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what's the situation with getting a personal loan in early days as an expat/uae resident?

i move to Dubai at the end of the month, and will need to access some cash within a month or two of joining to buy furnishings, pay some school fees and some other bits and pieces. Am thinking around 100k AED. Very confident I'll be able to pay it off very quickly, just short term cash flow in my early days. Moving is an expensive business!

What's the process, and if I have salary certificate does that make it a mere formality or is it more complex than that? my salary is more than 4 times that amount if that makes a difference.

also, what's the usual bank rate on personal loans. is it 10% as suggested in another thread?

ps have searched the forums, could not find the answer elsewhere...

cheers

ok
i am a bit muddy on the details with my bank...which is emirates bank...they only needed a salary certificate from my company...and apparently it takes about 2 working days for it to be processed...am yet to go and do it...also the interest rate i was qouted was about 7% on deperciating balance...and a fixed time period within which loan repayment can be made...meaning if i get a loan for 100 k...and my replayment per month is 10 k for example...1st month 7% on 100 k, 2nd month 7 % on 90 k..
do not know how other international banks tackle the loan issue...
hope that helps
cheers
me

Easy if you have a job with a company that the bank has on their approved companies list (will differ from bank to bank). Banks are keen to lend money and interest rates are not too outrageous - much better than credit cards. A couple of caveats though...

You won't be able to open a bank account (and get a loan) until you have your residency/work visa - that can take between a few days and a few months (for really slack companies). Occasionally some companies manage to get it all worked out very quickly or even before you arrive.

If you want to pay off the load early, there will probably be a penalty (eg 5% of the outstanding amount).

One more thing, after experience, it seems that most of the banks ask for a confirmation certificate which is usually given after 2/3 months from ur employer !! so I guess u can only check with the bank that ur company deals with or has a corporate bank account and maybe they can can give u a rain check on that document !!

hi, i know what you mean i literally just moved
but its fantastic once ur hear
dont miss england one bit
what the weather like mate?lol
listen i know its expensive but i had this really good currency guy
i mean he used to analyse the markets n stuff
he knew what he was doin he got 6.91 aed per pound just recently
you should give him a call
hey didnt cost me a penny
n i checked them out
they seem completely fine
his names Raj from Excel currencies
he's number is 01322 221121
i mean he saved me a couple of grand maybe he can do the same for you
well its only a phone call anyway
but you got nothing to lose mate
just tell him nick told u about him
hel look after you
we met up too
anyways
good luck mate hope it all works out for you
take care
nicolas