# Need some advice on loan in uae



## Anonymous01 (Apr 29, 2016)

I have been working in UAE in one of the very popular airlines as an engineer...i am 59 years old and the retiremnt age of that company was 65 when i applied for loan... but due to change of rules in UAE regarding the age of retirement... the airline is retiring me at 60 yrs of age... which i never anticipated now i cant payback my loan ... i am still not a defaulter as i am still paying my EMIs from my monthly salary but i am retiring in a month... and i have applied for the loan from the same bank where my salary is deposited (Emirates Islamic). But i wont be able to pay the whole amount... my loan was insured but i am not sure if my case will be approved by the insurance company.... I am very much depressed i have been to psychiatrist many times and i am too afraid to talk to the bank about it... i have a son who just came back from UK after getting a degree but he is still looking for work and i am the only who is earning in my family but because of this loan i m broke and literally have some 1000s dirhems in my pocket.... please an honest suggestion is requested and please dont fool around cuz i am seriously very depressed... Thank You everyone...


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## Racing_Goats (Sep 5, 2015)

You'd have the check the terms of insurance to see if it might cover involuntary redundancy (retirement in this case), otherwise can you borrow money to transfer the loan to another bank that isn't your salary account? Or depending on the amount outstanding a loan on credit card is maybe easier to manage due to more flexible payment terms and, in theory at least, no security cheque.

Moving the loan isn't ideal but it may at least give you a better chance to manage the situation with less risk of frozen accounts etc - presumably when you retire your visa will be cancelled not long after, unless you own property or your son can sponsor you soon.

Good luck


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## Anonymous01 (Apr 29, 2016)

thank you for your reply.... but the insurance i am talking about is the insurance which is provided by the bank to me.... i have read somewhere online that banks in uae signs you up for the insurance whenever u apply for a loan so in case of unforeseen circumstances the bank can get the money from insurance company....


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## Racing_Goats (Sep 5, 2015)

Anonymous01 said:


> thank you for your reply.... but the insurance i am talking about is the insurance which is provided by the bank to me.... i have read somewhere online that banks in uae signs you up for the insurance whenever u apply for a loan so in case of unforeseen circumstances the bank can get the money from insurance company....


Yes but what those unforeseen circumstances are will be mentioned in the insurance policy, unfortunately I think government policy changes or loss of job generally isn't covered - but check yours carefully.


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