Loan money needed

Loan money needed

I have an issue with National Bank of Abu Dhabi (NBAD). I applied for a loan from them. My present salary transfer goes directly to Abu Dhabi Islamic Bank (ADIB), where I have a credit card, with a liability of Dh5,700. Now, NBAD transferred the amount to my account. My issue is, I already sanctioned a loan of Dh100,000 from NBAD and they are waiting for my salary transfer letter to the bank, in order to release the amount. In the meantime, it takes some time to get the requisite letters and documents.

However, NBAD is asking me to pay their equated monthly instalments (EMI), otherwise they said it would become a collection issue. How is it possible to do so without them releasing the loan money? Now, my salary transfer to their bank begins from this month, and I hope they deduct the three-month EMI amount I had to pay.

From Mr Renjith Kesavan

Dubai

The management of National Bank of Abu Dhabi responds:

Thank you for your constant cooperation and communication with us in the endeavour to best serve our customers and resolve their issues.

We have investigated Mr Kesavan’s complaint and below is our feedback.

Mr Kesavan applied for a buyout loan with National Bank of Abu Dhabi on December 4, 2014 and the loan was approved on December 11. As the customer was outside the country, he could not collect the first Liability Letter from ADIB on time and it got expired during the loan approval process. He requested ADIB for the second liability letter in March 2015, and it was erroneously addressed to ENBD instead of NBAD. The corrected liability letter was obtained from Mr Kesavan during the first week of April 2015.

We issued the demand draft to settle Mr Kesavan’s liabilities with ADIB on April 6, and the remaining amount was on hold until Mr Renjith submitted a salary transfer letter addressed to NBAD, and the verification call made to the employer. As per the loan agreement, the first instalment was due in January 2015, and as the instalment was not paid, Mr Kesavan was contacted by the branch for payments.

On April 15, Mr Kesavan’s company issued a Salary Transfer Letter to NBAD, based on which, we could complete the loan process. We tried to contact Mr Kesavan’s employer for the verification process and only succeeded to reach through to them on April 29. We have released the loan amount accordingly.

We have contacted Mr Kesavan and addressed all his concerns and have informed him that there is no delay or error on behalf of NBAD. As a most valued customer, on this occasion we have made a service gesture and have reversed the instalment, which was paid by Mr Kesavan on April 15 back to his account and have also rescheduled the loan. The first loan instalment will now be payable on May 30.

Thank you once again for your continuous support.

(Process initiation: April 27. Response from organisation: April 29. Process completion: May 11.)

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