UAE introduces seven banks that offer up to 90% of your salary in advance

Several banks in the UAE offer salary advances to assist customers in meeting emergency expenses promptly.

Read also: Dubai announces temporary road closures for UAE cycling tour today

Whether it's covering electricity bills, medical charges, credit card payments, or any other urgent financial need, this service provides significant relief to individuals facing unexpected financial burdens. Many residents view it as a preferable alternative to borrowing money from acquaintances.

To access this facility, bank customers can have their salaries credited directly to their accounts upon approval of their application, which can be conveniently done through the bank's online portal, ATMs, customer service center, or by visiting a branch. However, the specific conditions and eligibility criteria for salary advances vary among banks, and employees should review them before applying.

Some banks require customers to maintain their salary transfer exclusively with the bank while the salary advance is active. However, others permit individuals with salary transfer accounts at other banks to avail of this service upon submission of specific documentation.

Additionally, certain banks offer instant cash through salary overdraft facilities, providing customers with access to revolving credit based on their salary accounts.

Below are some of the banks in the UAE that offer advance salary services:

  1. Abu Dhabi Islamic Bank (ADIB): Offers salary advances of up to 50% of the salary on a Murabaha basis with competitive profit rates and zero processing fees.

  2. Abu Dhabi Commercial Bank (ADCB): Provides salary advance facilities with instant cash access for emergencies, offering up to 2.5 times the salary against a one-time processing fee.

  3. Ras Al Khaimah Bank: Provides salary advance services for a fee of Dh200 to registered RAKdirect customers with their salaries transferred to RAKislamic accounts.

  4. United Arab Bank: Offers salary advances under the Islamic concept of Qard Al Hasan, providing interest-free loans with a low fixed monthly fee.

  5. Ajman Bank: Offers temporary salary advances based on Qard Hasan principles, allowing customers to avail of up to 80% of their salary with a minimum salary requirement of Dh5,000.

  6. Sharjah Islamic Bank: Provides salary advance options through its Tayseer service, offering 80% of the salary as Qard Hassan with a Dh200 administration fee plus VAT.

  7. Emirates NBD: Offers salary overdraft facilities of up to twice the salary amount with a minimum net income requirement of Dh3,000, charging an interest rate of 1.5% per month.

These services aim to provide customers with financial flexibility and support during times of need, ensuring convenient access to funds for various expenses.

Follow Us on Follow Alkhbr News at Google News