A salary transfer loan is one where a bank gives you a certain amount of money, similar to a personal loan. In this case though the bank makes it where all of your earnings are credited to them and no other bank and the employer must provide an undertaking agreeing to put their salaries into one account.
Eligibility for Salary Transfer Loan
Being at least 21 years of age or below the age of 65 years.
The minimum income for most salary transfer 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.
There are certain numbers of documents required to get a 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.
- Most important a Salary transfer letter from the employer.
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.
Get the best deals compare and apply now