Loans without salary transfer in Dubai

Most if not all Banks in Dubai require that you transfer your salary to them so that they may process your personal loan application or Home loan application. Salary transfers are mainly required to act as collateral by commercial banks in Dubai since Banks will directly administer your income and monitor how one expends. We however facilitate the disbursement of loans in dubai without salary transfer to clients, and we do not require salary transfer provided the client in question meets the regulatory requirements set by the central bank of UAE.Click the link to apply for a personal Loan in Dubai OR UAE without salary transfer

rak bank

Personal Loan Top-Up in Dubai

Personal loan top up in Dubai with the same Bank is in some cases prohibited by the central bank of UAE until the loan passes a given period of time. This makes it next to impossible for the client to access a loan top-up before the predetermined period. On the other hand, the same client may not approach another bank in Dubai to access loan top-ups since the central bank of UAE requires them to transfer their salary to them. To apply for a personal loan without salary transfer in dubai, apply through our personal loan application form.

Personal loan without salary transfer

Some banks and financial institutions are now offering a Personal loan without salary transfer in a more comfortable manner which serves the needs of the prospecting clients through offering this loan without salary transfer, shelved with no credit check or Etihad check. This is of great importance to solving the needs of clients especially when they are stuck with credit card debt. This loan is quickly available for disbursement since it does not require a salary transfer letter though its interest rate is higher. Apply for a personal loan without salary transfer today and solve your financial needs.

Clearance Letter/Liability Letter in Dubai

For one to transfer their salary yet they have an existing loan is a tantamount task since the new bank in Dubai requires a clearance letter from the prior bank. The clearance letter is also referred to a liability letter in some circles of banking and it simply specifies the client’s name, account number, financial position, duration of the relationship, the current account and savings account balances, defaults and other aspects which may affect their or the third party’s operations. In most cases, banks in UAE do not issue these clearance letters if you have an existing loan unless if the new bank has agreed to buy out the existing loan and interest due. Banks in Dubai also drag their feet on issuing clearance letter / liability letter mainly to retain their existing clients .Apply for Loan Top Up in Dubai by following the personal loans link.

emirates nbd

Employees in Dubai

Not all employees in Dubai, Sharjah or the rest of the UAE earn through banks in Dubai, some get their salaries through Exchange Houses across UAE. Exchange Houses are basically financial institutions which specialize in converting financial paper from one currency to the other, in some countries, they use the term Bureau De Change to define Exchange houses. These institutions also play a major role in money transfers, remitting funds to home countries through Western Union and MoneyGram, payment gateways e.g. for du mobile, etisalat ,and also agents for Bonds and other financial transactions etc. In the United Arab Emirates, Exchange Houses such as UAE Exchange also facilitate the payment of salaries through the WPS (Wage Protection System).

Wage Protection System in Dubai

WPS is a system which is authorized & approved by the Ministry of Labour, used to transfers salaries electronically thereby allowing companies to pay workers' wages. Some companies prefer paying their wage bill through these exchange houses to save time, to enjoy wide branch network and to minimise all forms of wage related stress but the main reason being that, their workforce’s average salary does not meet the minimum requirements of commercial banks in Dubai.

Banks in Dubai

So instead of paying through Dubai Islamic Bank, Emirates NBD, RAK Bank, HSBC, CitiBank, Mashreq bank, ADCB, First Gulf Bank (FGB) etc, they end up using exchange houses, for example through UAE exchange, Sharaf Exchange, Al Ansari Exchange, Al Ghurair International Exchange, Al Razouki International Exchange, Habib Exchange, Thomas Cook Al Rostamani Exchange, Wall Street Exchange among others.

Challenges of WPS in Dubai

The groups of employees who get the salaries transferred to these exchanges have no access to personal loans in Dubai since they are termed risky. Dubai Islamic Bank, Emirates NBD, RAK Bank, HSBC, CitiBank, Mashreq Bank, ADCB, First Gulf Bank (FGB) etc prefer to disburse easy loans in Dubai to employees who earn through a bank account and not through this form.

Loans in Dubai-How we assist

After discovering this gap in the market, we facilitate loans in Dubai without salary transfer provided the applicants meet the minimum set of requirements to facilitate the disbursement of a loan. Since this class of employees has no inflows on the bank statement, we require a minimum of three months WPS (Wage Protection System) statement for us to facilitate the procurement and disbursement of personal loans in Dubai to these employees.

Annual Percentage Rate

Implications of non-payment

Fill in your details on the contact us form and a qualified bank representative will get in touch with you.

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Requirements

  • Documents required for loan application

    1-Passport copy

    2-Visa copy

    3-Emirates ID front and back copies

    4-Salary certificate/3 Months Payslips

    5-Three months bank statement/Salary slips/WPS Statement

    6-Credit card copy (face)

    7-Credit card statement

    8-Security Cheque

    Loan amount 10 000-300 000 (AED)

    Salary must be minimum 4000 (AED) +

    Do you have a credit card? If so, what is the limit?

    Do you have a loan from another bank ?

    Do you have benefits at work for example accommodation, insurance, commission, bonus, overtime, transport, air-ticket or uniform?

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