August 29 2015, Sharjah, UAE: United Arab Bank has launched a range of loans specially designed to help customers meet the rising costs of rent and school fees. Cash Flow loan paid directly by the bank to the relevant landlord or educational establishments- is available to salary transfer customers at an interest rate of just 3.99%. By comparison, average market rates in the UAE range from 5.49% to 5.99%.
Tony B. Graham, Executive Vice President of Retail Banking at UAB, said: “Cash Flow is the only loan in the UAE that directly address the two largest – and most important – financial obligations most people have in the UAE: rent and school fees. Neither of these are optional though managing them can be very stressful for people as they are not aligned to the way people receive their salary. If you’re an employee of an approved company, Cash Flow can transform these expenses into manageable monthly installments.”
Cash Flow loans are available salary transfer customers of UAB customers who earn at least AED 10,000 per month. The maximum loan amount is the lower of five times’ fixed monthly salary or AED 400,000, with a repayment period of up to 12 months.
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