You need a other bank buy out loan once your respective bank is not able to fulfil your requirement or you want to consolidate your all liabilities in to one loan such as credit card, loans or auto loans.

It is similar to the salary transfer loan where a bank gives you a certain amount of money and doing buy out from other banks as per your consent. In this case though the bank makes it where all of your earnings are credited to them and no other bank and the employer must provide an undertaking agreeing to put their salaries into one account.

Eligibility for Other bank buy out

Being at least 21 years of age or below the age of 65 years.

The minimum income for most buy out loan is usually 5000, but it can change depending on the bank that you get the loan from.

Most important your salary and other benefits needs to be transfer to the respective bank only.

Documents Required

  • Complete application form
  • A copy of your passport visa and emirates ID.
  • Salary certificate and the bank statement for last 3/6 months.
  • Salary transfer letter from the employer and most important liability certificate from the other bank.

Fees and Charges

The rate of interest depends upon your salary however there is also a processing fee for 1% and insurance fee of 1.25% once you are approved for loan, which can be vary within different banks.
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