Tag: Personal Finance

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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