5 reasons to take a personal finance solution

Leading banks in the country offer financial solutions for a range of needs. Both expats and residents can avail of these.

Life is full of many surprising twists, and you try and navigate them to the best of your ability. However, certain situations require more money than you have at your disposal. It could be in relation to an emergency medical procedure that a family member needs to undergo in a foreign hospital. Or an investment opportunity you wish to explore.

Whatever the nature of the need, you will require a personal finance solution to see you through. Your bank can help you meet the requirement with a Shari’a compliant financial solution at this point.

What are the circumstances under which you may require a personal finance solution? Consider these:

#1 To pay house rent.

Paying rent is an imperative expense, whether you are seeking to live in a rental accommodation for a short period or a longer duration. Suppose you have shifted into a rental home while you redesign your house. You can take a personal finance solution like a short-term borrowing to pay the house rent while you finish the refurbishing of your premises. Or you could be in the process of saving up to buy a house and be lodged in a rental home at the moment. A personal funding solution can help pay the rent.

#2 To finance your home remodel.

Apart from paying rent, you can even take a personal finance solution to finance the remodel of your house. House construction, repairs and renovation result in extensive costs, which you may not wish to spend upfront from your available reserves. Finance from a leading bank in the UAE can help pay for the costs of remodelling the house. This ensures that there is no stoppage of work due to lack of funding for the same.

#3 To pay for children’s higher education.

If your dearest wish is to send your child away to a prestigious foreign university, then you can make this dream come true by availing of a good Murabaha-based finance solution that offers up to 2 mn Dh for expats and up to 4 mn Dh for UAE nationals. All the costs – tuition fees for the year, accommodation, course fees, study trips, etc. – can be funded comfortably from this solution.

#4 To take a long vacation abroad.

Travel broadens your horizons, and you look for every opportunity to travel abroad with your family. However, you have been putting off taking a long trip extending a few months with your family, fearing the high costs of such a holiday. Why put off your dream holiday for later when you can buy it today? Leading banks in the UAE are offering financial solutions to fund your foreign holiday with reasonable profit rates and quick processing. So, start booking your tickets and pack your bags!

#5 To fund your sabbatical from work.

There comes a time when you contemplate a change of career, or seek a few months off from work to resolve your health problems and personal issues. However, you worry about paying household expenses when you take time off from work. At this juncture, you can apply for a finance solution to meet the demands of the months that you will not be making an income. The solution comes with a low profit rate and with a repayment period of up to 4 years, so your personal reserves are not dented in a major way when you repay the loan.