- Home
- Credit cards
- Bank accounts
- Loans
- Investments
Resources - Calculator
- Knowledge Centre
User - Profile
- Logout
Do you need a personal loan?
Jul 28, 2022
Whether covering medical emergencies, home renovations, vacations, dream weddings, or debt consolidation, financial requirements can arise unexpectedly. This is where a personal loan becomes a feasible solution as it can be used for any financial purpose. They are unsecured loans, implying that there is no collateral backing the loan. Regardless of your reason, personal loans are an excellent choice for consumers because they are often less expensive than credit cards and provide funding faster than home equity loans or HELOCs.
Furthermore, because there is often no collateral linked to a personal loan, it is a less risky type of financing than secured loans such as home equity products. If you default, your home, vehicle, or savings account is not instantly at risk.
Understanding how a personal loan works
Most lenders will calculate your interest rate depending on your creditworthiness and other aspects. Once approved for a personal loan, the funds will be deposited in a lump sum into your bank account. Depending on the lender, the transfer could take just a few weeks. You must start making monthly payments once the loan is disbursed.
Let us look at a few circumstances where a personal loan would be ideal.
Consolidation of existing debts
When you are simultaneously paying and managing the EMIs of several small loans, the total amount of all the EMIs you would be paying per month is likely to be high. In addition to this, managing multiple EMIs and keeping track of the remaining principal amounts is a difficult task. In such a case, obtaining a personal loan is an excellent way to consolidate your debt and pay a single interest rate with a fixed monthly EMI. This will simplify your monthly finances, and give your budget a sense of stability and predictability.
Home remodelling
You can use a personal loan to upgrade your home or fix necessary repairs, such as plumbing repairs or electrical wiring upgrades. Those who do not wish to take a home equity line of credit (HELOC) or a home equity loan may benefit from a personal loan. A personal loan is a good alternative as you can avoid the risk of losing your precious home, in case you fall behind in making payments.
Boost your credit score
An individual's credit score is calculated based on promptness in loan and credit cards repayment. When you apply for a personal loan, you repay it in installments. Timely payments will contribute to your credit history and boost your credit score.
Higher education
Higher education may be costly, especially at a foreign university. However, it is also an opportunity that can be a tremendous learning experience and greatly enhance one's career options. If you are uncertain about covering higher education expenses, a personal loan can be your solution. A personal loan is always a better option because there are no requirements for obtaining one.
Meet medical emergencies
Medical emergencies necessitate immediate financial assistance. A life-saving surgery may require you to make the payment within 24 hours. When there is an emergency, applying for a personal loan and receiving disbursement can be completed within hours. Other benefits, such as pre-approved offers, instant approval, and a lower EMI, make this loan suitable for dealing with such emergencies.
Vehicle financing
Auto loans are available if you want to buy or lease a car, but so are personal loans. Auto loans typically have lower interest rates than personal loans, but they have secured loans that use the collateral of your vehicle. If you are concerned about missing payments and having your car repossessed, a personal loan may be a better option for you.
A personal loan allows you to divide expenses into smaller, more affordable payments. By being mindful of your financial requirements, you will be able to meet your necessities with the help of a personal loan. At BanqMart, you can find the best loans in UAE that fits your financial needs. With our competitive loans, you can take control of your financial affairs with no hassles.
Read more blogs
How to get a mortgage in UAE
Purchasing a home and obtaining a mortgage can be a time-consuming and stressful process for first-time buyers. Even though many buyers prefer to pay in cash to avoid paying interest, mortgages in the UAE provide the buyer with a great deal of flexibility when it comes to managing money, budgeting payments, and selecting the ideal property. We compiled the best tips to help you stay ahead of the competition. Here are five pointers to help you acquire the mortgage you desire.
Sep 30, 2022
Why do you need a credit card?
When it comes to financial health, whether you need a credit card or not is a common question that comes to mind. Credit cards, when used appropriately, can be crucial tools for earning rewards, travelling, dealing with emergencies or unexpected bills, and enhancing credit scores. While having a credit card can be useful in some situations, you should carefully consider whether you need one before signing up.
Sep 30, 2022
UAE’s Best Travel Credit Cards
Travel expenses, from plane tickets to hotel stays, can be extremely pricey at times. Some banks and financial organisations provide credit cards for travel purposes. If you travel frequently you should surely get the finest travel credit card that can save you a large amount of money on your travel bookings while also making your trip enjoyable. Travel cards are specifically created for travellers to receive a variety of rewards such as Skywards miles, Air miles, and free taxi rides.
Sep 16, 2022
How to invest in UAE
When you have some savings, the first thing that should come to mind is to invest them and make a profit. But how to invest is a question that remains in mind. Good investment plans are crucial for the development and sustainability of any business and individual. The UAE, with its diverse economy and strategic location, offers potential investors a thriving financial environment. Evolved into one of the most sought-after luxury tourist destinations in the world, the UAE offers a promising venue for international trade and business.
Sep 16, 2022
Best credit card in UAE for 2022
Having a credit card makes life much easier, especially now that internet transactions and cashless payments are the norms. As a result, banks in the UAE have introduced relevant credit cards to meet a variety of needs. The ideal credit card for you is determined by your circumstances, credit score, spending habits, lifestyle, and financial objectives. With an array of alternatives available and the incredible perks they all provide, deciding on the best credit card in the UAE might be difficult.
Sep 16, 2022
Living in the UAE: 10 Things to Know Before You Move
The UAE is home to some of the world's most lavish locations and masterpieces, including the Burj Khalifa, Palm Jumeirah, and others. Except for five months in the summer, the UAE offers great weather.
Jan 11, 2023
Why is Budget Planning So Important
Do you ever wonder where your monthly money goes while you still have bills to pay? Almost 70% of the population has difficulty keeping their expenses within their income. If you have been facing this issue, budgeting is the one-stop answer to your troubles. Budgeting is one of the most important financial habits you can develop. You can assess in advance if you will have enough money to do the things you need or want to do by developing this spending plan.
Jan 6, 2023
5 Things To Do During Dubai Shopping Festival
Yet again, it's that time of the year! The holiday season is around the corner, and so is the Dubai shopping festival. This is when shopaholics' dreams will come true, with unbelievable prices on anything they want, from fashion to jewellery, gadgets, vehicles, and accessories. But it's not only about looking for bargains. The world's largest shopping event features endless thrills and entertainment. There will be fireworks, fashion shows, live concerts, and much more.
Jan 6, 2023
5 Simple Tips to Save Money for a Holiday
There's a reason why the holiday season is called the most joyous time of the year. It truly is wonderful to spend time with loved ones, attend holiday parties, and enjoy good cuisine! Unfortunately, this time of year may also bring on stress, which prevents many people from enjoying the season's delights. Much of that stress is typically due to the high costs. With the holidays coming around the corner, now is an excellent time to prepare ahead so that stress does not interfere with your holiday happiness.
Jan 17, 2023
Dubai’s Expo 2020 venue to reopen in October
With ‘Connecting Minds and Creating the Future' as the theme, the end of six magnificent months of Expo 2020 Dubai saw millions of tourists from all over the world rush to Dubai to experience the 6-month mega event. Visitors were captivated by Expo 2020's world-class music, athletic events, breathtaking pavilions, and family-friendly activities. But, now that the Expo is over, what is the future of the international fair? Well, we have got some wonderful news for you. Expo 2020 Dubai will soon be renovated and reopened to the public as Expo City Dubai.
Sep 30, 2022How to get a mortgage in UAE
Purchasing a home and obtaining a mortgage can be a time-consuming and stressful process for first-time buyers. Even though many buyers prefer to pay in cash to avoid paying interest, mortgages in the UAE provide the buyer with a great deal of flexibility when it comes to managing money, budgeting payments, and selecting the ideal property. We compiled the best tips to help you stay ahead of the competition. Here are five pointers to help you acquire the mortgage you desire.
Sep 30, 2022Why do you need a credit card?
When it comes to financial health, whether you need a credit card or not is a common question that comes to mind. Credit cards, when used appropriately, can be crucial tools for earning rewards, travelling, dealing with emergencies or unexpected bills, and enhancing credit scores. While having a credit card can be useful in some situations, you should carefully consider whether you need one before signing up.
Sep 30, 2022UAE’s Best Travel Credit Cards
Travel expenses, from plane tickets to hotel stays, can be extremely pricey at times. Some banks and financial organisations provide credit cards for travel purposes. If you travel frequently you should surely get the finest travel credit card that can save you a large amount of money on your travel bookings while also making your trip enjoyable. Travel cards are specifically created for travellers to receive a variety of rewards such as Skywards miles, Air miles, and free taxi rides.
Sep 16, 2022How to invest in UAE
When you have some savings, the first thing that should come to mind is to invest them and make a profit. But how to invest is a question that remains in mind. Good investment plans are crucial for the development and sustainability of any business and individual. The UAE, with its diverse economy and strategic location, offers potential investors a thriving financial environment. Evolved into one of the most sought-after luxury tourist destinations in the world, the UAE offers a promising venue for international trade and business.
Sep 16, 2022Best credit card in UAE for 2022
Having a credit card makes life much easier, especially now that internet transactions and cashless payments are the norms. As a result, banks in the UAE have introduced relevant credit cards to meet a variety of needs. The ideal credit card for you is determined by your circumstances, credit score, spending habits, lifestyle, and financial objectives. With an array of alternatives available and the incredible perks they all provide, deciding on the best credit card in the UAE might be difficult.
Sep 16, 2022Living in the UAE: 10 Things to Know Before You Move
The UAE is home to some of the world's most lavish locations and masterpieces, including the Burj Khalifa, Palm Jumeirah, and others. Except for five months in the summer, the UAE offers great weather.
Jan 11, 2023Why is Budget Planning So Important
Do you ever wonder where your monthly money goes while you still have bills to pay? Almost 70% of the population has difficulty keeping their expenses within their income. If you have been facing this issue, budgeting is the one-stop answer to your troubles. Budgeting is one of the most important financial habits you can develop. You can assess in advance if you will have enough money to do the things you need or want to do by developing this spending plan.
Jan 6, 20235 Things To Do During Dubai Shopping Festival
Yet again, it's that time of the year! The holiday season is around the corner, and so is the Dubai shopping festival. This is when shopaholics' dreams will come true, with unbelievable prices on anything they want, from fashion to jewellery, gadgets, vehicles, and accessories. But it's not only about looking for bargains. The world's largest shopping event features endless thrills and entertainment. There will be fireworks, fashion shows, live concerts, and much more.
Jan 6, 20235 Simple Tips to Save Money for a Holiday
There's a reason why the holiday season is called the most joyous time of the year. It truly is wonderful to spend time with loved ones, attend holiday parties, and enjoy good cuisine! Unfortunately, this time of year may also bring on stress, which prevents many people from enjoying the season's delights. Much of that stress is typically due to the high costs. With the holidays coming around the corner, now is an excellent time to prepare ahead so that stress does not interfere with your holiday happiness.
Jan 17, 2023Dubai’s Expo 2020 venue to reopen in October
With ‘Connecting Minds and Creating the Future' as the theme, the end of six magnificent months of Expo 2020 Dubai saw millions of tourists from all over the world rush to Dubai to experience the 6-month mega event. Visitors were captivated by Expo 2020's world-class music, athletic events, breathtaking pavilions, and family-friendly activities. But, now that the Expo is over, what is the future of the international fair? Well, we have got some wonderful news for you. Expo 2020 Dubai will soon be renovated and reopened to the public as Expo City Dubai.
Sep 30, 2022
