Emirates NBD Personal Loan

Emirates NBD is one of the most popular and reliable financial institutions that renders a wide array of services all across the UAE. One of the key services offered by the bank is the Emirates NBD personal loan.

Emirates NBD Bank Personal loan

  • Highly-acclaimed Emirates NBD personal loans are available with loan amounts up to AED 600,000
  • Personal loan tenor of 48 months at interest rates starting from 2.59%.
  • Loan availed with an easy application process that can be completed quickly online.
  • Emirates NBD personal loan minimum salary requirement of AED 5000 makes this personal finance solution extremely attractive to the applicants from all economic segments.
  • The maximum loan amount available for expatriates is AED 2 million and for UAE nationals it is AED 4 million

Emirates NBD Personal Loan Interest Rate

The Emirates NBD personal loan interest rate(s) is Reducing in nature, which means the rate of interest gets reduced every time an installment is paid by the loan borrower. Below is the offered rate of interest by Emirates NBD on personal loans:

Emirates NBD Personal Loan Interest rates

 Category

Max. Loan Amount

Tenor

Interest Rate

Type of Interest

Emirates NBD salary transfer loans

AED 2 million

Up to 48 months

Starting from 5.49%

Reducing

Emirates NBD personal cash loan

AED 8 million

Up to 48 months

Starting from 5.49%

Reducing

Emirates NBD Personal loan for UAE nationals with additional income

AED 4 million

Up to 48 months

Starting from 5.49%

Reducing

Emirates NBD Automatic Top-up Program

AED 4 million

Up to 48 months

Starting from 5.49%

Reducing

Emirates NBD personal loans for new to country/ new to employment

AED 6 million

Up to 48 months

Starting from 5.24%

Reducing

Emirates NBD End of service benefit backed personal loans

AED 4 million

Up to 48 months

N/A

N/A

Emirates NBD personal loan (Co-application program)

AED 4 million

Up to 48 months

N/A

N/A

Emirates NBD personal loan without end of service benefit assignment

AED 2 million

Up to 48 months

Starting from 5.99%

N/A

Emirates NBD Personal loans for NRI’s

Loan amount up to 90%* of Fixed Deposit amount in AED and up to 80% for INR Fixed Deposit

Up to 48 months

starting at 4.75%

Reducing

Emirates NBD personal loan without salary transfer

AED 5 million

Up to 48 months

Starting from 14.99%

Reducing

Emirates NBD personal loan for self-employed professionals

 

Up to 48 months

Starting from 18.99%

Reducing

Personal loan for self-employed Individuals

AED 300,000

Up to 48 months

N/A

 

*Interest Rates are subject to change any time.

Emirates NBD offers a plethora of choices in the personal loan segment. The table above encompasses the different types of emirates NBD personal loans along with their interest rates. 

Emirates NBD Salary Transfer Personal Loans

Amongst the plethora of personal finance products offered by Emirates NBD, Salary transfer personal loans are very popular. The Emirates NBD salary transfer personal loans are offered at interest rates starting from 5.49% with maximum loan amounts up to AED 2 million. 

Emirates NBD Personal loans without Salary Transfer

Emirates NBD personal loans without salary transfer gives the opportunity and financial assistance required to accomplish all your goals in life. A personal loans without salary transfer are offered at an interest rate of 14.99% with maximum loan amounts up to AED 5 million. The repayment tenor for ENBD personal loan is 48 months.

Emirates NBD Personal Loan for Expats

It is a well-known fact that UAE is home to the largest expat population in the world. Approximately 80% of the population in the UAE is composed of expats that have migrated from their native country in search of better lifestyle and job opportunities. In order to cater the financial needs of expatriates Emirates NBD offers Emirates NBD personal loan especially designed and developed for expats at attractive rates of interest. The maximum loan amount available for expatriate applicants is AED 2 million. 

Emirates NBD Personal Loans for UAE Nationals

Emirates NBD is an Emirati financial institution that was established as a merger between National Bank of Dubai and Emirates Bank international. The financial institution not only renders services to expatriates but also to Emirati customers. In fact, Emirati customers get higher loan amounts and lower rates of interest in comparison to expats. The maximum amount available in case of Emirates NBD personal loan for UAE nationals is AED 4 million

Emirates NBD Personal Loan Eligibility

The Emirates NBD personal loan eligibility criteria for UAE nationals and expats are mentioned below: 

1. Age

The minimum age eligibility is 21 years. However, the applicant below the age of 21 years will require a co-signer to jointly apply with as their guarantor.

2. Salary

For applicants having an ENBD account, credit card, or auto loan, the Emirates NBD personal loan minimum salary requirement is AED 6,000. The applicant without any of the above-listed ENBD products is required to meet the Emirates NBD personal loan requirement of AED 12,000 as a minimum monthly salary.

3. Salary Transfer

Salary transfer to the ENBD is another criterion for Emirates NBD personal loan in UAE eligibility. The applicant is required to make a minimum of 6 salary transfers within the first 6 months of the loan tenor.

Emirates NBD Personal Loan Documents Required

There are certain Emirates NBD personal loan requirements that include certain documents. The required documents for availing Emirates personal loan are listed below:

  • Application Form: The duly-filled personal loan application form can be submitted online or at any of the Emirates NBD branches across the UAE.
  • Documents: The document requirements (for ID and address proof) include the applicant’s Emirates ID, passport, UAE visa (for expats only), Idbara page (for UAE nationals only) and utility bills with the applicant’s name.
  • Income Proof: The applicant is required to submit income proof by providing three latest months of their bank statement and a Salary Transfer Certificate issued by their employer.
  • Trade License: The self-employed applicant will have to present 6 months of bank statement and submit a valid Trade License. 

Features and Benefits of ENBD Personal Loans

Feature

Availability

Without Salary Transfer

Yes

Early settlement

Yes 1% of settlement amount

Cashback

Yes

Free Credit Card

Yes

Free Personalized Cheque Book

Yes

Free Insurance

Yes

Introductory Offers

Yes

Phone Banking

Yes

 

The various features and benefits of Emirates NBD personal loan are as follows:

1. High loan amounts

Customers applying for Emirates NBD personal loan have access to high loan amounts equivalent to AED 4 million for UAE nationals and AED 2 million for expatriates residing in the UAE.

2. Low Interest Rate

The rate of interest applicable on Emirates NBD personal loan is quite low in comparison to different providers in the UAE. For UAE nationals the rate of interest applicable is equal to 2.55% per annum and for expatriates residing in the UAE the applicable rate of interest is 2.87% per annum. 

3. Quick Processing and Disbursement

The emirates NBD personal loan is processed quickly with very less documentation which is one of the primary reasons behind the popularity of the provider. 

4. Processing and Insurance Fee

The Emirates NBD personal loan is provided with zero processing and insurance fees for UAE nationals and 20% off on insurance fee for expats residing in the UAE.

5. Tenor

The borrower can avail a maximum tenor of up to 48  months. Ministry of  Defence applicant, however,  can avail maximum tenor up to 60 months. 

6. First EMI repayment

For UAE nationals the first EMI repayment is supposed to be done after a tenor of 90 days and for expats it is equal to 75 days. 

7. No salary Transfer

Unlike most of the personal loan providers in the UAE Emirates NBD personal loan is provided without any requirement of salary transfer. 

8. No Bank Statements Required

Emirates NBD personal loan is provided without submitting bank statements which are usually mandatory for the majority of personal loan providers in the UAE. This feature makes it hassle-free and convenient for customers to opt for NBD personal loan. 

9. List of Employers

An attractive feature of Emirates NBD personal loan is that your employer is not required to be listed with Emirates NBD for approval and disbursement of loans.

10. Deferment

The loan borrower can defer or push-back their monthly loan installment up to two times in a  year. This benefit can be availed by making all the previous NBD personal loan payments.

Please note- The benefit cannot be availed of in consecutive months. 

11. Loan Cancellation

The applicant may cancel their Emirates NBD bank personal loan within 7 days from the disbursement. The applicable fees will be waived off.

12. Additional Benefits

The Emirates NBD personal loan offers a double insurance policy to the loan borrower. It provides insurance coverage in the event of tragic circumstances such as the demise of the loan borrower. In that case, the insurance policy offers the full outstanding loan amount to the loan borrower’s family members.

Emirates NBD Personal Loan Calculator

Emirates NBD Personal loan calculator is an online tool that helps the loan borrower to calculate the loan EMI. ENBD personal loan calculator helps the loan seeker to get a fair idea on the monthly outgo against a loan. To calculate the EMI, one will have to provide certain information such as loan amount, tenor, rate of Interest etc. After providing the necessary information, the Emirates NBD Personal loan calculator will suggest the EMI to be paid.

The Emirates NBD personal loan calculator might be defined as simulation software that functions by processing and analyzing different algorithms working simultaneously to provide a conclusion. All you need to do is add your details into the fields provided by the Emirates NBD personal loan calculator and click on submit, The moment you click on submit button the simulation algorithms start working to provide you with the EMI plans based on the loan amount and other details.

As the Emirates NBD personal loan calculator is an automated algorithm-based software it reduces the chances of human error in making the calculations of EMI. 

Frequently Asked Questions

Q.1.  What is a loan deferment? 

Ans: Loan deferment is one of the many features offered by Emirates NBD personal loan. A loan deferment allows a loan holder to postpone a monthly installment, with the promise to pay it within a stipulated number of days. This can be availed on twice in a year, in non-consecutive months only.

Q.2.  How can I calculate my Emirates NBD personal loan installment? 

Ans: You can calculate your personal loan ENBD EMIs using the Emirates NBD personal loan EMI calculator. The Emirates NBD personal loan interest calculator can be found on the official website of ENBD, which can be accessed free of cost.

Q.3.  What is the salary transfer requirement for an Emirates NBD personal loan? 

Ans: The Emirates NBD personal loan requirements include up to 6 salary transfers and a mandated Salary Transfer Certificate. Applicants are required to make these 6 salary transfers within the first 6 months of their ENBD personal loan tenor.

Q.4.  What is No Liability Letter? 

Ans: On closing a personal loan, loan borrows may request for a No Liability Letter that clears them of any liability towards the personal loan. This letter is usually required when leaving the UAE or when availing of a fresh loan. No Liability Letter can be availed for AED 50.

Q.5.  What are the late payment charges for personal loan offered by ENBD?

Ans: Emirates NBD personal loans charge a late payment fee of AED 100 per instance. Repeated late payments can poorly impact the ENBD personal loan holder’s credit score and prevent them from availing of personal loan in the future.

Q.6.  Can I avail Emirates NBD personal loan without salary transfer? 

Ans: Even if you don’t have a salary transfer account with emirates, you can avail Emirates NBD personal loan without salary transfer.

Q.7.  What is Emirates NBD personal loan minimum salary criterion? 

Ans: As per the bank’s criterion, the minimum salary for personal loan in emirates NBD is AED 5000. 

Q.8.  What are the documents required to avail a personal loan from Emirates NBD? 

Ans: Emirates NBD personal loan documents requirement include: Application form, Emirates ID, Passport, UAE Visa (for expats), Income proof, trade certificate, salary transfer certificate etc.

Q.9.  What is the rate of interest for emirates money personal loan? 

Ans: ENBD personal loan interest rate is charged on reducing rate, which means the rate of interest reduces every time the borrower pays an installment.

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