them is better you’ve landed at the right place. In this thread, we will be discussing what RAK BANK and ADCB offer along with their advantages and drawbacks along with some important tips and tricks that will help loan seekers to choose the best provider and repay their financial obligations quickly without any hassle.
Before we go ahead and dive deep into the nuances of ADCB and RAKBANK, let us take a quick look at what actually are personal loans and its advantages.
As mentioned earlier, personal loans are an unsecured form of credit that is issued by financial institutions to loan seekers in order to help them with their immediate financial needs. These loans do not require any sort of security or collateral which is one of the prime reasons behind the popularity of these loans.
Financial institutions that offer a personal loan in UAE offer them on the basis of a flat rate of interest and reducing the rate of interest. Both of them are quite different from each other and customers have the liberty of choosing which one would they like to go for. The flat rate of interest is calculated the initial stage of repayment and therefore remains constant throughout the repayment tenor. On the other hand, reducing the rate of interest is calculated on the basis of the principal amount and hence tends to change during the course of repayment.
After credit cards, personal loans are one of the most sought forms of credit by people residing in the Emirates. The various advantages and benefits of these type of loans in the UAE are as follows-
ADCB is one of the most popular financial institutions in the UAE that offer the facility of the personal loan to both expatriates and Emiratis. The details of this type of loan provided by ADCB are as follows-
RAKBANK also known as National Bank of Ras Al Khaimah is one of the premium financial institutions in the UAE that offer a lot of type of loan. The bank was founded in 1976 and since then has been one of the major market players. The various advantages and benefits of RAKBANK personal loan are as follows-
In a Nutshell
Both of financial institutions offer personal loans with their own set of advantages and drawbacks. As a loan seeker one should thoroughly research and analyze different providers based on their individual needs to choose the best suited loan.