Salary certificate in UAE

This certificate is commonly used to give employees when they are giving services to a specific organization. They receive the certificate usually after 1 year of job contract completion. People living in UAE, use this salary certificate to get a personal loan from a bank or some other financial institution. Do not think that, it is not compulsory to apply for a loan, some banks maintained strict rules about proper documentation. Bank of UAE may reject your application for a personal loan if you didn’t attach this certificate. Salary certificates in UAE play a vital role during the whole banking process while getting a personal loan.

Essential Document for Salary certificate in UAE  

UAE banks are working through proper channels and consist of the most amazing management system in the world. So, you have to be ready with all your required necessary documents including a salary certificate. This certificate is useful because it contains useful information regarding the candidate and his/her credit history. Without this piece of paper, the bank can not evaluate your source of income, your employment status, and your capability to pay regular installments. People usually, do not know how much it is important for their loan and the loan approval process. Let’s find out the importance of a salary certificate in the UAE when someone applies for a personal loan. We will also explore, why banks and other financial institutions are so much conscious about it?

Significance of salary certificate in UAE  

• Evidence of Employment  

This certificate is considered the biggest evidence of your employment, whether you are doing it right now or you changed it. Every detail related to your employment is mentioned on that certificate. What was the joining date? The organization’s name, date of joining the office or organization, and what was your salary on monthly basis? Likewise, What was the date when you left that place? Your permanent address, numbers, and every detail about your passport/ visa will be included.

• Monthly earnings and experience  

The main focus of banks will be on your income, bank will consider it the most important part of a salary certificate. Through your basic monthly salary bank will judge your capability to earn and return. At the same time, your salary certificate in UAE will reveal your experience, and how much time you spent there. It will tell about the exact time duration of your employment, every detail mentioned on that certificate, is important for financial institutions.

• Ability to pay the debt 

Your monthly compensation and position at there, will decide your status in that organization and your ability to pay payments to the bank. Bank will make sure that you can return the debt or not? For this reason, your previous record will be also considered through your bank statements. Remember, your salary and previous credit history play a vital role while taking a personal loan.

• Acceptable throughout the UAE  

The salary certificate will be accepted throughout the banks of UAE, no one can deny it because of its great importance. During the personal loan approval procedure, certificate is considered compulsory. It should be accurate and according to rules and laws, specified by the UAE monetary authorities.

Advantages Related to salary certificate 

• The fast loan approval process 

The biggest advantage of bringing that certificate is that it will speed up the process of approving a loan. If you don’t have this piece of paper, you may face any kind of difficulty and the bank will not accept your application. You may face any other problems as well because this certificate contains very important information and the bank can not ignore that document.

• Plus point  

It will assume the biggest plus point with all your other documents and bank statements. Some institutions approve the private loan quickly on the basis of salary certificate in UAE. So, you just have to keep this in your mind before applying for any kind of loan, especially a personal loan.

• Personal bio data 

It contained your all bio-data and personal formal information, the bank will not take your too much time about taking personal information. All your data includes your full name with your father, your age, organization name, range of salary, joining date, experience, etc.

• Status of an individual in society 

Your certificate will be considered as an indication of whether you are a respectable citizen or not. It will highlight the position that you hold while doing employment in that specific organization. If you are doing a job on a very high-level position and a high scale, for example, employment in the UAE government sector. Banks will be satisfied with your employment and you can easily qualify. All financial institutions will be satisfied because they know you can easily pay back your installment. This means, your attitude towards the private loan is positive.

Structure of salary certificate 

• The salary certificate contains a well-established structure with various separated rows and columns for every piece of information. An employee of that organization will put the signature on the top corner of that page.

• The central part consists of the main body or major data about that employee. All the personal and organizational data will be there like, home address, phone numbers, age, name, salary, and post on that department. Similarly, a salary certificate in UAE consists of institute name, salary deductions, joining date, birth date, the reason why left that previous job, etc.

• The last part contains the signature part of the head of the department and the employer of that institution. Other than this, the date of issuing the certificate and the stamp of the department’s head will be included.  

Salary certificate and Attestation  

The attested certificate is also very essential, so you should be conscious of the attestation process. It should not be neglected at any cost, the bank will see the stamp at the end by the head of the department. If your head of department or that specific organization is a government officer, so it will be again a plus point for you, due to which your loan will approve quickly.