bank loans must be repaid even if you lose your job
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Bank loans must be repaid even if you lose your job

Egypt Today, egypt today

Egypt Today, egypt today Bank loans must be repaid even if you lose your job

bank
Abu Dhabi - Arab Today

he bank will consider repayment of a bank loan and your employment as two unrelated issues and repayment of bank loan should not relate to your employment. Once you avail a loan from a bank, you are liable and responsible to pay the installments on timely basis even if you are not employed. There is no legal option available to put the loan repayment installments on hold if the borrower loses his employment, unless the bank agrees to put on hold repayment of loan installments.

The bank has all the right to file a complaint against you for recovery of loan amount in full one-time settlement if you don't pay your loan installments for three consecutive months or six non-consecutive months. This is in accordance with Article 4 (4) of (draft) personal loan agreement issued by the Central Bank of the UAE via notice no. 3692/2012 dated 17/07/2012 to all banks and finance companies in the UAE under the subject: 'general terms and conditions and loan agreements-texts drafted and approved by the Emirates Banks Association. It states: "The loan elapses and all the installments, interests and any other fees and expenses become due and payable immediately without having to give any notification or any court ruling and without prejudice to any other rights of the bank according to this agreement or in accordance with the law in the event of borrower failing to pay three consecutive installments or six nonconsecutive installments of the monthly installments without approval of the bank."

Normally, there shall be no hindrance in change of your employment visa status to a new employer even though you have an outstanding bank loan provided you take the bank in confidence of such a change by providing them with necessary information related to your new employment. 

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bank loans must be repaid even if you lose your job bank loans must be repaid even if you lose your job



GMT 13:29 2018 Friday ,14 December

Turkey targets military over alleged Gulen links

GMT 10:27 2017 Saturday ,06 May

Lions roar to seventh

GMT 09:51 2017 Saturday ,03 June

Nour finished filming her scenes in “Jackpot”

GMT 06:40 2018 Sunday ,02 December

Teenage quick Shaheen Afridi set for Test baptism

GMT 13:27 2018 Wednesday ,14 November

Haifa Wehbe to perform at Dubai’s Gotha Club

GMT 08:24 2018 Thursday ,25 October

Barca cruise past Inter without Messi

GMT 13:28 2018 Wednesday ,26 September

Free car repairs on Abu Dhabi roads

GMT 14:18 2018 Tuesday ,16 January

Giggs set to be named as Wales boss

GMT 12:01 2016 Saturday ,30 July

Atletico sign Kevin Gameiro from Sevilla

GMT 21:55 2017 Monday ,21 August

Sisi greets Afghanistan on Independence Day

GMT 11:49 2017 Thursday ,26 October

Mariam underlines tourism in India

GMT 10:33 2017 Friday ,15 December

ppage: PSG coach Emery's house robbed
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday