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Debt consolidation is like a refinancing your all liabilities into One. If an individual is unable to pay multiple liabilities and getting overburden, he/she can opt for a Buyout or Debt consolidation. In this situation the Bank or the Financial Institution will take over all the existing liabilities like Loans and Credit Cards and convert it into one Installment which is easy to pay. Also he/she can apply for an additional cash in hand if eligible subject to DBR should be in under control i.e below 50% of salary.
Lot of times it happens that you get over burdened with multiple liabilities. Same time you have to manage Loan installment, Car installment, Credit card bills and all regular expenses. Gradually a situation comes when with a fixed limited income or salary it gets more and more difficult to manage all expenses and you end up being a defaulter. Your credit worthiness decreases, your Credit Score goes down day by day, resulting no other Bank or Financial Institution take a chance to lend you more money.
Before this situation arrives its always better to opt for a debt consolidation or Buyout Loan. By choosing Buyout Loan you can consolidate all your loans and credit cards into one easy monthly installment. Get rid of multiple liabilities and live freely. All expats and UAE National may apply for a buyout Loan. Easy availability up to 20 multiples of Salary.
Do not get over burdened, opt for a Debt Consolidation. By choosing Buyout Loan you can consolidate all your loans and credit cards into one easy monthly installment.
Eligibility to apply Debt Consolidation
- 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 needed to apply Debt Consolidation
- 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.
- Loan applicant have to provide Liability Letters of all existing liabilities that need to be consolidated.