Salary Transfer Loans
Salary Transfer Loan is considered as a secured Loan in UAE, as the applicant needs to transfer his/her Salary to the Lending Bank to avail any Loan services. It gives you a privilege to avail high volume of Loan amount i.e up to 20 multiples of your salary at a lower Interest Rate in comparison to Loan without any salary transfer where the Interest Rate charged is quite high.
Transferring you salary to lending bank also gives you other benefits like Pre-approved Credit Cards, Over Draft facilities and much more. Salary Transfer reduces the risk factor for the bank to lend and hence there are more chances of getting your loan approved.
Mostly loans with salary transfer are designed for the people working under approved list of companies by the bank.
Eligibility to apply Salary Transfer Loan
- Minimum age of the applicant should be 20 years and maximum 60-65 years old.
- Minimum salary of the loan applicant must be AED 5000 or above.
- Loan applicant must have a clear and healthy credit score with a minimum score of 650 or above.
- Loan applicant must have completed 6 month in the current organization or should be on paper confirmed employee.
- Loan applicant must be ready to transfer salary to lending bank.
Documents to apply Salary Transfer Loan
- Loan applicant must provide Passport Copy, Visa Copy and Emirates ID Copy.
- Loan applicant must provide a valid Salary Certificate or Payslip
- Loan applicant must provide 3 to 6 month Salary account statement showing regular salary credits.
- Loan applicant must provide a valid Salary Transfer Letter address to lending bank as per the bank format.
- In Case of Buyout Loan, applicant have to provide Liability Letters of all existing liabilities.
Top Bank Providing Salary Transfer Loan
Frequently Asked Questions
Its a Credit facility where a contract is been signed to transfer applicant salary to the lending bank until the applicant payoff the total outstanding.
It is not mandatory to transfer your salary to avail loan but Salary Transfer Loan is quite cheaper at interest rates in comparison to Non Salary Transfer Loan.
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