Definition- It is a mathematical tool used to produce figures mentioning the amount to be paid towards the principal borrowed and the interest there-to over a given specified period of time. Many refer to it as a loan interest calculator and it comes in many forms but these are the most commonly used terms which are used to describe personal loans in Dubai or the United Arab Emirates:
All these basically perform the same role of calculating interest on loans in Dubai
Emi calculator-Importance-Personal Loan calculator is one of the crucial instruments required to make a sound decision on comparing loans and credit cards in Dubai. The loan calculator gives vital information to compare credit cards in UAE together with personal loan. It is wise and prudent to carefully calculate the specifications of each and every loan before committing and signing off the agreement. Personal loan interest rates in UAE are calculated by loan calculators using different computations from bank to bank.
Drawbacks of a loan calculator-The major disadvantage or drawbacks of loan calculators is that it does not factor in extra hidden charges which are put in place by banks during loan negotiation such as the flexible insurance rate meant to safeguard the repayment of the loan calculator and loan administration fees. The loan calculator depicts figures on a ceteris paribus basis and does not take into account future prospective changes in the economic landscape; these issues include interest rates risk, inflation, and future risk of recession or economic meltdown among others.
Dubai Today-The world has moved and advanced so fast in terms in loans and interest rates calculations, and Dubai, just like the rest of the world, has moved along the same path. It is therefore crucial to calculate carefully before signing up for a loan, MasterCard, visa card, debit card, ETC
Banks in Dubai rely on the loan calculator on computation of interest rates among other components. Banks in United Arab Emirates include but are not limited to-: Rak Bank, First Gulf Bank, Union National Bank, Commercial Bank of Dubai, Noor Islamic Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank of Baroda Dubai, Abu Dhabi Commercial Bank, National bank of Dubai, Samba Bank Dubai, HDFC Bank Dubai, ETC .Other Financial institutions in this group are Dunia Finance, Finance House and all these are governed by Central Bank of UAE
Example of FAQ on loan calculator(s) in Dubai
If Allen borrows a personal loan in Dubai of AED50,000 at an annual interest rate of 9% over 48 months, what will be the monthly equated monthly installment (emi) ? The answer is AED1244.25
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