One never stops dreaming and dreams grow with age. You can encounter a need for some extra financial assistance at any significant milestone of your life for instance in educational expenses, buying a new car, a new house for your family, etc. If you are an adult in UAE with a steady source of income in need for monitory assistance, salary transfer loan is a viable option for you.
What does this sort of personal loan entail?
In this procedure, the bank or financial firm loans a specific sum of money but there is an agreement drawn between the lender and borrower that all of his/her salary would be credited to a specific bank only. Of course, the employer of the borrower has to also be taken on board during the whole process and they have to sign an undertaking as well. Therefore, before initiating the process it is critical that you consult with your employers beforehand.
Every month, a fixed fee is subtracted from the salary account.
Every month, a fixed fee is subtracted from the salary account as soon as it is transferred by the employer. This procedure facilitates consistent flow of income and delivers the lender with security. Documents that are usually required for an applicant seeking this sort of loan are proof of UAE identity, passport, and proof of income.
Many firms and banks readily offer these loans because it is win-win arrangement for them; they have the security of loan return. They can monitor the applicant’s regular flow of income. However, all employers do not agree to let their employees obtain this loan that is why it is necessary to get permission first. The process involves lengthy paperwork and agreement signing before the earnings can be transferred. But once the loan is agreed upon, it is processed quickly.
As in all financial agreements, there has to be some fixed criteria for qualifying for this loan. Most firms have a rule that income should not be less than 5000 AED and they also fix an age limit for the applicant. Minimum age is usually 21 years for acquiring this package. You also need to prove that you have a steady income.
Therefore, salary transfer loan is a convenient deal if you require financial help and have a significant and steady source of income.
Moneyingulf.com provide their clients in UAE with the option of this loan and ensure secure processing.