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Noor Bank Personal Loan

Noor Bank offers Shariah-compliant personal Lons for the UAE nationals as well as expatriates. It can be availed with minimal documentation. The personal loans by Noor Bank can be availed for various personal needs– be it home renovation, child’s education, or travel. Noor Bank Personal Loan is offered at a Interest rate as competitive as 3.49%, with the flexible repayment tenor of 48 months. When it comes to availing loan amount, the applicant can apply up to 20-times of their monthly salary.

Noor Bank Personal Loan Interest Rate

Noor Bank offers a competitive profit rate with flexible repayment tenure. The rate remains unaffected throughout the loan tenure. Below is the Noor Bank personal loan interest rate:

Category

Max. Loan Amount

Tenor

Interest Rate

Noor Bank Personal Loan

20 times of salary

Up to 48 months

Starting from 3.49 %

*Disclimer: Interest rates are subject to change

Noor Bank Personal Loan Eligibility

The minimum eligibility to avail a loan from Noor Bank includes:

  • Age criteria: 21 years and above
  • Minimum income required: AED 8000 with salary transfer requirement
  • Additional Requirement: Applicant’s employer must be listed in Noor bank’s list of approved employers

Noor Bank Personal Loan Features & Benefits

Following are the main features & benefits of the Shariah Compliant personal finance offered by the Noor Bank:

  • Amount - The applicant can avail a personal Loan amount of a maximum of 20 times of their salary.
  • Pre-approval in 30 minutes - The finance will be disbursed into the bank account within just 30 minutes of processing of the personal loan.
  • Flexible Repayment Options - The borrower can enjoy flexible tenor options of a maximum of 48 months.
  • Takaful Coverage - The borrower can avail Takaful coverage along with the personal finance in the event of unforeseen circumstances. It is mandatory for borrower to get Regular Takaful, which covers the outstanding amount in the event of death and permanent total disability. However, the borrower can also opt for Silver & Gold Takaful Plans, which are optional.
  1. Silver Plan - In an event of death and permanent total disability, this Takaful Plan covers the outstanding amount and pays the equivalent amount to the
  2. Gold Plan - In an event of death and permanent total disability, this Takaful Plan covers the outstanding amount and pays the equivalent amount to the In an event of involuntary loss of employment, up to six EMIs with a maximum total amount of 48,000 AED are covered under this plan.
  • Credit Card - The borrower can avail free for life credit card along with the Noor Bank personal loan.  Best of all, the credit card comes with plenty of benefits worth 50,000 AED.
  • Different Product Variants - The bank offers different product variants in order to fulfill the diverse needs of the borrower– be it emergency funds, home renovation, and much more. Following are the different product variants:
  1. Fresh personal finance
  2. Buyout of existing finance with another bank
  3. Top-up of an already existing finance
  4. Debt consolidation

Documents  Required for Noor Bank Personal Loan

In order to avail a personal loan from Noor Bank, the applicant has to furnish the following documents:

     Proof of Identity/Address

             Other Documents

·    Emirates ID , Resident Visa

·    Copy of a valid passport

·    Bank Statement of the last 3 months

·    Salary Transfer letter


* Additional documents might be required as per the bank’s norms.

Noor Bank Personal Loan EMI Calculation

Noor Bank personal loan calculator is an online tool that helps the loan borrower to calculate the EMI for a particular loan amount. The applicant needs to provide certain information such as loan amount, offered rate of interest, prepayment tenor etc. After providing all necessary information, Noor Bank personal loan calculator UAE will suggest the EMI to be paid.

Frequently Asked Questions

Q.1. Who can avail personal finance offered by the Noor Bank?

Ans: Noor Bank offers personal finance for UAE nationals & expatriates.

Q.2. What additional benefits can I avail with the Noor bank personal finance?

Ans: You can avail a  free credit card with the Noor bank personal finance. Best of all, the bank offers free for life credit card with a wide range of benefits worth 50,000 AED.

Q.3. Is the minimum monthly salary requirement same for UAE nationals & expatriates?

Ans: The Noor Islamic Bank personal loan minimum salary requirement for both Emiratis and Expats is the same, which is AED 8000.

Q.4. Does Noor Islamic Bank personal loan UAE provides Takaful coverage?

Ans: Yes, Noor Bank personal finance provides Takaful coverage in the event of natural death & permanent total disability of the borrower.

Q.5. Do I need to provide a salary transfer letter to avail a personal loan from Noor Bank?

Ans: Yes, you need to provide a salary transfer letter as it is mandatory to avail the Noor Bank Personal Finance.

Q.6. Is it mandatory to opt for insurance along with the Noor Bank Personal Finance?

Ans: Yes,  it is mandatory to opt for at least regular Takaful plan with Noor Bank personal finance. It covers the outstanding amount in unfortunate circumstances such as death and permanent total disability.

Q.7. What is the repayment tenor for personal finance offered by the Noor Bank?

Ans: The maximum finance tenor is 48 months.

Q.8. My employer is not listed in the Noor bank’s list of employers. Can I still avail personal finance from Noor Bank?

Ans: No, you can’t avail it. For you to be eligible for the  Noor Bank personal loan, your employer must be listed on the bank’s employer approved list.

Q.9. How can I opt for a top-up loan?

Ans: If you already have a personal loan with Noor Bank, and if you meet the eligibility criteria to borrow more loan amount, then you can avail Noor Bank Personal loan top up.

Q.10. Is there any processing fee for availing a personal loan from the bank?

Ans: Yes, you need to pay 1 percent of the loan amount as processing fee.

Q.11. Is there a provision for availing Noor Bank personal loan without salary transfer?

Ans: No, in order to get a personal loan from Noor Bank, salary transfer criterion is a must.

Q.12. How much life Takaful can be availed with Noor Islamic Bank personal loan?

Ans: Under life Takaful coverage, the outstanding principal amount is covered in case of death and disability of the loan borrower.

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