MRAHMAN's Blog

The dos and don'ts of personal loans Interest rates on personal loans have dropped, but be wary of the temptation When times get tough and you need extra cash for an emergency or unplanned event, personal loans can be your best friend. The great thing is, the loans sector in the UAE seems to be heating up these days and if you’re in need of an immediate funds injection, there’s a wide array of loan offers to choose from. Banks are finally back on their feet and they’re now competing to lend to customers at lower interest rates. According to personal finance and comparison site Moneycamel.com, average rates have gone down from 7.8 per cent in 2012 to 6.7 per cent this year. “Banks have reduced interest rates to make loans more attractive to customers,” says Preeti Bhambri, managing director and founder of Moneycamel.com. “Banks have finally recovered from the 2008 bad debts era and are looking at growing their portfolio in the current scenario,” ...