Tips Before Signing a Personal Loan Agreement for Interest

1- Determine your personal financing needs.

2- The best repayment term is three years.

3- Know the financing details before signing the contract {financing amount / APR / merchant fee / monthly installment and due date / verify the fees charged by the bank.

4- Read the contract and terms before signing.

5- Compare 6 banks and choose the best one.

6- Don’t take the maximum amount; take only what you need.

7- Be cautious of refinancing shortly after taking out the loan, as well as bridge financing.

8- Understand the type of personal financing: Murabaha or Tawarruq.

Murabaha = shares, and the financing amount may decrease upon execution; Tawarruq financing = commodities.

9- Verify the terms of the life insurance policy.

10- Financing without salary transfer will have a higher interest rate.

11- In the event of repayment, the customer bears the profit amount for the following three months.

12 – Administrative fees + net profit + leasing commission = APR

Real Estate Consultant

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