Getting a bank loan gets a lot more easier in Dubai, UAE

Oct. 23, 2010 - PRLog -- The biggest hassle for an entrepreneur in the UAE and around the world is access to debt at the correct pricing. This is just the focus the promoters of dubaibankloans.com had when they though of creating this community.
Speaking on the launch of the website, Ms. Gopinathan the Director of the site said "This is a step towards having an online community of Bankers, Loan Seekers and other intermediaries on a single platform". The site provides a tool for an individual and a business to apply for various loans online. The site has a registered list of Bankers who get free access to customer queries for loans and get back to customers with the best quote on loans. For a customer this is an ideal tool as with a single click a customer is able to apply for loans to multiple banks and wait for offers.

Even though UAE has more than 60 banks present, the margins for banks are much higher than in the West due to the non-transparency of data available to customers. This site is expected to make banking a lot more transparent for the customers.

A lot is being done by the UAE authorities for the Small and Medium Enterprises (SME) including establishment of Free Trade Zones, Easier business setup process, Zero taxation, availability of excellent logistic facilities including Seaports and Airports. Dubaibankloans.com believes that the tools available on this site will help this initiative of helping the SMEs to move to the next level.  

The site also has tools explaining all the banking terms and products to its users, pricing range for each product and a facility to apply for loans for free to one random bank. The pricing for applying to multiple banks is kept at USD 205/- which is a small fee compared to 4-5% charged by unorganized Agents in the market. The site also believes that professional Agents can bring in a lot to the table as businesses do need consultants who can aid banking advise. There is a separate space provided for Agents to register and get leads from the site's users.

"We hope this site helps businesswomen/men in getting access to loans at competitive rate" said Ms. Gopinathan.

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Dubai Bank Loans is an effort by a group of finance professionals to bridge the gap between Bankers, Corporations and other intermediaries in the UAE. dubaibankloans.com is a community that is expected to have synergies between its various stakeholders.