How to Obtain SME loans in UAE?

The UAE is famous for its stable financial structure. Till today, the Dubai government is trying its level best to provide the facilities for business people to carry out their businesses happily by offering all sorts of supports like no tax policy, no income tax, and many more such facilities. Businessmen can avail the facility of sme loans in uae from various banks and financial institutions with ease as they are eager to provide them all sorts of assistance to business people. By availing the facility of business loan in Dubai, businessmen can easily make their dreams come true to start their own business in this land of golden opportunities

Documents required for SME loans in UAE

We have created a list of the documents that are frequently required when applying for an SME business loan in UAE. We have listed some of the main documents which are required in the most bank but document requirements may change from bank to bank.

  1. A copy of trade-license
  2. A proposal letter
  3. A detailed business plan
  4. Audited financial statements (of the most recent fiscal year if available)
  5. Latest audit report (if an audit was performed within a year)
  6. Annual reports (if available within the last 12 months)
  7. Identification and residence visa information
  8. Passport
  9. Business agreement or power of attorney.

Criteria for Obtaining an SME loan in in UAE

·         SME loan in UAE are the type of loan that small businesses can access. The criteria that you need to meet to apply for an SME loan in UAE include:

·         The company should have been in operation for at least a year.

·         If you cannot provide collateral security, then you should get a person who agrees to be your guarantor. You need to get a person who has a good credit rating and income.

·         You must have a good credit score of at least 700 and above so that the bank can approve your SME loan application.

·         To avoid giving a personal guarantee, you can pledge some assets as collateral against your business loan. However, the value of pledged assets should not be less than 25% of the total loan amount.

·         If you are applying for an SME loan to start up a new business then ensure that you have an active trading license with your company name and address on it.

How to Obtain SME loans in UAE

In order to obtain a SME loan in UAE, you will need to first obtain an appropriate license. This can be quite a difficult process if you do not know what type of license you need or how to complete it correctly. To avoid this complex process, you can contact TASKMASTER commercial broker LLC, who will guide you through the complete process using their experience. Flexible re-payment option, free credit card facilities, Competitive interest rates are some of the benefits when applying through TASKMASTER commercial broker LLC. They will help you so that you can get the loan without any hassle.

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