When applying for a personal loan in UAE, One important question everyone hears is “Is your company listed with the bank?” Most of the banks approve loans only if your company is listed with them. Not all the companies are listed in every bank and it is not easy for the companies to get listed with each and every bank.
What is listed company?
Personal loans in UAE are quite popular. It is known for the low-interest rates. But this lending business is putting banks into trouble during the payback times. About 80% of the personal loan holders delay their payments because of the salary deferment. So keeping this in mind banks in UAE started providing loans to people working in only certain companies which don’t defer in the salary payments. And this can be known for their annual turnover.
Why do companies need to be listed?
Most of us think what companies have to do with the banks? All this is interlinked. Banks list companies which have good growth, revenue and number of employees. This kind of companies have a good credit history. If a company maintains a good credit history, it would be easy for the employers to get a loan if needed.
If the companies are listed with the particular bank, it would be easy to have your salary transferred to the bank where you hold a personal loan. Basically, banks don’t want to take a risk in the lending process. So they just want to make sure they provide a loan to the employees in the long-lasting firms.
How is a company listed?
Not all the banks will have the same criteria to get companies listed with them. The factors which most of the banks consider are revenue a company is generating, a number of employees, a company in service and few more.
Apart from having the companies listed with them, banks provide some exclusive services to the employees in the company right from a savings account where the salary can get transferred, various loans benefits to free debit or credit cards.
How to know whether your company is listed?
Most of the well-known companies are automatically listed with the banks. If you are working in an MNC(Multinational Company) then there are higher chances of having your company listed with most of the top banks.
All the large-scale companies i.e companies with good profits and more number of employees will definitely be listed with the bank.
The bank where your salary is getting transferred will have your company listed. One easiest way is you can ask the HR Department of your company in which banks the company is listed with or can inquire with the bank you want a loan from.
Even Personal loan agents in UAE can give you details about which companies are listed with the banks.
Few Companies that are listed
All the notable companies will be recorded with the bank.
Here are few sources which have the list of companies which can have chances of getting listed.
What if your company is not listed?
They are many banks which provide personal loan for non-listed companies. But the only criteria if your company is not listed is the minimum salary.
You must have a minimum salary of AED 5000, for getting a personal loan if your company is not listed with the bank.
Here’s a list of few banks providing loans for non-listed companies-
- Dubai Islamic Bank Personal loan
- Emirates NBD Personal loan
- ADCB Personal loan
Benefits of a company listed with the Bank
If your company is listed with the bank there are many advantages you get
- Get a free bank account
- Get a free debit/credit card
- Salary will be transferred to the bank account
- Getting a loan is easy
- Get a free life insurance coverage
Companies listed with the bank can be one of the criteria to be eligible for the personal loan. Apart from this, there are some more important things banks take into consideration, like AECB Credit Score, documents required, minimum salary etc., Check with the banks and prefer the one which suits your requirements without falling into the high-interest rates.