Emirates Bank launches meCLASSIC loans to meet needs of lower income segment in the UAE
Emirates Bank has launched the meCLASSIC Loan, making it the first bank in the region to provide loan solutions for the lower income segment of the market. The meCLASSIC Loan is targeted at customers having salaries between AED 500 and AED 2,500. It offers them a loan of up to 4 times their monthly salary with a maximum loan amount of AED 10,000, at a very reasonable interest rate. These customers were so far dependant on their employers for salary advances and/or had to rely on unofficial money lenders to meet their borrowing needs.
Commenting on the launch of the meCLASSIC Loan, Mr. Louis Scotto, General Manager Retail Banking said, “We, at Emirates Bank endeavour to meet the financial needs of our customers across all segments. Based on our customer research we realized that there is a great need to address the borrowing requirements of the lower income salaried customers in the UAE which have so far been neglected by other banks. We have therefore developed the meCLASSIC Loan which is targeted at customers with salaries starting at AED 500 per month plus benefits This will free employers of the administrative burden of processing numerous salary advance requests from their employees. It will also provide employees with a safe alternative to the unofficial money lending practices that they have been forced to resort to in emergencies. Moreover, applicants do not even need to visit any Emirates bank branch for taking this loan”
Emirates Bank provides the lower salaried employees of select corporates who transfer their salaries to Emirates Bank with easy access to Bank Finance for loan amounts upto AED 10,000 for one year, which is not available elsewhere in the region. The application process for the loan is simple and quick requiring minimum documentation. Instead of visiting an Emirates Bank branch, applicants would be required to approach the HR Department of their companies to fill in an application form and attach only identification and salary transfer documents. Once a loan is approved, the applicants will be able to withdraw the loan amount directly from any ATM. meCLASSIC loans also come with free credit life insurance.
meCLASSIC loans thus have numerous benefits for both employers as well as their employees, Apart from taking care of their emergency financial needs meCLASSIC loans can also help provide a Savings Option for this segment. Customers can take the loan and remit the amount back to their country to enjoy forced savings while repaying the loan in easy installments.
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