Personal Loan for ENOC Employees in UAE
It becomes convenient to obtain a personal loan in UAE if you are an employee of a reputable company. All employees of ENOC prefer to obtain a personal loan when they face a difficult financial situation. The banks and other lenders offer this loan with different types of interest. You have to choose the interest type that is suitable for you to pay off with the debt amount. In addition, there are specific features & benefits that make this loan worthwhile to avail of whenever you require. For any confusion, Karz is the best financial company that helps every customer applying for personal debt with accurate steps.
Personal loan interest rate for ENOC employees
When you apply for personal debt, the loan provider gives you two different options of interest rate. It is up to you which option is better for your financial life. Before applying, check the lenders’ types of interest rates as well as exact rates.
Flat interest: This interest will remain constant for the whole tenure. It will never increase or decrease during the period of repayments. You have to pay down all payments with the addition of a fixed monthly interest rate. The lower debt is with lower interest but the higher debt is with higher interest. The lowest interest starts from 2% and this rate goes maximum up to 22%. In the case of a good financial profile, this rate is lower for borrowers.
Reducing interest: As its name shows the interest will reduce continuously over the tenor. After paying every repayment, the interest rate will be reduced for the upcoming repayment. Its rate is a little higher than the flat rate. The reduction of interest starts from 5% and it goes higher to 39%. It is convenient to compare the interest rates of personal debts online. And then decide the debt with the rate. So, you will easily pay down the debt without extra financial burden.
Features & benefits of personal loans for ENOC employees
The ENOC employees choose this personal loan because of its amazing features and benefits. In this part, you will learn about the features & benefits of personal debts. Therefore, it becomes easier to choose this loan type to solve your financial crisis.
Unsecured loans: The personal loan is a kind of unsecured loan. There is no requirement for collateral. Thus, the process of applying is short and simpler.
Interest rate: The interest rate is of two different types. You can choose a reduced rate or a flat rate depending on your financial status.
Loan cancellation: Lenders allow the cancellation of this loan in a specific grace period. You have to check if the lender allows it or not.
Debit & credit cards: Many personal debts come with complimentary cards including debt & credit. Such cards help you more in handling your finances.
Cashback: In the UAE, personal loans come with particular incentives such as cashback. If you want to get the extra incentive, check the lender’s terms if they offer it or not.
Salary transfer or not: Some lenders demand the transfer of salary or not. If you take a loan with the specification of salary transfer, you have to transfer your salary. It requires a little extra step if you have no account in the bank from where you want to get a debt.
Top-up loans: All those borrowers who are paying the regular repayments of different debts should choose a top-up loan because of the easier way of repaying.
Installment deferment: The purpose of installment deferment is to postpone a few monthly payments for a specific duration.
Insurance: Insurance is a great advantage to tackle the situation if a borrower loses his job. This insurance covers the debt amount so the borrower has no burden of repaying the amount.
Steps to calculate the personal loan EMI
It is essential to know the personal loan EMI to easily manage your financial budget. Without doing it, you will not easily pay off the payments with the managing of other finances. So, to guide every borrower, Karz.ae provides the complete details of how to calculate the personal loan EMI. The basic steps for this calculation are following:
Step 1: First of all, you have to divide the debt’s interest amount by the total number of repayments in one year.
Step 2: The second step is to multiply this amount with the debt amount.
Step 3: You can easily know the new balance with the subtraction of interest from the repayments that you paid off.
These above-mentioned steps are for the easily doing of calculation of the personal loan EMI. However, lenders also offer an online loan calculator. This tool automatically calculates the EMIs when you give the details of the total debt amount, the number of repayments, and the interest rate.