Overview.
In a “Salary Transfer Loan” there is an undertaking letter “Salary Transfer Letter” between the borrower and the lender which states that all of his/her remuneration (salary) will be credited to the particular bank. The letter is issued by the borrower’s employer. In this procedure the monthly instalment is auto-debited as soon as the salary is credited from the employer to the employee’s account.
Our platform allows you to compare your options for salary transfer loans in the UAE.
Features
- Profit rates starting from 2.99% p.a.
- High finance amount of up to AED 1.25 million for expatriates, and AED 2 million for UAE nationals
- Finance tenure up to 4 years
Eligibility
- Age 21 years and above
- Minimum monthly salary of AED 5,000 (salary transfer required)
- Employer should be approved with respective Bank.
Required Documents
- Salary transfer letter
- 3 months bank statement
- Valid copy of Passport, Residency visa and Emirates ID
Fees and Charges
The rate of interest depends upon your salary however there is also a processing fee for 1% and insurance fee of 1.25% once you are approved for loan, which can be vary within different banks.
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