This personal finance scheme is designed specifically for salaried employees who can avail a maximum of AED 2,500,000 at highly competitive interest rates. Salary transfer by customers is not required. This loan is available to both UAE nationals as well as expats and has a simple and fast approval procedure. The executive finance scheme has a maximum repayment tenure of 48 months and the repayments are made via EMIs. A free for life credit card is offered along with this loan by the company.
You’re probably eligible for Finance House Personal Loan if you are
At least 21 years old
Less than 60 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Your Finance House Personal Loan amount eligibility is based on these factors
Minimum income required
AED 15,000 per month
Maximum allowed personal loan is AED 250,000
EMIs of other loans lower
Increase your eligible Finance House Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 4 Years
Documentation needed to apply for Finance House Personal Loan
- 1. Original passport & photocopy thereof (with valid UAE residence visa for expats)
- 2. Latest 3 months’ original bank statements of account into which salary is transferred or regularly banked
- 3. Current dated salary certificate from employer addressed to Finance House PJSC.
- 4. Post dated cheques for monthly instalments and undated security cheque for Principal+ Interest.
- 5. Address proof of office and residence.
Finance House Personal Loan Interest RatesUpdated on 27 Oct 2016
|Interest Rate (Monthly reducing balance)||16% to 24%|
|Processing Fees||1.00% of the loan amount|
|Loan Tenure||4 Years|
About Finance House
Finance House is the first independent financing company of UAE. It was established in the year 2004 in the emirates of Abu Dhabi. Finance House is headquartered in Abu Dhabi with branches in Dubai, Abu Dhabi and Sharjah. The core activities of this finance company include consumer banking and commercial finance.
Over time, the company has built a good reputation as well as a brand name. It has come up as a preferred finance provider for customers in need. The company also leads in providing innovative and value-added services to its customers.
The stakes at Finance House are held by major blue-chip players which lends credibility and stability to the company. The board comprises of experienced professionals which has lent a distinct corporate culture to the company. Finance House is committed to providing exceptional financial services to its customers and focuses not only on its products and services but also on its workforce so as to emerge as a lead player in some of the niche market segments.
Personal finance products are an offering of Finance House. These loans can be used for meeting the need of extra cash to be used for personal expenditures. Here are a few important details about the same.
Fees and Charges involved with Personal Loans from Finance House
The below table shows the schedule of fees and charges involved with Finance House personal loans
|Type of Charge||Amount|
|Charge for Payday Plus Facility limit ranging from AED 300 to AED 600||The charge per month is AED 35|
|Charge for Payday Plus Facility limit ranging from AED 600 to AED 1200||The charge per month is AED 70|
|Charge for Payday Plus Facility limit ranging from AED 1200 to AED 1600||The charge per month is AED 100|
|Charge for Payday Plus Facility limit ranging from AED 1600 to AED 4000||The charge per month is AED 150|
|Charge for Payday Plus Facility limit ranging from AED 4000 to AED 6000||The charge per month is AED 200|
|Penalty interest on delayed payments for Payday Plus||The penalty interest is 2% per month|
|Penalty interest on delayed payments for Payday Extra||The penalty interest is 3% per month|
|The fee for late payment||The penalty for late payment is AED 25 per instance of late payment for both Payday Plus and Payday Extra|
|Fee for liability letter||The fee is AED 50 for both Payday Plus and Payday Extra|
Other Products from Finance House Bank
What is the rate of interest on the executive finance scheme?
Interest rates vary between 16% and 24% depending upon the monthly income of the applicant as well as the loan tenure.
What is the eligibility criteria?
A UAE national or an expat aged between 21 and 60 years of age. Minimum monthly income needs to be AED 15,000.
What are the documents required?
- Original Passport
- Salary Certificate
- Bank Statements for last 3 months
- Post-dated cheques for payment of installments
Are there any pre-payment charges?
In case the customer is paying the loan by himself then 2% of the outstanding amount is charged as the pre-closure fee however, 5% is charged in case any other bank is buying out the loan repayment.
Is there a processing fee charged?
A processing fee of 1% of the loan amount is levied.
Is a life insurance scheme required to avail this loan?
Yes. An insurance of death and permanent disability is arranged via Takaful.
What are the minimum and maximum loan amounts that I can avail?
The minimum loan amount is AED 40,000 and the maximum is AED 250,000.
Am I required to transfer my salary to the bank?
No. A salary transfer is not required to avail this loan.
Does this personal loan scheme require a security to be deposited?
No. There are no collaterals to be submitted as security against this personal loan.