Salary Linked Loan
It is an unsecured loan taken by an individual from a bank or a non-banking financial company (NBFC) on the basis of his salary to meet their personal needs.
Overview
- Higher limit up to AED 500,000
- Repayment period up to 48 months
- Competitive rate of interest
- No Hidden Charges
- Interest charges on Daily Reducing Balance
Eligibility Criteria
- Individuals salaried employees
- Tenor – Max. 48 Months
- Limit- Min. – AED 10,000 Max. AED 500,000
Mandatory Requirements
- A valid copy of Passport, Resident visa, and Emirates ID.
- Salary transfer letter/Salary certificate.
- 3 months bank statement.
Charges
Interest Rates
Monthly Income Range | Interest Rate |
Up to AED 10,000 | 10.00% p.a. |
More than AED 10,000 to AED 25,000 | 9.00% p.a. |
More than AED 25,000 | 8.00% p.a. |
Processing Fees
1.00% of loan amount with min. AED 500/- plus VAT
warning
– If you do not keep up your repayments/payments, you may end up paying more in interest/profit
– You may have to pay penalties if you pay off a loan/financing early
– Refinancing your loans/financing may take longer to pay off than your previous loan/financing and may result in paying more in interest/profit
– If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future
