Alexander_el_magdouni

Hi,

Do they have Credit Referencing Agencies in Dubai?,
How do banks assess the credit worthiness of applicants ?

Thanks,
Alex

Eeyore

Nope.

They look at the salary certificate from your company. Then they throw credit at you. Everything's fine as long as you don't run into payment difficulties; if you do, they'll throw you into jail.

madferrit

Just curious.. how do the banks work for those who are self employed?

admon

even if you are self employed here, that will be under the limited company/freezone company scenario, so again salary based I would assume.

madferrit

Thanks for the reply!

IndieG

Depends - are you employed? Which company? How long in Dubai, how long in he company? What's your income? Details of other liabilities? Age? ...so on and so forth.

Self employed - bit more complicated. I'd be asking for audited financials, how long in business? How much? ...etc. Interest rates for SME type lending is very high - around 14-16%.

Citi have a product called 'EasyLoan' - no salary transfer. But int rate of 16-18%.

For salaried customers, my credit managers tend to approve card limits of 1-2times salary! For self-employed, depends on your average balance - max 30-50k.