UAE is a developing country for both those who want to find job opportunities and those who want to start their own business.

Along with a diverse market that hosts a variety of industries and a wide range of resources, the country’s banks and financial institutions offer monetary resources and loans to help entrepreneurs launch their dreams.

The UAE has set certain legal and eligibility requirements for those seeking to obtain a business loan. From minimum age to annual sales turnover, here is the guide to getting a business loan in the UAE.

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Loan types

Term loans

A term loan is a type of loan in which a fixed amount is borrowed from a financial institution. This amount must be paid in regular installments. This also includes the interest amount. These loans generally range from 1 to 10 years.

Startup credits

Although most banks require a certain number of minimum years of operation as well as the required sales turnover, these requirements are flexible when it comes to startup loans. Loans offered by banks or financial institutions for new businesses generally have smaller amounts and shorter repayment periods.

small business loans

Small business loans offered by banks or financial institutions offer lower interest rates and smaller down payments. These loans often serve as an investment for these businesses to start operating.

Trade finance loans

Trade finance loans are provided in situations where a business may engage in international trade. This type of loan covers expenses such as shipping and inventory, as well as other export- and import-related costs.

islamic finance

Islamic financing loans are a good option for those who want to get a loan according to Islamic sharia law, as they are interest-free. These institutions may make some profit sharing or rental agreements instead of charging interest.