Salary tranafer loans are personal loans offered to employees by banks and financial institutions, where the loan amount is directly transferred to the borrower’s account and the repayment is done through salary deductions. These loans often offer lower interest rates and better repayment terms compared to regular personal loans, as the lender has a direct claim on the borrower’s salary in case of default. Some employers may also offer salary transfer loans to their employees as a benefit.
Salary Transfer Loan in Dubai is much easier to apply as compared to Loan without a salary transfer. It is also considered as a secured loan in UAE market. In this scenario, you need to transfer your monthly salary to the lending bank, to avail any loan facility. There are numerous Banks in UAE who are providing this type of loan at very competitive Interest rates.
To name a few ADCB Personal Loan, ADIB Personal Loan, Rak Bank Personal Loan, Emirates NBD Personal Loan, Emirates Islamic Personal Loan, Noor Bank Personal Loan, and lot more.
Employees may be given salary transfer loans, which are personal loans with repayments withdrawn directly from salaries. For this kind of loan, the borrower must give documentation of their employment and earnings, and the lender will check the details with their company. The borrower’s wage and credit history will be taken into account when determining the loan amount and repayment duration. Due to the lender’s assured source of repayment, salary transfer loans have the advantage of being able to provide lower interest rates and better terms.
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All loans are not created equal, salary transfer loan has become a great option for people to use.
Any salaried, self-employed, or professional is eligible for a salary transfer loan.
If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.
Some loan providers may provide insurance cover on your loan. If not, we advise that you take out your own insurance to cover you in the event of being unable to repay your loan due to loss of job, illness or death.
Though it is not mandatory to transfer your salary to the bank for applying for a loan but salary transfer loan offers more options and lowers interest rates.
Most Banks in UAE provides salary transfer loan to there list of approved company employees only.
Tentatively it should take a weeks time if all documents are complete however it may vary in bank to bank loan application process.
Now apply for a Loan online, All you need to do is provide your details below application form.
Disclosure Policy:
APR or Annual Percentage Rate of personal loan may range from 2.79% to 34% in the UAE.
The minimum loan repayment tenor is 6 months and the maximum loan repayment tenure is 48 months.
Processing Fee: 1% of the loan amount with a minimum of AED 500 and up to a maximum of AED 2,500
Maximum loan amount: AED 3000000
Representative Illustration
If a customer borrows a loan of AED 20,000 and earns an income of AED 10,000. With a repayment period of 48 months, the EMI would be AED 546 at an effective interest rate of 13.99% per annum.
The total repayment that would have been paid at the completion of the loan would be AED26,230, The borrower would be paying AED 6,230 as interest.
Processing Fee: 1% of Loan amount with min. AED 500 and up to a max. of AED 2,500