Three banks offer short-term loans to help you tide over cash crunch
Three banks in the UAE have announced short-term loans for their customers to enable them to tide over cash crunch and financial constraints or to cover shortfalls in school fees, credit card debt, rent, medical charges or other such exigencies.
Abu Dhabi Commercial Bank’s Smart Cash Loans are available to those earning over AED 8,000 per month and can be availed without having to transfer one’s salary to the bank. However, a borrower has to give post-dated cheques. Upper limit of the loan is AED 150,000 and maximum tenure can go up to 36 months.
Meanwhile, loans from Emirates NBD and HSBC are for maximum 12 months. While those earning over AED 5,000 are eligible for loan from Emirates NBD, this limit is AED 7,500 at HSBC. Interest payable on these loans are calculated using the reducing balance method.