The principal loan will be disbursed to the borrower upon submission of his all documents and requirements requested by the bank.
Banks can claim immediate payment on loans in the following cases:
When due to any reason, the debtor is terminated from his work
When the monthly salary of the borrower or any part of it is transferred to another party without the written consent of the bank.
Due to breach of commitments or obligations included in the contract of the loan.
When you fail to pay three consecutive installments or six non-consecutive in addition to the invalidity of customer data.
When the borrower leaves the country permanently.
In the event of death of the borrower.
The UAE Central Bank regulations permit banks to make amendments to commissions and fees and expenses incurred on the loan from time to time.
In the event of non payment of any installment, the borrower shall be liable to pay the interest on such delayed payments at the rate set by the bank along with any other additional fees or charges as per the bank’s schedule of fees and charges.
The borrower must notify the bank if he wants to pay all or part of his loan early. The bank will advise the borrower of the outstanding principal amount, interest, deferred payment charges, monthly installments, early settlement charges, penalties and other amounts due to the bank.
In case of a salary transfer loan, the borrower must provide the bank with a letter from the employer undertaking to transfer the monthly salary and end of service benefits to the bank throughout the loan period.
If the loan is granted against personal guarantee, the borrower must undertake to provide the bank with personal guarantee form approved by the bank and signed by the guarantors.