Compare and find the best personal loan rates in UAE. We'll show you everything you need to know about getting the best rates on a personal loan.
Personal Loan up to 8 times your Salary
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As one of the fastest-growing banks in UAE, Emirates NBD has established itself as a leading choice for UAE nationals and expatriates with a robust portfolio of offerings. It consistently demonstrates its commitment to innovative banking solutions that cater to the diverse needs of its customers.
Apart from making a profound impact on the global digital banking industry, Emirates NBD has also been recognized as the 'Best Bank in the UAE' by the prestigious Euromoney Awards for Excellence for an impressive seven consecutive years. This speaks volumes about the bank's relentless pursuit of excellence in an ever-evolving financial landscape.
One of the bank's prominent offerings is the Emirates NBD personal loan. Available for UAE nationals and expatriates, this credit facility stands out with its competitive interest rates and an array of enticing benefits.
Designed for the utmost flexibility, the Emirates NBD personal loan can be availed for a multitude of purposes - from funding large purchases and emergency expenses to covering the costs of weddings, home renovations, or education fees. It can even act as a catalyst for business expansion, thereby serving as a versatile financial tool that caters to varying financial needs.
Let’s take a closer look at all the key details of Emirates NBD personal loans for expats and UAE nationals.
Curated below is the list of some of the general features and benefits of Emirates NBD personal loans for UAE nationals and expats –
Apart from the above-listed general benefits, UAE nationals and expatriates can also take advantage of the following features -
For UAE Nationals
Tabled below are the interest rates applicable on Emirates NBD personal loans -
|Nationality||Fixed Rate (per annum)||Reducing Rate (per annum)|
|UAE Nationals||2.75% - 8.72%||5.15% - 15.99%|
|Expatriates||3.03% - 8.72%||5.69% - 15.99%|
In this section, we will discuss the eligibility criteria for Emirates NBD personal loans for UAE nationals and expats –
|Particulars||Emirates NBD Personal Loan Eligibility Criteria for UAE Nationals||Emirates NBD Personal Loan Eligibility Criteria for Expats|
|Minimum Income||AED 5,000 per month||AED 5,000 per month|
|Minimum Length of Service||Not applicable||Not applicable|
|Listed and Non-Listed Companies||Not mandatory||Not mandatory|
|Minimum Age||21 Years||21 Years|
|Collateral Cheque||Required if the loan amount is above AED 200K||Required if the loan amount is above AED 200K|
|For Personal Cash Loans|
|Salary Transfer||Minimum 3 salaries to be transferred to the bank||Minimum 3 salaries to be transferred to the bank|
|Minimum Salary Required||AED 6,000 if you are not a part of approved employer list||AED 6,000 if you are not a part of approved employer list|
Keep the following stack of documents ready while applying for an Emirates NBD personal loan
Note: The submitted documents must be valid and up-to-date. The bank may ask for additional documents if required.
Tabled below is the schedule of fees and charges associated with Emirates NBD personal loans for UAE nationals and expatriates –
|Description of Service||Applicable Fees and Charges|
|New loan processing fee||1.05% of the loan amount Minimum – AED 525 Maximum – AED 2,625|
|Top-up loan processing fee||1.05% of the incremental loan amount Minimum - AED 525 Maximum - AED 2,625|
|Late payment charge||AED 52.5|
|Instalment deferment fee||AED 105|
|Early settlement fee||1.05% of the principal outstanding amount Maximum - AED 10,500|
|Change in due date||Free|
|Liability or no liability letter||AED 52.5|
|Loan cancellation fee||AED 52.5|
|Direct debit return charges||Free|
|Rescheduling fee||AED 262.5|
|Request for other letters||Free|
|Advance monthly instalments (Up to 3 EMIs)||Free|
Note: The above-stated fees include VAT and adhere to the UAE CB and Federal Tax Authority regulations. These charges can be changed at the discretion of the bank.
Emirates NBD personal loan calculator is an automated online tool to ascertain how much will be your monthly outgo for instalments. This tool is quite easy to use - all you have to do is key in the loan amount and the loan repayment tenure to have the results displayed in a split second.
Here are some of the key benefits of using the Emirates NBD personal calculator –
You can use the personal loan calculator on the bank’s official website under the ‘Personal Loans’ section. Once you enter the values, the estimated equated monthly instalments will flash. The calculator uses the tentative interest rate of 5.99% per annum in the calculation process, which can vary as per the user.
The easiest way to send an application for your Emirates NBD personal loan is via Policybazaar UAE. With us, you can receive round-the-clock assistance from our customer support cell and in-house finance expert team at all stages of the application process.
The other benefits of applying for an Emirates NBD personal loan from policybazaar.ae are –
Follow these steps to apply for an Emirates NBD personal loan via policybazaar.ae –
Alternatively, you can head to the official website or mobile application of Emirates NBD and apply for a personal loan. You can even visit a bank branch in person and follow the prompted instructions given by a bank representative.
Keep the following points in mind while applying for the Emirates NBD personal loan in UAE -
Given below are the terms and conditions that you should adhere to while obtaining an Emirates NBD personal loan –
You can secure an Emirates NBD personal loan if you commit and undertake as follows -
Take a look at the frequently asked questions with answers to know more about Emirates NBD personal loan for expats and UAE nationals.
Ans: Both UAE nationals and expats can apply for an Emirates NBD personal loan. The minimum salary requirement for both is AED 5,000 per month.
Ans: For UAE nationals, the maximum loan amount is AED 4 Million. For expatriates, on the other hand, the loan amount can go up to AED 2 Million.
Ans: The loan can be repaid over a tenure ranging from 12 months to 48 months. For employees of the Ministry of Defence, the loan period can be extended to 60 months (applicable only for UAE nationals).
Ans: Yes, salary transfer is required for both UAE nationals and expatriates to avail of the personal loan from Emirates NBD.
Ans: Yes, some unique benefits include a seven-day return option, a free zero balance account, a first-year free credit card with rewards, waived first-year overdraft fee, and an option for loan deferment.
Ans: Yes, those with an excellent AECB credit score can enjoy benefits such as low-interest rates, faster processing, minimal paperwork, high finance amounts, and credit limits.
Ans: The documents required include Emirates ID, updated security cheque, valid salary certificate or salary transfer letter, passport with resident visa page (for expats), and bank statements.
Ans: Emirates NBD offers a seven-day return option. This means if you're not fully satisfied with the loan terms or find a better offer elsewhere, you can return the loan within seven days without penalties.
Ans: Yes, Emirates NBD provides a personal loan calculator on its official website. With this tool, you can easily compute the estimated monthly installments on your loan.
Ans: Emirates NBD does not charge processing fee for personal loans from UAE nationals. However, expats are required to pay 1% of the loan amount as processing fee.