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1) How much can I borrow?

This depends on your personal circumstance and the banks criteria. Typically the banks will allow a percentage of your disposable income to be used as a monthly payment. This is often referred to as Debt to Burden (DBR). Banks offer different DBR ratios and factors which effect this include tenor of the loan, salary of the applicant and interest rate. Royal Class will ensure the Finance obtained is affordable and within our clients capacity to repay.

2) What will the interest rate be?

This depends on the bank. Banks in the UAE offer different Interest rates. Some offer rates based on their own base rate whilst others track the EIBOR rate. EIBOR, is the interest rate charged by banks in the United Arab Emirates for interbank transactions. In most cases, EIBOR is the reference rate most commonly used by borrowers and lenders to conduct financial transactions in Dubai and the surrounding Emirates. Similar to the London Interbank Offered Rate (LIBOR), EIBOR futures contracts are available for trade and there are variousEIBOR offered rates depending on the life of the loan.

Many Islamic banks use EIBOR rates as benchmarks for determining the rental rates for special leasing agreements called Ijara.

3) Documents required for business loan
  • Trade License all pages 
  • MOU all pages with all amendments (old and new MOU) 
  • Audited financials for 3 years 
  • All business facility and loan letters 
  • Chamber of commerce 
  • Clear passport copy and visa page and Emirates ID of all partner and UAE national as per MOA 
  • One year  bank statement (all accounts) company account and personal account 
  • Labour/employee list 
  • Tenancy contract of office and warehouse
  • Dewa Bill (company)
  • Customer and supplier list (5 invoice copies each)
4) Documents Required for Trade related Facilities
  • Trade License all pages
  • Chamber of commerce
  • Passport copies of all partners with valid visa pages, Emirates ID (colored)
  • MOA all with all the amendments
  • Audited financials for last 3 years
  • All business and personal facilities, loans and liabilities
  • One year bank statements of all personal and company account
  • Tenancy contract copies for office and warehouses
  • Dewa bill (company)
  • Proof of Residence
  • In-house Financial for the Latest
  • List of major Suppliers/Customers with their Payment Terms,Product dealing,length of relationship &Location
  • Ageing Brake-up of Receivables,Payables&Inventory as on latest Audit/In-house.
  • *Request letter to bank for the Facility (in company letter head with stamp & sign required) general format just leave the bank name i underline space.
  • *Management Details (including key employee details with qualification & experience)
  • *Geographical Analysis of Sales (within UAE/Outside)
  • *Product wise Sales Break up as on Latest Audit / In-house.
  • *Personal Net worth Details of the partner (in Company letter head with sign).