Micro Credit

The loan product will be available to employees on Mint’s payroll platform meeting certain criteria, including automatic payroll deduction and assignment of their End of Service Benefit (EoSB).

EoSB is legally required in UAE and accrues during the employee’s tenure. Secured lending against employees’ End of Service Benefits/ Gratuity falls under secured lending/ no risk category. While other major financial institutions are active in loans secured by EoSB’s, Mint will be the first to have the added security of automatic payroll deduction on self-administered payroll cards.

Mint intends to offer Micro Finance directly to its existing cardholder base, and as such has virtually no cost of customer acquisition. Repayments will be deducted on payday before available funds are allowed on the card, thereby virtually eliminating repayment risk.