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Proof of income
A minimum salary of AED 5,000
BORROW WISELY
At Emirates NBD we take our responsibility to you very seriously. That’s why we advise you to opt for the right loan amount that suits your individual repayment capability. Others may tempt you with higher amounts, but we offer Personal Loans that fit your budget, because we care.
Amount AED
AED 30,000 AED 4,000,000
Tenor Months
1 year 4 years
Monthly Payments AED
Effective rate: 5.99% p.a. Terms and conditions apply. Interest rates vary by tenor & subject to bank policy
Equated Monthly Installment (EMI)
An equated monthly installment (EMI) is defined as “A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.”
DBR (Debt Burden Ratio) / DSR (Debt service ratio) / IIR (Income to installment ratio)
DBR is used to measures an individual’s ability to manage monthly payment and repay debts. DBR is calculated by dividing total recurring monthly debt by gross monthly income, and it is expressed as a percentage. The total recurring debts will include all EMI’s and 5% of the total credit limit of all credit cards held. DBR is capped at 50% by the Central Bank of the UAE.
AECB (Al Etihad Credit Bureau)
Credit bureau is an agency that collects and maintains individual credit information from banks & financial organizations and provides it to lenders, and consumers in the form of a credit report. This helps lenders assess credit worthiness, the ability to pay back a loan, and can affect the interest rate and other terms of a loan. A Credit Report will include record of current and previous credit facilities, Payment history over the last 24 months, Payments overdue, Records of any defaults etc.
Risk Based Pricing
Risk-based pricing is a form of price discrimination based on the different expected risks of different borrowers. The interest rates offered customers would be based on previous banking history of facilities availed. Customers with a good banking history will be offered preferential rates as compared to customers who may have defaulted on repayments.
Flat Rate vs. Reducing Rate
Flat interest rate is an interest rate calculated on the full original loan amount for the whole term without taking into consideration that periodic payments reduce the amount loaned. In other words, interest is charged on the full amount of the loan throughout its loan tenure.
Under reducing interest Rate, interest is calculated every month on the outstanding loan balance. EMI payment every month contains interest payable for the outstanding loan amount for the month plus principal repayment. On every EMI payment, outstanding loan amount reduces by the amount of principal repayment. Thus interest for next month is calculated only on the outstanding loan amount as reduced by the principal repayment this month.
Converting flat rate to reducing rate
Some Banks use flat rates when promoting loans as it appears much cheaper when quoted flat but in reality it may be more expensive than a bank that promotes loans on a reducing rate. To convert a flat interest rate to a reducing interest rate, you will have to multiply it by 1.8 and in case you wish to go from reducing to flat, then divide the given rate by 1.8%. For example a flat rate of 3.99% is more expensive than a reducing rate of 6.99% (3.99 X 1.8 = 7.18%)
Deferment
A deferment is a temporary arrangement which allows you to postpone your EMI payments by one month. A fee of AED 100 will be charged for availing this facility. 2 loan installment deferments are allowed every Loan year.
CLI (Credit Life Insurance)
Credit Insurance is insurance that you purchase when you take out a loan that protects both you and the lender in the event that you are unable to pay the loan due to death. This is generally a onetime fee that is paid on the loan amount availed.
ESF (Early Settlement Fee)
Early Settlement Fee is a fee charged by a lender if you pay off a loan or mortgage before the scheduled term of the credit facility. This is usually 1% of the loan outstanding at the time of loan repayment but can vary based on the type of loan.
Overdraft
Overdraft is a loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current account customer can write cheques or make withdrawals. The credit limit is the amount you can withdraw once the current account balance reaches Zero. Interest is charged only on the daily overdraft (debit) balance in the account.
Loan Against Fixed Deposit
Loan against fixed deposit customers can avail a loan against fixed deposits held with the bank. The advantage of taking a loan against fixed deposits is that interest rates on these are usually lower than conventional personal loans since they are secured by the underlying deposit. Loan against deposit may be granted up to 90% of the value of the fixed deposits with the bank. The loan can be taken for any term as long as it does not exceed the deposit's tenure.
Overdraft Against Fixed Deposit
Overdraft against fixed deposit is a quick and efficient way to meet short term commitments. Interest will be charged on the amount and period of utilizing the overdraft.
Amortization Schedule
An Amortization Schedule is a schedule of payments showing the amount of principal and the amount of interest that comprise of each EMI so that the loan will be paid off at the end of its term. An amortization schedule will also include additional information such as the amount of interest and principal paid, as well as the remaining principal balance
Short term Cash Loans (STCL)
STCL caters to small and mid-size expenditures which can be converted to 12 EMI’s so as to ease the burden of one-time payment. Expenses such as school fees, house rent, travel expenses etc. can be paid by availing a short term cash loan. This loan is offered at lower interest rates and may be repaid in up to 12 installments. It is more beneficial than availing cash facilities from credit cards.
Basic Documentation
We hope you find this information useful. We will continue to bring you more tips on borrowing wisely.
What are people asking?
Personal loans can be used to finance anything from funding an unexpected medical emergency, marriage, home renovation to even education fees.
You most definitely can. But an asset will only build if its value grows higher than the rate of interest paid by you on the loan. So, a Personal loan that you take for your child's education will fetch you greater returns in the future than investing in a Plasma/ LCD television, which depreciates with time. A well planned Personal loan can go a long way in creating personal wealth.
Most banks prescribe certain limits on Personal loan based on your income and ability to repay. However, it is always advisable to borrow an amount that you will be able to safely repay without much discomfort.
You can easily pay your Personal loan on the basis of a repayment schedule issued to you by the bank. Be realistic about your ability to repay every month. Don't depend on uncertain future earnings, nor try to overstretch your payback capability. Remember, easy repayment is in your hands.
When you take a Personal loan, you are making a commitment not only to repay, but repay within a specific time schedule. This is called as a loan amortization schedule. This will help you keep a track of the amount that you pay in principle and interest every month. Always insist on an amortization schedule from the bank and keep it carefully, as you may need to refer to it from time to time.
Personal loans can be used to finance anything from funding an unexpected medical emergency, marriage, home renovation to even education fees.
You most definitely can. But an asset will only build if its value grows higher than the rate of interest paid by you on the loan. So, a Personal loan that you take for your child's education will fetch you greater returns in the future than investing in a Plasma/ LCD television, which depreciates with time. A well planned Personal loan can go a long way in creating personal wealth.
Most banks prescribe certain limits on Personal loan based on your income and ability to repay. However, it is always advisable to borrow an amount that you will be able to safely repay without much discomfort.
You can easily pay your Personal loan on the basis of a repayment schedule issued to you by the bank. Be realistic about your ability to repay every month. Don't depend on uncertain future earnings, nor try to overstretch your payback capability. Remember, easy repayment is in your hands.
When you take a Personal loan, you are making a commitment not only to repay, but repay within a specific time schedule. This is called as a loan amortization schedule. This will help you keep a track of the amount that you pay in principle and interest every month. Always insist on an amortization schedule from the bank and keep it carefully, as you may need to refer to it from time to time.
It's safe, but only if it is from a reputable bank. Make sure you have understood all their terms and conditions correctly. Do not get pressurized to take hurried decisions. Ask for as much information as you need.
The following factors must be considered before taking a Personal loan:
Often, the lowest quoted EMI could actually lead to longer payment periods. A high loan amount instead of helping you might become a burden, and fast processing may force you to take a hasty decision, without complete information.
The key to finding a bank that you can trust is to do plenty of research. Talk to your associates and friends about their experiences with a particular bank. A reputable bank will ensure that you have a peace of mind and a pleasant banking experience. Here are some facts that you must consider while choosing your bank:
With a network of over 227 branches and 1,065 ATMs, Emirates NBD has a customer base of over 100,000 personal loan customers.
At Emirates NBD you have a choice to return the Personal loan within 7 days without any charges (conditions apply), if you feel that the loan provided is not as per your expectations or any of the terms and conditions are not favourable to you.
Any Personal loan that you take from Emirates NBD is automatically insured at a nominal cost. In the case of an untimely death, it´s the partner insurance company covers the whole loan amount thereby saving the family from any burden
Customers having less than 6 months Length of service/fairly new residency in U.A.E.
Processing unit may request for additional/supporting documents on case to case basis.
Yes, the processing fees will 1% as lined with policy.
Up to 15 multiples.
The product itself does not have a CC attached to it then customers can opt for a CC through a bundle offer.
Yes, Salary transfer is mandatory.
In Normal Personal loan TAT of approx. 2 working days.
The higher the risk is higher the rates.
1% early settlement fees in line with the policy.
Loan cancellation can be requested as per our 7 Day loan return policy and this can be requested either through Branch or same sales representative.
The following are the requirements to avail a Personal Loan with Emirates NBD
The following are the requirements to avail a Personal Cash Loan with Emirates NBD
The maximum loan tenor for Personal Loan is 48 months. However, this is with the exception of Ministry of Defense Nationals, whose maximum tenor is allocated at 60 months
As a UAE National, you have the facility to turn your extra, rental income or earned sponsorship fee into a loan opportunity and get additional financing for any anticipated or unexpected expense with our Additional Income or Co-Applicant schemes. Click here to know more
If your salary is not transferred to Emirates NBD, you still have the provision of availing our Personal Loan by applying for a Non-Salary Assignment Loan. Please see program site for detailed information. Click here to know more
Emirates NBD enables you to apply for a Personal Loan through an array of channels which are listed as follows:
It takes a minimum of 2 working days to process a Personal Loan
Installment Deferral is the delay or suspension of repayment of a personal loan's monthly installment.
The requirements to avail an installment deferral are as follows:
You can apply for an installment deferral via Online Banking, by visiting any Branch or the Call Centre
AED 100 is charged per deferment
The time frame that it takes to process an installment deferral is within 2 working days.
You can avail up to 2 non-consecutive deferments
You have to inform the Bank at least 4 days before the loan monthly installment is due in-order to process the installment deferral request
This is an option for you to close or settle your existing Personal Loan with your own cash or through another bank, prior to completing the tenure you had originally planned with Emirates NBD.
We do not have any requirements and you are free to foreclose your loan when repaying through your own cash source.
In the case of settlement with cash, you can apply via our Online Banking, by visiting any of our Branches, or the Call Center.
The requirements to avail a loan foreclosure/early settlement through another bank is, an offer letter from the subject competing financial entity. A Liability / No liability letter must be submitted as well, at the branch together with your Passport copy / Emirates ID copy.
You can apply for a loan foreclosure/early settlement through another bank's settlement via any Emirates NBD branch.
Early Settlement Fee of 1% of the loan outstanding amount is charged for a loan foreclosure/early settlement
The Bank requires a minimum of up to 2 working days to process a loan foreclosure/early settlement
The Bank needs to be informed at least 4 working days prior to the loan monthly installment.
Partial settlement is an advance payment or partial payment against the loan outstanding amount
There are no requirements to avail a partial settlement of Personal Loan.
In the case of partial settlement of your Personal Loan, you can apply via our Online Banking, by visiting any Emirates NBD Branch, or through the Call Center.
Pre-payment fee of 1% of amount paid applies for a partial settlement.
It takes up to a minimum of 2 working days to process a partial settlement of your Personal Loan
You can avail as many partial settlements as you may see fit.
The Bank needs to be informed at least 4 working days prior to the loan monthly installment.
Once you make a partial settlement the amount paid will be adjusted towards the loan balance. In most cases, the EMI remains the same but the loan tenor is adjusted.
Yes, you will have to submit the requisite form(s), duly completed to apply for a No Liability Letter. On a case to case basis, other documents might be requested through the branch.
You can submit the application for Liability / No Liability Letter at your nearest Branch, Call Center OR through Online banking. On successful completion of your application, you will be provided with a reference number to track your request.
Clearance Letter states that a specific liability has been cleared while a No Liability Letter states the customer has no existing liabilities.
Yes, a fee of AED 50, as outlined in the Schedule of Fees and Charges on Bank's official website is applicable.
Liability / No Liability Letter will be issued within the bank's defined service standard of 7 (seven) business days.
As soon as the letter is ready, you will receive an intimation message on your registered mobile number.
The letter can be collected from the nearest branch based on your convenience, except mall branches. Click here for branch locations
Liability / No Liability Letter is valid for 15 days from the date of issuance
The mode of payment is arranged at the time of loan application and we do not modify the mode of payment.
The clearance letter for a Personal Loan is proof that the customer has settled his personal loan in full.
The requirements to avail a settlement of liabilities letter is a signed request from, maintaining the fee amount in the account. However on a case to case basis, other documents might be requested for by the branch
You can acquire a clearance letter via our Online Banking, any Emirates NBD Branch or through the Call Center
Visit the nearest branch and provide the full requirements. Complete the application form and you may be given a reference number by the branch staff.
The first clearance letter is Free of charge. However AED 100/- is charged if your require a second letter.
If you miss/default a loan instalment/EMI payment please contact our Collections Department at 600 54 0040.
You can close your loan at any time during the loan term, or once the term gets matured. To know more details, please visit any of our Emirates NBD branches or simply by calling us at our Customer Service Centre on 600 54 0000.
Yes, you have the option for an early settlement on your personal loan however appropriate fees would apply.
You can know the status of your loan by calling us at our Customer Service Centre on 600 54 0000.
Settlement of your loan would be based on the current principle amount.
Most of the benefit transmutes into reduced payment tenor.
A personal loan settlement takes up to 5 working days from the date you place a request for closure.
In an early settlement of your personal loan, you will be required to pay the loan principal outstanding amount, and an additional early settlement fee which is 1% of the principal outstanding.
You can visit any of Emirates NBD branches or simply by calling us at our Customer Service Centre on 600540000.
Yes, an Early Settlement Fee of 1% of the loan outstanding amount is charged for a loan foreclosure/early settlement.
Yes you can apply for an early settlement or partial settlement via Emirates NBD Online banking account. Below are the steps that are to be followed to place a request.
To know more details about how you can settle your Personal loan, please call us at our Customer Service Centre on +971 4 316 0333.
Yes, you can apply for deferment. Please note that installment deferral is a delay or suspension of repayment of the Personal loan's monthly installment. The deferment may result in an increase of the current installment amount, stated in the loan agreement and repayment schedule.
Yes, there is a nominal charge of AED 100 deferment fee.
You can avail up to 2 non-consecutive deferments.
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