The interest rates offered by Finance House as part of its Executive Finance scheme varies from 16% to 24%. Finance House offers a reducing interest rate option.
|Interest rate (reducing)||16 to 24%|
Minimum: AED 40,000
Maximum: AED 250,000
|Loan Tenure||48 months|
|Processing fees||1% of the loan amount|
Overview of Finance House Personal Interest Rates
One of UAE’s first independent finance companies, Finance House kick-started its operations in July 2004. The areas of operation of Finance House include investments and commercial financing. Finance House also offers personal finance products. Executive finance is a personal loan facility offered by Finance House to professional executives to cater to their immediate cash requirements such as family vacation, school fees, furnishing homes, house rent and credit card dues among others. Both UAE nationals and expatriates can avail of personal loans offered by Finance House.
How to calculate EMI on Finance House Personal Loan
Customers can make use of the online personal loan EMI calculator. The online tool is not only user-friendly but also saves times. The tool can be accessed on the bank’s official website or aggregator websites. Customers have to fill in specific details such as the loan amount, tenure, interest rate to calculate the EMI payable through the online calculator. Some EMI calculators not only calculate the EMI but also a detailed break-up of the principal amount, interest and total amount payable.
Factors affecting Finance House Personal Interest Rates
- Monthly Income: It is one of seminal importance in determining the quantum of loan to an applicant. If an individual has a higher income, chances are he may be charged a lower rate of interest on his personal loan.
- Loan tenure: The tenure of a loan is critical in determining the interest rate. If an applicant opt for a longer loan tenure, chances are he or she may avail of a lower rate of interest.
- Credit Score: A robust credit score ensures that an applicant’s request for a loan is approved without any hassles. A bad credit history reflects poorly on the financial standing of an applicant. As a result, banks may be wary of lending him or her a loan.
- Employment history: Applicants who work for well-established and reputed companies for a longer period of time stand a better chance of getting their loan request approved.
Key things to know about Finance House Personal Interest Rates
- Finance House offers a reducing interest rate ranging from 16 to 24%.
- Finance House does not require any kind of security on personal loans offered by it.
- Customers do not have to transfer their salaries to avail of personal loans.
- Self-employed persons cannot avail of personal loans by Finance House.
- Death and permanent total disability insurance is offered (Takaful at 0.095 p.m.).
- Offers life credit card free of cost to its customers taking personal loans.
- Offers low rates on auto insurance, balance transfer facility and referral cashback programme.