Deem Finance: Everything You Need to Know
Deem Finance is a financial services provider in Abu Dhabi, United Arab Emirates. As one of the best in its niche, it offers credit cards, wholesale deposit products, and personal loans. It’s a go-to option for its versatile business model, putting its clients at the center of its operations. Getting a new financial services provider can be mind-boggling, and often, it can be challenging to trust them in the first place. However, if you’re planning on making deem finance your staple, you’re in the right place. This Deem Credit Card Review offers insight into Deem Finance and all services it provides.
What Type of Bank Is Deem Finance?
Deem Finance is a corporate-backed and acquired bank offering a slew of financial services. It’s a leading personal loan and credit card issuer with low-interest rates and flexible repayment periods. It hasn’t been around for long, yet it has taken the financing world by storm since 2019. This company serves the United Arab Emirates, including Dubai, Sharjah, and the rest.
This company offers loans that reach eight times the borrower’s salary. Besides, it isn’t so strict with documentation. What’s made these loan services more sought-after is its Deem Credit Life Plus protection for active loans in case of death or accident. The loans also don’t need a salary transfer and quickly get approved within two days. It’s a worthy banking partner that guarantees the best.
What Type of Loans Does Deem Finance Offer?
Deem Finance specializes in personal finance loans that don’t require salary transfers or strict documentation. The interest rates are pretty lenient, and the repayment period is reasonable. The typical flat rate usually stands at 9.01%, and the reducing rates begin from 15.99%. Also, the repayment spans four years. However, every borrower needs to meet the eligibility requirements for this loan.
First, borrowers must be salaried and qualified for a Deem Finance personal loan. Moreover, their salary needs to be a minimum of AED 5,000. The bank also requires a few documents to validify your identity and proof of income, including:
An Emirates ID copy
Proof of residence
Recent pay slips or income documents
Last three to six months’ bank statements
Visa or passport copy
What Types of Credit Cards Does Deem Finance Offer?
Deem Finance offers a host of credit card options to resident individuals and UAE citizens. To apply for these cards, you must Cash Up, a unique cashback program providing accelerated points on every transaction related to entertainment, airline tickets, travel, and hotel bookings. Some of the sought-after Deem Finance credit cards include:
Deem Platinum Credit Card – This Cash Up credit card lets you enjoy no annual fees and low rates of 3.25%. To qualify, you need a minimum salary of AED 10,000 and a minimum of AED 1,500 spending to earn Cash Up. You can also earn as much as 10% Cash Up on department stores and 5% on online shopping and food delivery.
Deem Titanium Credit Card – To qualify for this Cash Up credit card, you need a minimum AED 5,000 salary. Besides, the rates are usually between 3.33% and 3.45% and offer up to 3% Cash Up at fuel, utilities, and supermarkets. You also get the first year free with a 20% discount for three Careem rides every month. Other deem credit card benefits include airport lounge access, hotel discounts, balance transfer, dining, and cashback. However, this Cash Up program applies to retail transactions alone.
Deem Miles Up Credit Card – This credit card helps with traveling and shopping. The credit card offers a 2.99 rate and an annual AED 525 fee. Moreover, your salary should start from AED 25000 and allow access to over AED 1100 airport lounges worldwide. However, the minimal monthly spending should cap AED 2,000 to earn miles.
Deem Finance Insurance
Deem Finance offers a financial guarantee to help you maximize returns. Ideally, it provides up to 3.5% per annum for deposits (collateral) with a rollover of deposits and automated guarantee renewal. Other insurance forms the Deem offer include Credit Life Plus, which benefit customers in case of permanent disability and or death for personal loans. Also, the Deem World offers free travel, medical insurance, and many other benefits.
Deem Finance Wholesale Deposit Products
As part of the merger expansion, Gargash Group Deem Finance has started offering wholesale deposit products to clients in the UAE. That has been an effort to expand the services it provides to its clients and has heralded more accelerated growth. These products include banking services, cash management, fund management, and working capital financing services.
How Do You Apply for Deem Finance Personal Loan?
Anyone in the UAE who meets the eligibility requirements can apply for a personal loan. The process is simple and doesn’t bother with a lengthy application procedure. Here’s how to apply for a Deem Finance personal loan.
Step 1 – Go to the nearest branch to apply for your loan. You can also log in to the bank’s official website and apply online. However, it’s always best to ensure that you meet all eligibility requirements to avoid your application from getting turned down.
Step 2 – Fill in the form provided, ensuring that you include every personal detail needed. The information you provide is usually confidential and won’t be disclosed to any third parties.
Step 3 – Offer information about your reasons for taking the loan and stipulate the amount you want, the lending terms such as loan tenure, and your monthly income.
Step 4 – Provide Deem Finance with valid documents, ensuring they match the requirements.
Step 5 – Wait for your loan application’s approval before getting the nod from Deem Finance. That should take less than two days before you finally get your money disbursed to your account.
Conclusion
Deem Finance specializes in personal loans but offers credit card services and wholesale deposit products. The company hasn’t been around for too long but has become incredibly popular in the UAE thanks to its helpful financial services. This company has gained tremendous renown for its propensity to simplify its loan application process and quicker reimbursement and loan approval. If anything, using its services can help you sort out your financial issues like a breeze.