A non-salary transfer loan is one where a bank gives you flexibility to continue transferring your salary to your bank and they will offer you loan. In this case bank will take an authority “Direct debit authority” to take your payment from your respective bank through an automated system.
Eligibility for Salary Transfer Loan
Being at least 21 years of age or below the age of 65 years.
The minimum income for most non-salary transfer loan is usually 5000, but it can change depending on the bank that you get the loan from.
There are certain numbers of documents required to get a non-salary transfer loan.
- Complete application form
- a copy of your passport visa and emirates ID
- Salary certificate and the bank statement for last 3/6 months.
Banks may ask for a security cheque covering the loan amount.
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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