Category: Personal Finance

Personal Finance
Money Mall Team

Dubai Islamic Bank (DIB) – Islamic Personal Finance in Dubai

Dubai Islamic Bank (DIB) is the world’s first full-fledged Islamic bank. It was established in the year 1975 and has now around 32 years of experience in Banking. As of 2006 records, it is the sixth-largest commercial bank and the largest Islamic bank in the UAE in terms of total assets. Dubai Islamic Bank Islamic Personal Finance Let’s have a closer look at the Features of the Dubai Islamic Bank Personal loan. The loan can be used to buy furniture, vehicles, electronics, etc. Dubai Islamic Bank personal loan requirements and Features: Maximum Term: 48 Months Minimum Salary: AED 3000 Islamic Finance: Yes Early Settlement Charges: 0% Salary transfer: Yes, If Salary transfer is not opted for, the person applying for the loan should have a minimum salary of AED6000 to AED8000. Profit Rate 8.82% Early Settlement Charges- 0% Maximum Finance Amount- Up to AED 125,000 Upfront Fee AED 600-The arrangement fee will be a fixed amount between AED600 and AED800 Rate calculation: Reducing/Flat Reducing The Dubai Islamic bank personal loan interest rate is calculated on a reducing basis Dubai Islamic Bank personal loan minimum salary AED 3,000 Major Benefits The customer receives an upfront cash payment and moreover there is no early settlement fee. Documents required for a personal

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Personal Finance
Money Mall Team

ADCB Personal Loan

ADCB personal loan offer for UAE Residents starting from the lower interest rates of 6.25 per annum.

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Credit
Money Mall Team

Najm Launches New Range of Credit Cards

Najm Cards – MAF Launches New Range of Credit Cards With Najm Cards – Get the best cashback rewards and the most attractive redemption value with great savings through exclusive Najm discounts and special offers for daily lifestyle spends in Carrefour and Five Najm Cards to choose from, you’re sure to find one that suits your need NAJM CARDS FEATURES  OTHER BENEFITS ON ALL MAJOR NAJM CARDS Interest free period : Up to 55 days of interest free period and minimum payment of 5% or 100 AED whichever is higher. The rate varies between 3.25% to 3.69%. Balance Transfer offer : Transfer your balances to Najm Credit Cards and get preferential rates for 6, 9 or 12 months Fx Rates : The foreign currency rate applicable on overseas transactions is 3%. enajm portal and app to easily manage your credit card transactions with najm online Najm Online Payment: No more payment ATM ques with Comprehensive payment options including Emirates NBD,Mashreq Bank,Citi Bank,HSBC Bank,UAE Exchange,Al Ansari Exchange, Al Ghurair Exchange, Redha Al Ansari Exchange & more.

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Bank News
Money Mall Team

Understanding your Credit Report in UAE

What is a Credit Report in UAE?  Credit Report is a document contains your personal identity information, details of your credit cards, loans, utility bills, and other credit facilities, along with with your payment and bounced cheque history. What’s included in my credit report in UAE? Record of previous and current credit facilities. The amount you have borrowed and the repayment term was chosen and the interest to be paid. Payment history for the last 2 years. There is a detailed payment history section in your report that will mention the amount paid each month towards each loan. Overdue payments will also be mentioned. If there are any payments overdue as you missed paying them, then it will be mentioned in the credit report. Record of default, if any. If you have defaulted on your payment, it will show on your credit report. This is one of the major factors that lead to your loan application rejection. Credit Inquiries, All your recent applications, and inquiries have done to the different financial institutions. What does my Credit Report data use for? Banks will use your credit report and score to decide whether to lend you money and the interest rate at

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Bank News
Money Mall Team

Top 5 tips to Manage your personal finances – know what exactly we want from our MONEY and how to value it!

Personal Finance – 5 tips to know what exactly we want from our MONEY and how to value it!   TOP 5# Personal Finance Tips Tip No. # 1  –  Keep questioning Ask, ask and ask! Yes, although it sounds very simple, knowing the exact purpose by being true to yourself and knowing it genuinely will make this exercise quite easy. To know exactly why money is important to you will guide you on every financial planning decision moving forward. One highly qualified medical consultant understood that money was important to her to spend more time with her family and kids specially. Then with the cooperation of her husband they were able to make those decisions that stuck well with their values. Some others may have than one big reason to start saving money and they can well justify those for their own well being. Tip No. # 2  –  Know the point of start To know where you want to reach you need to know where you stand today. You should clearly know the amount of assets that you hold and what your liabilities are. This may sound very simple and easy, but you should detail everything as much

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Bank News
Money Mall Team

Personal Loans in UAE

Personal Loans in UAE Personal loans today are the preferred means of short term credit in the UAE. People prefer taking personal loans to using their credit cards for large expenditures like travel, purchasing large business assets, meeting expenses like weddings, college tuition, etc. Banks that offer personal loans in the UAE do so on the basis of two types of interest rates – flat rates and reducing rates. Flat rate of interest on a loan refers to when the interest and sum payable is calculated at the start of the repayment schedule, and does not change till the loan has been paid off. For example, A loan of AED 12,000 taken for a period of 12 months, means payments of AED 1,000 every month (without interest). Add to this the flat rate of interest at 5%, which equals AED 1,050 per month (with interest), for 12 months, which adds up to a total interest payment of AED600. Reducing rate of interest on a loan takes into consideration the fact that, after each instalment, the principal amount reduces. The interest percentage (which remains the same) is charged on the reduced amount, every month. Thus resulting in different instalment amounts each

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Personal Finance
Money Mall Team

Dubai Islamic bank Loan-Liability Settlement Finance

Dubai Islamic bank, Loan-Cards-Total Debt-Liability Settlement Finance Offer Combine all your payment obligations into one easy finance solution – Liability Settlement Finance Higher finance amount – AED 3 million for UAE nationals, AED 2 million for expats Reduced monthly payments Competitive profit rate* Simple documentation and quick processing ​​Looking to reduce your monthly finance payments and get rid of interest-bearing personal loans & credit cards? Debt Settlement you can consolidate your liabilities for lower monthly installments to help you save more money and live a more balanced financial life. ​​ ​ ​​​​​​​​​​​​​​​​​​​​ DOCUMENTS YOU NEED: ​Original and copy of valid passport (with valid residence visa for expatriates) Original and copy of valid Emirates ID Bank account statement (last 3 months)​​​​​ Liability Certificate​

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