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SimplyLife Non Salary Transfer Loan

SimplyLife Bank

WarningMessage This product is discontinued by the Bank

Non Salary Transfer Loan

Minimum Salary

AED 8K

Flat Rate

12.12%

Reducing Rate

21.99%

Loan Amount

AED 200K

Early Settlement Fee

AED 0

Arrangement Fee

1%

minimum salary

AED 8K

Minimum Salary

flat rate

12.12%

Flat Rate

reducing rate

21.99%

Reducing Rate

max finance

AED 200K

Loan Amount

early settlement fee

AED 0

Early Settlement Fee

arrangement fee

1%

Arrangement Fee

Features

  • Repayment period is up to 4 years
  • The loan is provided for a interest rate of 21.99%
  • Minimum salary of AED 8,000 is required
  • The reduction rate and the flat rate is 21.99% and 12.12%. This denotes that the computation done was a division of the reduction rate by 1.814
  • It is not mandatory to transfer your salary to apply for this scheme
  • Finance up to AED 200,000
  • Early settlement fee is AED 0
  • Arrangement fee is 1% of loan amount

Benefits

  • Can get up to AED 200,000 loan amount
  • Repayment period is long
  • Extra fees won’t be applied for early settlement of loans from own funds

Frequently Asked Questions

⭐ When can I postpone my loan installment payments?

A. You are allowed to postpone 2 loan installments every calendar year.

⭐ Can personal loan be given to unconfirmed employees in SimplyLife?

A. Yes, bank has separate program for customers who are new to UAE .

⭐ How are interest rates calculated for this finance?

A. Interest rates are calculated on a reducing balance which depend on your income and period over which you wish to pay.

⭐ Who all are eligible to apply for personal loan in SimplyLife?

A. Salaried UAE Nationals and expats working for employers on the list of approved companies can apply for personal loan in SimplyLife.

⭐ How many days do I get to drawdown my personal loan in SimplyLife?

A. Once the loan gets approved, within 30 days you need to draw it down after that bank deletes all the information regarding your loan.

SimplyLife

In April 2014, Abu Dhabi Commercial Bank (ADCB) launched a consumer finance brand focused on quick and easy personal finance products – SimplyLife. Launched as a strategic business unit of ADCB, SimplyLife endeavors to offer personal finance options to people with minimum documentation and a simplified application process. ‘Don’t let life’s special moments pass you by’ is the mission statement of SimplyLife and their policies are centered on making loans quicker and easier. For emergencies, SimplyLife has a priority call back service which can be availed of by sending an SMS ‘emergency’ to 2636.

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