There are certain companies in the UAE that do not create a salary account in the bank for their employees and they pay salaries either through cheque or cash due to whatsoever reason. It might not create any problem for an employer but it can be problematic for an employee especially when they approach a bank or financial institution for a personal loan.
You know, why?
One of the most important requirements that lenders require is your valid income proof to know whether you are capable of repaying the loan. Therefore, they ask for the proper documentation that verifies your loan repayment ability. The documentation includes a salary transfer letter, proof of employment, bank statement, etc.
In addition to this, lenders also check your credit score to see your payment history. As personal loans are offered on no guarantor or collateral, lenders expect the applicant to transfer their salary to their respective bank accounts to reduce the risk in getting the owned funds back.
However, there are few lenders that provide a personal loan in UAE without a salary transfer keeping the basic requirements of its customers in mind. All you need to meet the eligibility criteria of the respective lender and submit the required documents to procure consumer loan.
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