Salary transfer loan is a type of secured loan. All the banks in UAE let people open an account, then get their salaries transferred to the same salary account and then ultimately avail financial credit benefits from the bank by availing salary transfer loan.
There are very well stable banks like EmiratesNbd(ENBD), ADCB, Noor Bank, Rak Bank, FAB, HSBC, Standard Chartered Bank, Citibank, ADIB, Ajman Bank, ADIB, DIB, CBD, United Arab Bank and many more who are offering handsome loan amount of up to 20 multiples of customers salary.
These financial organizations make it very for the applicants to repay the amount of loan in easy installment plans(EMI) based on their credit history and debt burden ratio (DBR). The EMI id this salary transfer loan of getting debited directly from the salary account every month on a particular date after salary credit through auto debit / direct debit option.
In case of Salary Transfer Loan in UAE, the banks ask the applicants for easy documents like salary transfer letter (STL) Liability letter (in case of Buyout loan / Debt Consolidation), id proofs, etc. These loans can be taken by the applicants for various needs or investments. When good history (good credit score) customers apply for a salary transfer loan (from both listed companies and non-listed companies), they get the fastest approval (incases the customers even get loan approval within 2 days). Hence, the applicants find it easier to meet their needs.
Comparatively, the rate of interest (EMI) for salary transfer loan is always lesser than the EMI of non-salary transfer loan. Interest rates for salary transfer loan in banks are starting from 2.99% even. Also, customers get the fastest loan approval in 60 minutes even with few banks. There are banks offering loan for bad credit history or loan for low credit score customers also.