The profit rate varies depending on the internally generated risk rating and the tenure of the fund. Additionally, the borrower pays a one-off origination fee that varies between 2-5%.
Yes, businesses can have more than one facility at any point in time. However, a business must have made several successful repayments on their existing facility prior being approved for a second facility.
Businesses undergo a due diligence process that is led by the credit team. The risk assessments analyse business and financial performance as well as qualitative facts such as the strength of the management team, industry sentiment and others. The process also includes a site visit.
Repayments can be settled early with no penalties.
Repayments can made either be processed electronically through bank transfers or post-dated cheques can be issued in line with UAE banking practices.
Businesses need to be established in the UAE with a minimum of 2 years of trading. The venture needs to have AED 2M of revenue and profitable or on path to profitability. All businesses will undergo extensive due diligence through the credit assessment process.
In case a campaign fails to generate enough interest, the collected funds are distributed to their beneficial owners. An oversubscription is not possible as the funding campaign automatically closes on completion.
Funding Souq offers financing between AED 50k to AED 1m for 3-24 months.
Yes, the amount is transferred directly to the applicant's verified bank account. Once your application is approved and your bank account is verified, the transfer is initiated to ensure you receive the funds promptly and securely.
Typically, a credit decision is issued within 72 hours of the applicant's submission. We strive to process your application as quickly and efficiently as possible. The 72-hour timeframe allows us to thoroughly review your application and ensure that all necessary checks are completed for a fair and accurate decision.
Yes, you absolutely can. We offer the flexibility for you to pay off the financed amount before the due date.
In the event that a designated investment opportunity fails to achieve full funding within a 30-day period, all allocated capital will be redistributed to the respective investors, ensuring the return of their principal investment.
1.Valid UAE trade license.
2.Minimum of two full years of operation.
3.Minimum of AED 2,000,000 turnover.
Required Documents for Financing:
- The Trade License and Articles of Association
- A comprehensive financial statement from the past two years
- A bank statement covering the most recent year
Funding Souq's Credit Risk Assessment Team evaluates each financing application based on the company's ability and willingness to repay. The evaluation begins with assessing the company's creditworthiness using a credit scoring card. This card considers various criteria and assigns a credit rating to each company, from which the associated risk category is determined. This determination is based on the evaluation of several factors, such as the company's financial capacity, credit history, owner's commitment, and analysis of external sources.
Funding Souq obtains a security cheque from the borrower for the full amount, i.e. principlal and profit.
Financing is repaid through post-dated cheques that are collected by our representative.
The application process for financing with Fundinq Souq takes less than 3 minutes. Start your registration through our website and provide us with the required information. After that, our team will contact you to complete the rest of the registration steps and guide you through the necessary documents needed to complete the registration process.
We at Fundiniq Souq are committed to providing continuous support throughout your journey with us. If you have any questions, do not hesitate to contact us at any time!