Executive Finance FAQs
1. What Does Executive Finance mean?
Ans: It’s a personal loan type facility for professional executives to meet their immediate cash needs for School Fees, Family Vacation, Home Improvement, Shares & Stock, House Rent, Credit Card Debt etc.
2. Do you have personal loans?
Ans: Yes we have, its called “Executive Finance”.
3. What is the interest being charged by Finance House?
Ans: For Executive Finance our interest rates are varied from 19% to 21% based on your monthly income.
4. Is your interest rate fixed or reducing?
Ans: Reducing
5. What are the eligibility criteria for getting the Executive Finance from Finance House?
Ans: The following are the criteria for getting Executive Finance from Finance House
a) Should be salaried individual, employed in government/ public sector or with reputed establishments in the private
sector.
b) UAE nationals and expatriate residents of the UAE
c) Minimum age: 21 years and maximum age at loan maturity: 60 years
d) Minimum monthly salary inclusive of regular allowances: AED 15,000 p.m.
e) Length of Service : Six month with Current Employer or job confirmation whichever is earlier
6. What kind of documentation you required for Executive Finance?
Ans: The following documentation is required
a) Original passport & photocopy thereof (with valid UAE residence visa for expats)
b) Latest 3 months’ original bank statements of account into which salary is transferred or regularly banked
c) Current dated salary certificate from employer addressed to Finance House PJSC.
d) Post dated cheques for monthly instalments and undated security cheque for Principal+ Interest.
7. Does Finance House require any other security (i.e. end of service benefits assignment)?
Ans: No
8. Can self- employed individuals apply for Executive Finance from Finance House?
Ans: No
9. For how many months can I get Executive Finance?
Ans: Executive Finance can be obtained for a maximum of 48 months (linked to purpose).
10. Are there any residency requirements?
Ans: Yes, the person who is seeking the facility must be residents with valid UAE visa
11. Is there any minimum and maximum finance amount restrictions?
Ans: The minimum Finance amount is AED 40,000/- and the maximum is AED 150,000/-.
12. What about the early settlement cases?
Ans: In case the early settlement is being done from own resources then a charge of 2% will be levied on the outstanding loan. In case of loan buy-out by other financial institution then 5% will be charged on the outstanding balance.
13. Is there any age limit for Executive Finance?
Ans: The minimum age for getting Executive Finance is 21 years and the maximum is 60 years at loan maturity.
14. Is there any processing fee?
Ans: Yes, loan processing fee is 1.5 % of the loan amount subject to minimum of AED 750
15. Do you require life insurance for Executive Finance facility?
Ans: Yes, Death & Permanent Total Disability insurance shall be arranged from Takaful @ 0.095 per month.
16. Can I replace my current PDC’s to any other Bank account PDC? If yes what would be the procedure?
Ans: Yes, however the new bank details needs to be handed over to Finance House
17. Is there any other mode of payment apart from PDCs?
Ans: No, but Cash payment in advance can be made against withdrawal of PDC (should be 4 working days in advance to cheque date)
18. Is there any grace period you are offering for the first installment?
Ans: yes, deffered for one month.
19. What offer you are giving with the Executive Finance Facility?
Ans: Free for life credit card, with some outstanding benefits and one of the lowest interest rates on comprehensive insurance from Takaful, Abu Dhabi.
20. What are the minimum salary requirements to get an Executive Finance?
Ans: AED 15,000/- per month
21. Is salary transfer required?
Ans: No
22. How fast I can get the approval?
Ans: Once all the required documents are submitted, it will take up to 1 business day for a credit approval.
For more details call 80034