# Interest rate for personal loan.



## bubble_boy (May 28, 2008)

Hey guys.

I just need to find out what the average interest rate is in Dubai for a personal loan. I have phoned the bank but they don't seem to answer. 

I don't need a set percentage, just need to know roundabout, or what rates you have received.

Many thanks

Rob


----------



## FlyingDodo (Aug 26, 2008)

I got the following from Barclays dot ae website (I work for Barclays), for personal loans. Hope it helps, although it seems a bit steep.

Minimum Rate of interest 18.49% 
Maximum Rate of interest 24.99% 
Processing Fees 1% of the loan amount 
Minimum Processing Fees AED 250 
Maximum Processing Fees AED 2,500 
Insurance charges 0.40% p.a 
Other charges AED 10 per cheque as PDC handling charges 
Instalment Postponement Fees AED 200 
Returned cheque charges AED 250 
Late Payment Fees AED 250 
Penal interest charge +3% of the rate on the overdue amount 


Through own resources 2.00% 
Through End of service Benefits 0.25% 
Through a top-up loan NIL 
Through debt consolidation (another Barclays Loan) 2.00% 
Through another bank's facility 5.00%


----------



## bubble_boy (May 28, 2008)

Thank you FlyingDodo. 

That is a bit steep, i read somewhere around 8-9 %. Does Barclays not perhaps charge more cause it an international bank and not local?

Everyone else well off enough to not have to take a personal loan?


----------



## FlyingDodo (Aug 26, 2008)

Yeah, today I spoke to a colleague who works in Dubai and he mentioned 8-9%, with some deals as low as 6%. Not sure what is going on with the rates advertised, they even quoted rent loans at between 10-15%!!!


----------



## bubble_boy (May 28, 2008)

Sheesh! 6 percent is fantastic. I probably won't get that, but then again 8=9 is better than 18-24. Ill have to wake up early and go chat to the bank. 

Thanks FlyingDodo


----------

