beaujarle
I wonder how will the financial institutions work-out the repayment terms for me. I'll be on a 2 years work contract (renewable).
1)Will the repayment terms be based on my initial 2 years work contract or a longer repayment period?
2) What is the interest rate for:
a) personal loan;
b) property;
c) car; and
d) motorcycle?
Thanks in advance.
asc_26
- beaujarle wrote:
I wonder how will the financial institutions work-out the repayment terms for me. I'll be on a 2 years work contract (renewable).
1)Will the repayment terms be based on my initial 2 years work contract or a longer repayment period?
2) What is the interest rate for:
a) personal loan;
b) property;
c) car; and
d) motorcycle?
Thanks in advance.
I thought you're a CPA. Should these questions answerable by yourself?
It depends on the financial institution, which financing scheme they're using. Mostly they're using the "deminishing balance" scheme.
Avoid this financing scheme: Ballooning interest, marketing peeps they will say it as free interest for one year, but there's no such thing as free, they'll calculate the interest from next year onwards and you'll end up paying more interest than the principal amount.
I wonder why they gave you installment plan more than 2 years wherein your contract is only for 2 years?
For the q's # 2 to 6: I would suggest you to do your own research.
beaujarle
- asc_26 wrote:
- beaujarle wrote:
I wonder how will the financial institutions work-out the repayment terms for me. I'll be on a 2 years work contract (renewable).
1)Will the repayment terms be based on my initial 2 years work contract or a longer repayment period?
2) What is the interest rate for:
a) personal loan;
b) property;
c) car; and
d) motorcycle?
Thanks in advance.
I thought you're a CPA. Should these questions answerable by yourself?
It depends on the financial institution, which financing scheme they're using. Mostly they're using the "deminishing balance" scheme.
Avoid this financing scheme: Ballooning interest, marketing peeps they will say it as free interest for one year, but there's no such thing as free, they'll calculate the interest from next year onwards and you'll end up paying more interest than the principal amount.
I wonder why they gave you installment plan more than 2 years wherein your contract is only for 2 years?
For the q's # 2 to 6: I would suggest you to do your own research.
Ermmm...please read my question again & try HARD to understand it.
I asked on
repayment terms (as in the
payment duration ) and
NOT scheme (diminishing, straight-line, etc...) :roll:
Why I asked the question is to check whether I'm allowed to have a longer repayment period, considering my contract is 2 years. Quite a simple question, eh????
asc_26
- beaujarle wrote:
- asc_26 wrote:
- beaujarle wrote:
I wonder how will the financial institutions work-out the repayment terms for me. I'll be on a 2 years work contract (renewable).
1) Will the repayment terms be based on my initial 2 years work contract or a longer repayment period?
2 ) What is the interest rate for:
a) personal loan;
b) property;
c) car; and
d) motorcycle?
Thanks in advance.
I thought you're a CPA. Should these questions answerable by yourself?
It depends on the financial institution, which financing scheme they're using. Mostly they're using the "deminishing balance" scheme.
Avoid this financing scheme: Ballooning interest, marketing peeps they will say it as free interest for one year, but there's no such thing as free, they'll calculate the interest from next year onwards and you'll end up paying more interest than the principal amount.
I wonder why they gave you installment plan more than 2 years wherein your contract is only for 2 years?
For the q's # 2 to 6: I would suggest you to do your own research.
Ermmm...please read my question again & try HARD to understand it.
I asked on repayment terms (as in the payment duration ) and NOT scheme (diminishing, straight-line, etc...) :roll:
Why I asked the question is to check whether I'm allowed to have a longer repayment period, considering my contract is 2 years. Quite a simple question, eh????
Err.. it is the same. You may rephrase your q's. There would be no TERMS if no financing schemes to be followed when reviewing your
repayment terms or payment duration.
And you're asking about interest also?!! Ohh my goose...
asc_26
Duh, your subject line is
PERSONAL LOAN, PROPERTY/VEHICLE FINANCING QUESTIONS.
Is this so HARD to understand? :roll:
fayz
- asc_26 wrote:
Duh, your subject line is PERSONAL LOAN, PROPERTY/VEHICLE FINANCING QUESTIONS.
Is this so HARD to understand? :roll:
Apparently it is
beaujarle, even if you are on a 2 year contract you'll likely be able to get a loan for a longer repayment period, most people come on contracts like you and are able to get loans, so not much to worry about on that front, you should be able to get 5 years with out too much difficulty.
They'll give you a loan assuming your contract will be renewed is my understanding, although Banks vary but in general if you have 3 months worth of UAE bank statements you're pretty much good to go.
sage & onion
- fayz wrote:
- asc_26 wrote:
Duh, your subject line is PERSONAL LOAN, PROPERTY/VEHICLE FINANCING QUESTIONS.
Is this so HARD to understand? :roll:
Apparently it is
beaujarle, even if you are on a 2 year contract you'll likely be able to get a loan for a longer repayment period, most people come on contracts like you and are able to get loans, so not much to worry about on that front, you should be able to get 5 years with out too much difficulty.
They'll give you a loan assuming your contract will be renewed is my understanding, although Banks vary but in general if you have 3 months worth of UAE bank statements you're pretty much good to go.
This is correct, the only thing you / your Company have to sign up for is that your Company will inform the Bank if you are leaving the Company and that they will pay your final settlement into the Bank.
beaujarle
Cheers fayz & sage....finally question answered.
asc_26
No cheers for me. Im sad :(