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Personal Loan

Salary transfer Loan

In this particular loan "Salary Transfer Loan" there is an undertaking letter "Salary Transfer Letter" between the borrower and the lender that all of his/her remuneration (salary) would be credited to the particular bank which is issued by the borrower's employer. In this procedure the monthly instalment auto debited as soon as the salary is credited from the employer to the employee's account.

Features

  • Rates starting from 2.99% p.a.
  • Finance tenure up to 4 years
  • Amount of up to AED 1.25 million for expatriates, and AED 2 million for UAE nationals.

Eligibility

  • 21 years old or above.
  • Minimum monthly salary of AED 5,000.
  • Employer should be approved with respective Bank

Documents

It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old.

  • Salary transfer letter.
  • 3 months bank statement.
  • Valid copy of Passport, Residency visa and Emirates ID

Smart Loan

A smart loan/quick loan is one where a bank gives you flexibility to continue transferring your salary to your bank and they will offer you loan. In this case bank will take an authority "Direct debit authority" to take your payment from your respective bank through an automated system

Features

  • Loan amounts up to AED 200,000 for both UAE Nationals and Expatriates.
  • Mode of repayment is through Direct Debit System.
  • Competitive interest rates starting 14.99% reducing.
  • Repayment period of up to 48 months.

Eligibility

  • Have to be 21 years of age or below the age of 65 years.
  • The minimum income for most non-salary transfer loan is 5000.(Depends on the bank)

Documents

Following are the main documents that are required.

  • Complete application form.
  • A copy of your passport visa and emirates ID.
  • Salary certificate.(Pay slip)
  • Bank statement for last 3/6 months.

Buy out Loan

Buy out loan is require once your respective bank is not able to fulfil your requirement or you want to combine multiple loans into one package. You may get the attractive pricing from other bank.

Features

  • Loan amounts up to AED 1 Million
  • Flexible repayment terms.
  • Competitive interest rates.
  • Repayment period of up to 48 months.

Eligibility

  • Have to be 21 years of age or below the age of 60 years.
  • your salary and other benefits needs to be transfer to the respective bank
  • The minimum income for most non-salary transfer loan is 5000.(Depends on the bank)

Documents

Following are the main documents that are required.

  • A Copy of valid Passport / Visa / Emirates ID.
  • A copy of your passport visa and emirates ID.
  • Salary certificate.(Pay slip)
  • Bank statement for last 3/6 months.
  • Duly filled application