Overview.
Living in the UAE isn’t cheap; Dubai and Abu Dhabi are considered some of the most expensive cities in the world. In the last few years, expats living in these cities have had to deal with rapidly increasing rents, prices, school fees, and other expenses.
Many expats turn to personal loans from banks to pay off immediate expenses, but managing these loans with soaring prices can be difficult.
To make consumers’ lives a little easier, banks and other financial institutions offer Buyout loans that customers can use to pay off existing loans they’ve taken from the same bank. These kinds of loans are bundled together and sold to large investors in the form of securities.
Features
- Attractive loan amounts up to AED 1 Million
- Competitive interest rates
- Flexible repayment terms
- Personal Life Insurance coverage
Eligibility
- Being at least 21 years of age or below the age of 60 years.
- The minimum income for most buy out loan is usually 5000, but it can change depending on the bank that you get the loan from.
- Most important your salary and other benefits needs to be transfer to the respective bank only.
Required Documents
- Copy of valid Passport / Visa / Emirates ID (Originals must also be presented)
- 3/6 month bank statements showing salary credit
- Salary certificate letter addressed to respective bank
- Application form duly filled & signed by customer
- Salary Transfer Letter to release remaining funds.
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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