I applied for a personal loan with a Dubai based bank 3 months ago. Amount was 100,000AED with a salary of 10,000AED. I submitted all the documents and signed the security cheque and my loan was approved shortly. Then the relationship manager asked for the salary transfer letter so transfer the funds to my account, I asked my company ( a listed company with the bank) for the STL and was denied for the reason that I'm only a temporary employee and not yet a full time, even though I work full time and it states on my pay slips that I'm a temporary employee.
I told this to the relationship manager and asked him to cancel the loan. Two months later I started getting text messages from the bank asking me to pay the installments of the loan. I contacted the call center and explained that I never received the money. They said I will get a call from the quality department which I then did.
They then told me to pay AED3000 to cancel the loan. I denied as I told them that the bank has to also do the verification before approving the loan and that it's not my fault. Since then another 2 months have passed, my credit rating has hit the floor and I get aggressive calls from the collection team threating to cash the cheque for 100,000. I explained to him that it is not my fault and I don't have 3000 laying around (considering I'm the one who applied for a loan) to pay for the banks mistake. Today I recalled that I haven't signed anything that says I will settle the cancellation fee if I can't provide the STL.
What can I do in this situation? Do I have any options?
I am visiting the bank this week to ask them to show me where in the contract it states that I will I will pay the cancellation fee if I can't provide the STL. And if it does then I will pay it. Is that my only option?
Thanks in advance for your inputs and help.
