Noor Bank Personal Loan

Overview

Noor bank offers Shariah compliant personal finance for the UAE nationals as well as expatriates. It can be availed with minimal documentation. The personal finance by Noor Bank can be availed for various personal needs– be it home renovation, child’s education, or travel. Noor Bank Personal Finance is offered at competitive profit rates & flexible repayment period. In addition to this, the bank provides the borrowers with an option to consolidate their existing finances.

Features & Benefits of the Noor Bank Personal Loan

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

  • Amount - The applicant can avail a finance amount of a maximum of 20 multiples of their salary.
  • Pre-approval in 30 minutes - The finance will be disbursed in the bank account within just 30 minutes of processing the Noor Bank 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.
    • 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 family.
    • 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 family. 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:
    • Fresh personal finance
    • Buyout of existing finance with another bank
    • Top-up of an already existing finance
    • Second Finance
    • Debt consolidation

Eligibility & Documents Required for Noor Bank Personal Finance

Eligibility

Age Criteria

 21 years & above

Minimum Income Required

AED 8000 (salary transfer required)

Other Requirement

Applicant’s employer must be listed in Noor bank’s list of approved employers.


Documents Required

Proof of Identity/Address

  • Emirates ID
  • Resident Visa
  • Copy of a valid passport

Other Documents

  • Bank Statement of the last 3 months
  • Salary Transfer letter


*Please
Note- If needed, additional documents might be required.

Interest Charged on Noor Bank Personal Finance

Noor Bank charges a competitive profit rate as low as 3.49 percent for personal finance.

Frequently Asked Questions

Q1- Who can avail personal finance offered by the Noor Bank?

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

Q2-  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.

Q3-  Is the minimum monthly salary requirement same for UAE nationals & expatriates?

Ans: Yes, the minimum monthly salary requirement for both UAE nationals & expatriates is the same i.e. 8000 AED.

Q4-  Does Noor Bank personal loan provides Takaful coverage?

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

Q5-  Do I need to provide a salary transfer letter to avail Noor Bank personal loan?

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

Q6-  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.

Q7- What is the repayment tenor for personal finance offered by the Noor Bank?

Ans: The maximum finance tenor is a maximum of 48 months.

Q8- My employer is not approved by the Noor bank. Can I still avail the Noor Bank personal finance?

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.

Q9- How can I opt for a top-up loan?

Ans: If you have an existing Noor Bank personal loan, and you meet the eligibility criteria to borrow more loan amount, then you can avail top-up for your existing loan.

Q10-  Is there any processing fee for Noor Bank personal loan?

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

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