Emirates NBD Personal Loan for Expats & UAE Nationals
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As one of the UAE's fastest-growing banks, Emirates NBD is certainly among the top choices of UAE residents. It has played a pivotal role in the global digital banking industry and has been awarded the Best bank in the UAE's; for the seventh year in a row by Euromoney Awards for Excellence.
Known for a wide array of financial solutions, the Emirates NBD personal loan is a top-notch credit facility available for UAE nationals and expatriates at competitive interest rates and a lucrative range of benefits. You can avail of Emirates NBD personal loans for large purchases, emergency expenses, wedding costs, home renovation, education fees, business expansion, and more.
Features and Benefits of Emirates NBD Personal Loan for UAE Nationals & Expats
Curated below is the list of top features and benefits of Emirates NBD personal loans for UAE nationals and expats –
High Loan Amount: Emirates NBD provides high loan amounts on personal loans, which go up to AED 4 Million for UAE nationals and AED 2 million for expatriates living in the UAE.
Loan Repayment Period: With their flexible repayment periods, you can easily repay your Emirates NBD personal loan in a tenure ranging from 12 months to 48 months. For employees of the Ministry of Defense, the loan period can be extended to 60 months (applicable only for UAE nationals).
Attractive Interest Rates: You can avail of a loan at fixed or variable interest rates. Flat interest rates start from 3.03% per annum for expats and 2.55% per annum for UAE nationals.
Salary Transfer Required: Emirates NBD personal loans mandate salary transfer for UAE nationals and expatriates.
Approved and Non-Approved List of Employers: You can get a personal loan even if your employer is not listed with the Emirates NBD.
Option for Loan Return: You can enjoy the loan return facility for 7 days after the disbursement of funds in case you feel that the loan is not provided as per your expectations or on non-favourable terms & conditions.
Loan Deferment: You can push back or defer your monthly loan instalments twice a year. The only condition here is that the deferment should not be in a row and must be non-consecutive.
First EMI Payment: Emirates NBD personal loan allows you to defer the first monthly instalment payment for up to 90 days for UAE nationals and 45 days for expatriates.
Credit Life Insurance: Insurance for your outstanding loan amount will be provided to protect you and your family in case of any eventualities.
Zero Balance Account: Both expats and nationals can have access to a zero balance account with the Emirates NBD personal loan.
Free Credit Card: Get a free credit card with eligible miles or points in the first year of the loan.
Overdraft Setup Fee: You won’t be required to pay setup fees on overdraft (OD) for the first year.
Other Free Facilities: You can enjoy several facilities associated with Emirates NBD personal loans such as zero fees for change in loan due date, free clearance letter, advance EMI (up to 3 EMIs) at no cost, and more.
Currency: Once the loan is approved, the funds will be disbursed in the Arab Emirates Dirham currency.
Phone Banking: Emirates NBD provides a phone-banking facility to its customers. You can call the bank and address your queries related to your personal loan at any time.
Processing & Insurance Fee: Personal loans for UAE nationals can enjoy zero processing and insurance fees, while expatriates can enjoy free insurance with Emirates NBD personal loan.
Simple Documentation and Easy Processing: Once you qualify for the eligibility criteria, you can easily apply for an Emirates NBD personal loan without much documentation and have your application processed swiftly.
AECB Score: You can enjoy lucrative benefits with your loan if you have an excellent AECB credit score. Some key benefits include low-interest rates, faster processing, minimal paperwork, high finance amounts, and credit limits.
Co-Applicant Program: You can improve your Emirates NBD personal loan eligibility by applying with a salaried spouse or family member.
Debt Consolidation Advantage: With a one-pay facility, personal loan for expats and nationals can use personal loan funds for debt consolidation.
Top-Up Personal Loan Facility: Both expats and UAE nationals have the provision of topping up their personal loans. The notable benefit here is that no minimum monthly instalment payment on the current loan is required to avail of this facility.
Transferring Loan from Another Institution: You can transfer your personal loan from any reputed institution to Emirates NBD and take advantage of consolidating multiple debts into one easy monthly payment.
Eligibility Criteria of Emirates NBD Personal Loan for UAE Nationals and Expats
In this section, we will discuss the eligibility criteria for Emirates NBD personal loans for UAE nationals and expats –
Emirates NBD Personal Loan Eligibility Criteria for UAE Nationals
Emirates NBD Personal Loan Eligibility Criteria for Expats
AED 5,000 per month
AED 5,000 per month
Minimum Length of Service
Required with 6 months of banking relationship with Emirates NBD
Required with 6 months of banking relationship with Emirates NBD
Listed and Non-Listed Companies
Documents Required for Emirates NBD Personal Loan for UAE Nationals and Expats
Keep the following stack of documents ready while applying for Emirates NBD personal loan –
Documents required by expatriates for new loans, transferring loans, or to avail of top-up loan facility:
Updated security cheque
Valid salary certificate or salary transfer letter
DDS registration form (for new loan application)
Passport with resident visa page
Latest three months bank statements for a new loan - the bank may ask for six months statements if you apply for switching personal loan
Liability letter from the lending institution with which you have a current loan (in case of transferring loan)
Documents required by UAE nationals for new loans, transferring loans, or to avail of top-up loan facility:
Updated security cheque
A valid copy of the passport with Idbara page
Latest salary transfer letter or salary certificate
Last three months' bank statements for a new loan. The bank may ask for up to six months' bank statements for transferring loans.
Liability letter from the bank of the existing loan (while transferring the loan)
Note: The submitted documents must be valid and up-to-date. The bank may ask for additional documents if required.
Fees and Charges Associated with Emirates NBD Personal Loan for UAE Nationals and Expatriates
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
Instalment deferment fee
Early settlement fee
1.05% of the principal outstanding amount
Maximum- AED 10,500
Change in due date
Liability or no liability letter
Loan cancellation fee
Direct debit return charges
Request for other letters
Advance monthly instalments (Up to 3 EMIs)
Overdraft against salary with the monthly reducing rate of 1.50% with the annual set up fee of AED 210
Overdraft against fixed deposit with the monthly reducing rate of 0.40% at AED 210
Note: The above-stated fees include VAT and adhere to the UAE CB and Federal Tax Authority regulations. However, these charges can be changed at the discretion of the bank.
Emirates NBD Personal Loan Calculator
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.
Some of the key benefits of using the Emirates NBD personal calculator are as follows –
Provides instant results
Easy to access
Helps you in loan planning
No need to provide any personal information or make complex calculations
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.
How to Apply for an Emirates NBD Personal Loan for UAE Nationals & Expats?
The easiest way to send an application for your Emirates NBD personal loan is via Policybazaar UAE. You will 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 –
Detailed features, benefits, eligibility standards, and requisite documents are given on a single platform
No hidden charges while applying for the loan
Quick application process
Your transaction will be conducted on an encrypted platform that protects your information and also ensures the safety of every transaction
Our platform is easy to use and allows you to compare the best options without juggling multiple tabs
You can enjoy lucrative offers and benefits while applying for the loan
Our 24-by-7 customer team will provide you with real-time solutions for all your answers
Follow these steps to apply for Emirates NBD personal loan –
Visit policybazaar.ae, the official website of Policybazaar UAE
Select Personal Loans in UAE's from the drop-down list of 'Banking Products’
Enter the required details in the lead form such as your city of residence, full name, email address, and contact number
Tap on the Proceed button. You will then be required to select your nationality and monthly income.
Choose the Emirates NBD personal loan plan from the list and apply for the same
Our customer representative will get in touch with you and help you with the remaining procedures
Alternatively, you can head to the official website or mobile application of Emirates NBD and apply for a personal loan or visit the bank in person and follow the prompted instructions given by a bank representative.
Terms & Conditions of Emirates NBD Personal Loan
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 -
Get a letter from your employer stating your monthly salary will be transferred to Emirates NBD throughout the loan tenure.
If the loan is against the personal guarantee, a duly filed and signed personal guarantee form approved by the bank should be submitted.
Interest on the personal loan is calculated on the daily balance of the unpaid and drawn loan amount from the withdrawal date based on the actual number of days lapsed and the calendar year to be added to the loan balance and paid in the form of monthly instalments.
The loan might elapse in some scenarios, where the concerned party would be required to pay the instalments and fees that are payable immediately without any prior notification. Some of the possible scenarios include the following –
The sudden death of the borrower or if they leave UAE permanently
Inaccurate information or invalid documents submitted by the borrower
If the borrower violates any of the terms and conditions given in the loan agreement
If the borrower fails to pay any of three consecutive or six consecutive monthly instalments
Emirates NBD has a legal right to delegate advocates and collection agents to collect the outstanding due amount if you fail to pay the monthly instalments on time
In case the loan is obtained by more than one borrower, both borrowers are liable for payment of all obligations specified under the loan agreement
Emirates NBD personal loan agreement will be made in two original sets – Arabic and English. If there is any conflict, the Arabic loan agreement will be given priority
Life insurance proceeds can only be used to settle the loan and the outstanding loan amount - any residual due will have to be paid by the borrower or their nominee
The loan agreement will be made considering the laws and regulations of the UAE and the emirate you are residing in
The loan agreement will be valid and implemented with all its terms and conditions till the payment of the loan
Frequently Asked Questions (FAQs)
What will happen if I do not pay the monthly repayment on the Emirates NBD personal loan?
If you don’t pay the monthly repayments on your Emirates NBD personal loan, your account will go into arrears in addition to the late payment fee. Furthermore, your credit score will be adversely impacted and limit your ability to access financing in the future.
What is the minimum and maximum Emirates NBD personal loan repayment tenure?
Emirates NBD personal loans offer flexible repayment tenure, ranging from one year to four years.
Can I use an Emirates NBD personal loan to meet my education expenses?
Yes, if you qualify for the eligibility criteria, you can apply for Emirates NBD personal loans to finance your education expenses, wedding costs, and more.
What is the minimum time required to process the Emirates NBD personal loan application?
Emirates NBD takes at least two days to process your personal loan application.
What are the primary requirements to obtain Emirates NBD personal loan?
Individuals applying for Emirates NBD personal loans must meet the following criteria –
Salary transfer is required with 6 monthly banking relationship
Minimum salary required – AED 5,000
Have a UAE residency status
Minimum Age – 21 years
What minimum time frame is required to process the instalment deferral request on an Emirates NBD personal loan?
You would be required to notify the bank at least 4 days before the monthly loan instalment is due to process the instalment deferral request on Emirates NBD personal loan.
How many partial settlements are allowed in one year on Emirates NBD personal loan?
You can avail of as many partial settlements as required in a year with your Emirates NBD personal loan.
What are the different channels through which you can apply for Emirates NBD personal loan?
You can easily apply for Emirates NBD personal loan on policybazaar.ae. Alternatively, you can head to the official website of the bank or branch to apply for the same.
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