Gulf news published an article on the stabilised interest rates on borrowings in the present day, based on the analysis by Souqalmal.com.

The good news for those on the lookout for a quick cash injection is that interest rates on borrowings are no longer shooting up these days.  According to industry sources, rates have so far “stabilised” and borrowers who do their homework could find some loan deals with manageable yearly charges.

Ambareen Musa shares her view on the topic.

“Rates seem to have stabilised when compared to early 2015, which saw many banks slashing rates, offering lower processing fees and launching special offers on personal loans in a bid to attract more customers,” Ambareen Musa Founder and CEO Souqalmal.com, told Gulf News.

And if they look hard enough, borrowers could secure a loan deal with annual interest rates as low as 4 per cent to 4.5 per cent based on a reducing balance. “There are many banks offering competitive rates on personal loans, with some even offering [lower than the average],” Musa added.

For the full article go to Gulf News