a. Finovative Gulf serves as a mediator and consultant between clients and partner banks, assisting with the personal loan application process.
b. Finovative Gulf does not issue loans directly, and all loan approvals and terms are determined solely by the partner bank according to their policies.
a. Applicants must meet eligibility criteria set by the bank, which typically include age, income, residency status, and creditworthiness requirements.
b. Clients are responsible for providing accurate and complete documentation as requested by Finovative Gulf and/or the bank.
a. Personal loans facilitated by Finovative Gulf’s partner banks have a tenure ranging from a minimum of 6 months to a maximum of 48 months.
b. The specific loan tenure offered depends on the applicant’s financial profile, including income, Debt Service Ratio (DSR), and credit evaluation by the partner bank.
a. The partner bank will evaluate each applicant’s DSR to determine their ability to manage debt responsibly.
b. Meeting the partner bank’s DSR criteria is necessary for loan eligibility. The DSR calculation accounts for existing debts and total income to ensure loan affordability.
Any applicable fees for services rendered by Finovative Gulf will be communicated and agreed upon before proceeding.
a. The terms of the personal loan, including interest rates, loan amounts, repayment schedules, and associated fees, are governed by the partner bank’s policies. Finovative Gulf will inform clients of relevant details but is not liable for any subsequent changes made by the bank.
b. Clients are responsible for reviewing and understanding the partner bank’s loan agreement before accepting any terms.
a. Interest rates and any applicable charges for personal loans are determined by the bank based on market conditions, credit scores, and other factors.
b. Any fees related to loan processing, administrative charges, or early repayment penalties will be specified by the bank.
a. Loan repayments must adhere to the agreed-upon terms and schedule. Late or missed payments may incur penalties or negatively affect the borrower’s credit standing.
b. Early settlement of loans is subject to the terms set by the bank, including any applicable fees.
a. By using Finovative Gulf’s services, clients consent to the sharing of their data with banks for the purposes of loan application and evaluation.
b. Finovative Gulf handles client data with care and in accordance with applicable data protection laws.
a. Finovative Gulf acts only as a consultant and facilitator, without guaranteeing loan approval.
b. All loan offers, terms communicated to clients are issued by the bank, not Finovative Gulf.
a. Loan disbursement, upon approval, is managed directly by the partner bank, with funds credited to the applicant’s verified bank account.
a. Finovative Gulf will not be liable for any indirect or consequential damages arising from actions taken by partner banks or delays in the loan process.
b. Finovative Gulf makes no guarantees regarding the partner bank’s decisions, policies, or any changes made to loan terms.
a. Clients agree to indemnify and hold Finovative Gulf harmless against any claims, liabilities, or expenses related to loan applications, breaches of these T&Cs, or actions by partner banks.
a. Finovative Gulf’s partner banks may amend loan terms and conditions per banking regulations and market factors. Clients will be notified of any changes.
a. Finovative Gulf reserves the right to terminate its services in cases of non-cooperation, a breach of terms, or if continued engagement is not feasible.
a. If any term or condition herein is deemed invalid or unenforceable, the remaining terms shall continue in full force and effect.
a. These Terms and Conditions are governed by UAE law, and any disputes shall be resolved exclusively by UAE courts.
