PPRuNe Forums - View Single Post - Pay off loan with Provident fund
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Old 2nd Jun 2016, 14:39
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Enos
 
Join Date: Sep 2007
Location: europe
Posts: 112
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Try having a talk to fleet, you won't be the first to have wanted to transfer your pension fund to pay off a loan.

You won't be the first to mention to fleet that you are thinking about moving on either.

As for the fund I believe it kicks in about 3 months after joining (line check) so 5 years and 3 months you take 75% (approx 83% because of your contribution vs companies contribution) and 7 years and 3 months for the full amount.

Could someone please correct me if I'm wrong on these figures.

As for borrowing money to move into the UAE to pay off a loan, with borrowing fees insurances and exchange rates it's going to be an expensive exercise. Personally I can not borrow money in my home country as I'm not paid in that country, the lending laws are very tight in some places after 2008.

I would be interested to know how you get on.

Good luck, cheers Enos
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