Gulf News published an article on the decline in the personal loan rates in the UAE, based on the data compiled by Souqalmal.com.

The price of borrowing money in the UAE has edged lower recently compared to a year ago, with the cheapest personal loan deal now costing just less than 5 per cent. This could be good news to some consumers who are running short of cash, as lending conditions had recently tightened amid rising debt levels and economic uncertainty.

According to the data compiled by Souqalmal, a comparison site, interest on salary transfer loans averaged 6.62 per cent in October, down by 7.54 per cent over the same period last year. Non-salary transfer borrowings now cost 13.29 per cent per year, about 10.81 per cent cheaper than 12 months earlier.

For full article go to Gulf News