Big dictionary of business and management . 2014 .
transferable loan facility — TLF A bank loan facility that can be traded between lenders, in order to reduce the credit risk of the bank that provided the loan. It is a form of securitization but can have an adverse effect on relationship banking … Accounting dictionary
Transferable Loan Facility (TLF) — übertragbare Kreditfazilität; Innovation im Bereich des Eurokonsortialkredits, bei der Kredite in Unterbeteiligungen übertragen werden, welche an Beteiligte außerhalb des Konsortiums verkauft werden sollen. Somit werden die Kreditanteile… … Lexikon der Economics
Transferable Loan Certificate (TLC) — Ausgestaltungsform der ⇡ Transferable Loan Facility, bei der die Übertragbarkeit von Kreditteilen durch entsprechende Vertragsgestaltung sichergestellt wird. Das Recht des Gläubigers wird aus dem Vertrag abgeleitet; der Gläubigerwechsel vollzieht … Lexikon der Economics
Transferable Loan Instruments (TLI) — Ausgestaltungsform der ⇡ Transferable Loan Facility. TLI besitzen Wertpapiercharakter und verbriefen einen durch Abtretung übertragbaren Kreditanspruch des Gläubigers, der sein Recht somit unmittelbar aus dem Papier ableiten kann … Lexikon der Economics
Обращающийся кредит — международные банковские кредиты с правом их переуступки путем выпуска специальных ценных бумаг. По английски: Transferable loan facility См. также: Международные кредиты Финансовый словарь Финам … Финансовый словарь
TLF — Abbreviation for transferable loan facility … Accounting dictionary
TLF — Abbreviation for transferable loan facility … Big dictionary of business and management
Chrysler — This article is about Chrysler Group LLC. For the flagship car division of Chrysler Group, LLC, see Chrysler (division). For other uses, see Chrysler (disambiguation). Chrysler Group LLC Type Limited liability company … Wikipedia
education — /ej oo kay sheuhn/, n. 1. the act or process of imparting or acquiring general knowledge, developing the powers of reasoning and judgment, and generally of preparing oneself or others intellectually for mature life. 2. the act or process of… … Universalium
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Correct Energy Residential Transferable Loan Program
October 12, 2016 by admin
Correct Energy Residential Transferable Loan Program
The Correct Energy Residential Transferable Loan Program is designed to give homeowners more flexibility as to the options they have with their home and their solar. The main benefit of this program is that if someone’s housing plans change the flexibility of this specific program allows homeowners to transfer the solar loan from owner to owner.
More Specifically this loan has multiple benefits:
-640 Fico Score Qualification
-Owner to Owner Transferability
-Recast feature that re-amortizes the loan after 18months
-$50,000-$100,000 unsecured credit lines
– 10 year 2.99% Interest loans
– 20 year 3.99% Interest loans
Its hard to beat a 14% rate of return or a 5-6 year return on investment or a positive cash flow deal that builds you equity over time.
Salary Transfer Loans in Dubai, Abu Dhabi, Sharjah & all over UAE
For a layman understanding, first of all, we would like to explain what Salary Transfer Loan is and what should you expect out of the deal. In these salary transfer loans in UAE, the bank provides a specific sum of money (just like in personal loans). However, the difference comes with the procedure of paying the salary transfer loan back. In this kind of a loan, there is an agreement between the loan lender and the borrower that all his/her earnings (salary) would be credited to that specific bank only. It requires your employer to sign–in the undertaking as well.
This deal is often considered as a win-win deal for the banks, as they get a guarantee of the loan return. They can deduct the monthly fee as soon as the salary is transferred from the employer to the employee`s account. Banks can examine your regular flow of income, which provides them with additional security. Not all employers however, allow their employees to obtain these salary transfer loans, only large companies do so. Hence it is critical for you to first consult with your company whether they will give you the permission to get a salary transfer loan in UAE or not, and then proceed your salary transfer loan application.
In order to put all your earnings into one bank account and transfer all of your salary automatically to the specific bank account, requires quite a bit of paperwork and agreement signing. A Salary Transfer Letter Format is required by most of the banks, which details the specific amount that the bank will deduct each month from your salary automatically.
Of course, like other types of loans such as business, personal or auto loans, salary transfer loan has some eligibility criteria as well, and you need to be eligible before getting this loan. As mentioned above, these loans are very similar to personal loans, and they are a great option only if you have a guaranteed and reliable source of income. A general eligibility criterion is as follows (usually depends on the bank – this is to give you a general idea only):
- Min/Max age for Salaried professionals – 21/60 years
- Min/Max age for Self-employed professionals – 25/65 years
- Minimum Salary – 5000 AED
- Salary should be transferred to the bank lending you the salary transfer loan.
Like any other loans, you will be required to produce a certain set of documents before having a salary transfer loan in UAE granted to you.
- Application form
- Copy of Passport or UAE Emirates ID
- UAE Residency Visa
- Bank Statement for the past 3-6 months (may vary depending on the bank)
- Salary Transfer Letter
- Liability Letter
- Salary Certificate
- 2 Security Checks from your Salary account (depends on the bank)
The bank may require more or less documents, it totally depends on the bank and how they want to proceed with your specific salary transfer loan in Dubai application.
You should be expecting some additional charges when obtaining a salary transfer loan in Dubai, Abu Dhabi, Sharjah or anywhere in the UAE. The interest rate may vary from 8-20%, different banks offer different rates. You must do a proper research to find out which bank provides you with the best possible rate on your Salary Transfer loan in UAE.
Additionally, most of the banks charge a 1% processing fee for these applications. This processing fee is mandatory, no matter your salary transfer loan application is approved or not. Some banks also have a minimum processing fee rule setup to get best possible processing fees in case of low range loan applications.
The first thing that you should do is to try and find a bank that offers the minimum fee. Also, find out which fees you will have to pay before having your loan processed. You should learn about the insurance charges that your bank might impose on you and the late payment fees. Late payment fees can be very disturbing, as it puts a burden on your monthly budget, and someone who is already in bad financial condition can get seriously hurt financially if he/she has to pay a late payment fee as well. Usually the rate is 2% of the over-due amount, but you should confirm it before going on with your salary transfer loan application.
You should also keep the flat rate in mind that comprises of clearance certificate, Liability and no-liability charges. You have to pay this flat rate charge even if you are looking to have your loan canceled.
Like other loans, you have to pay an additional fee if you want to pre-pay your loan, no matter if fully or partially. Usually the prepayment fee is 1% of the total salary transfer loan amount in case you obtain the loan through your own resources. This rate might be higher if you obtain the loan through some other banking facility, or loan consolidation facility.
The procedure of applying for a salary transfer loan is almost the same as most of the other loan types. The interest rates can be divided into two categories.
- Variable Interest Rate: In this type, the interest rate keeps getting lower as you continue to make payments. The interested rate might get higher as well, if you are unable make installments. Make sure you go through all the terms and conditions of the bank before getting the Salary Transfer Loan in Dubai, Abu Dhabi, Sharjah or anywhere in the UAE.
- Fixed Interest Rate: This type of interest rate remains the same until the whole loan is paid off.
People who need quick money and have a job with residual income and a decent salary, than a salary transfer loan would be the perfect option to go for them. The salary transfer loan should not be obtained to buy stuff that you don’t really need right now. It should be used as a last option. People with an inconsistent monthly income and problematic financial life, should avoid getting their hands on salary transfer loans.
Normally, banks offer a free bank account with the deal of salary transfer loan. It is your responsibility to check which bank offers you the best deal both in terms of interest rate and other charges. Comparing between multiple banks lets you choose the best deal for yourself.
If you are unable to pay back your salary transfer loan in Dubai, Abu Dhabi or UAE, or simply refuse to pay back, not only will it have negative effect on your credit history, but it can cause various legal actions to initiate against you as well. Bad credit history will ensure that you will not get another loan from any other banks in UAE until you clear your credit debts. Since you have an agreement with banks that your salary would continue to transfer to your bank account with that bank, breaking this agreement can cause severe problems for you, both financially and legally.
Hence, it is crucial to check whether you will be able to pay the loan back or not and whether you have some sort of job security. In case of an insecure job or inconsistent income, it is highly advisable to stay away from salary transfer loan Dubai completely.
In case you are not able to make any of your installments, the bank would go for cashing in your security checks that you provided at the time of loan application. And in case that check is bounced back, you can face serious legal issues in the UAE, because the check bounce is a criminal offense in UAE and can make the borrower land in jail in no time.