• Why do I take a Personal loan?

  Personal loans can be used to finance anything from funding an unexpected medical emergency, marriage, home renovation to even education fees.

• Can I build assets with Personal loans?

  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.

• How much can I borrow on a Personal loan?

  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.

• How can I repay a Personal loan?

  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.

• What is an amortization schedule? How does it help?

  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.

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• Why do I take a Personal loan?

  Personal loans can be used to finance anything from funding an unexpected medical emergency, marriage, home renovation to even education fees.

• Can I build assets with Personal loans?

  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.

• How much can I borrow on a Personal loan?

  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.

• How can I repay a Personal loan?

  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.

• What is an amortization schedule? How does it help?

  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.

• A sales person called me on my phone offering me a Personal loan; is it safe?

  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.

• What factors should you consider before availing of a Personal Loan?

  The following factors must be considered before taking a Personal loan:

  • Take the amount that you actually need and no more
  • Avail of a loan from a bank that you can trust
  • Check whether the rate of interest is competitive
  • Make sure that the repayment period is within an acceptable time frame
  • Insist on an amortization schedule
  • Ensure that the loan is insured

   

• How can I ensure easy repayment to loans and a financially secure future?
  • Live within your income
  • Avoid borrowing more than you really need
  • Set achievable financial goals
  • Prepare for financial emergencies - Always have some money readily available that can help you tide over crisis
  • Develop wise money-management habits

   

• Some banks promise faster processing while others talk of lower interest rates. Which one should I opt for?

  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.

• How do I choose a bank to take a Personal loan?

  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:

  • Branches & ATMs Network - You should never be too far away from your branch.
  • Systems and Processes - Choosing a bank that does not have the systems, processes and well trained staff to help advice you and manage your Personal Loan, is an unnecessary hassle.

  With a network of over 227 branches and 1,065 ATMs, Emirates NBD has a customer base of over 100,000 personal loan customers.

• What if I am not happy with the Personal loan that I avail?

  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.

• What happens in case of an untimely death of a person who has opted for a Personal loan? Does it burden the family?

  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

• What is a New to Country/New to Employment loan?

  Customers having less than 6 months Length of service/fairly new residency in U.A.E.

• What are the eligibility criteria for New to Country/New to Employment loan?
  • Minimum Salary requirement: AED 10,000
  • Loan up to AED 500K
  • Maximum DBR 50%
  • Maximum Tenor: 48 months
  • Maximum Multiple: 18 times
  • ZERO LOS, first salary to be credited
  • Age: 21 to 60 years as per Gregorian calendar.

   

• What are the documents required if I wish to apply?
  • KYC Documents.
  • Completed application form.
  • Latest Salary Certificate.
  • 3 months bank statement.
  • Security Cheque.

  Processing unit may request for additional/supporting documents on case to case basis.

   

• How do I apply for a New to Country/New to Employment loan?
  • Branch
  • Direct Sales Force
  • SMS – sent to existing customers with no Personal Loan
  • EDM – sent to existing customers with no Personal Loan
  • ATM
  • Online Banking
  • And Mobile Banking Application

   

• Is there a processing fee for New to Country/New to Employment loan?

  Yes, the processing fees will 1% as lined with policy.

• How many times of my salary can I avail as New to Country/New to Employment loan?

  Up to 15 multiples.

• Will I get a credit card with a New to Country/New to Employment loan?

  The product itself does not have a CC attached to it then customers can opt for a CC through a bundle offer.

• What is the minimum and maximum tenor available for my New to Country/New to Employment loan?
  • Minimum Tenor is 12 months and Maximum is 48 months.
  • For Ministry of Defense maximum tenor is 60 months.

   

• What is the difference between a New to Country/New to Employment loan and a personal loan?
  • New to Country/New to Employment loan is a personal loan provided to employees/residents who are having less than 6 months length of service and UAE residency is less than 6 months.
  • Differences: rates, eligibility, multiples and maximum exposure will be different between a Normal Personal Loan and a New to country/Employment Loan.

   

• Do I need to have a salary transfer to Emirates NBD to get a New to Country/New to Employment loan?

  Yes, Salary transfer is mandatory.

• How long does it take to get a New to Country/New to Employment loan from Emirates NBD?

  In Normal Personal loan TAT of approx. 2 working days.

• Why are the interest rates higher for a New to Country/New to Employment loan compared to a personal loan?

  The higher the risk is higher the rates.

• Is there any fees for the foreclosure of New to Country/New to Employment loan?

  1% early settlement fees in line with the policy.

• How do I cancel my New to Country/New to Employment loan?

  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.

• What are the main requirements to avail a Personal Loan with Emirates NBD?

  The following are the requirements to avail a Personal Loan with Emirates NBD

  • Your salary should be transferred to Emirates NBD
  • Your employer must be on the Emirates NBD's Approved List of Employers
  • Basic literacy and a UAE Residency Status
  • Your age must be a minimum of 21years

  The following are the requirements to avail a Personal Cash Loan with Emirates NBD

  • Your salary should be transferred to Emirates NBD with 6 months banking relationship
  • Applicable for customer working in companies outside of the Approved List of Employers
  • Basic literacy and a UAE Residency Status
  • Your age must be a minimum of 21years

   

• What is the maximum tenor for Personal Loans?

  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

• Can I get higher Personal Loan amounts as a UAE National?

  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 my company is listed but my salary is transferred to another bank, can I still avail the Personal Loan with Emirates NBD?

  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

• What are the different channels through which I could apply for a Personal Loan with Emirates NBD?

  Emirates NBD enables you to apply for a Personal Loan through an array of channels which are listed as follows:

  • Website
  • Branches
  • ATMs / CDMs
  • Online Banking / Mobile App
  • Sales Staff
  • Call Centre

   

• What is the time frame to process a Personal Loan with Emirates NBD?

  It takes a minimum of 2 working days to process a Personal Loan

• What is an Installment Deferral on a Personal Loan?

  Installment Deferral is the delay or suspension of repayment of a personal loan's monthly installment.

• Are there any requirements to avail an Installment Deferral on a Personal Loan?

  The requirements to avail an installment deferral are as follows:

  • This can be done in non-consecutive months of up to 2 deferments a year.
  • The Personal Loan must be current (not have any late/missed payments)

   

• What are the different channels through which I can apply for an Installment Deferral on a Personal Loan?

  You can apply for an installment deferral via Online Banking, by visiting any Branch or the Call Centre

• Are there any charges for an Installment Deferral on a Personal Loan?

  AED 100 is charged per deferment

• What is the time frame to process an Installment Deferral on a Personal Loan?

  The time frame that it takes to process an installment deferral is within 2 working days.

• How many Installment Deferrals on a Personal Loan can I avail in one year?

  You can avail up to 2 non-consecutive deferments

• Is there a minimum time frame to inform Emirates NBD in order to process the Installment Deferral request on a Personal Loan?

  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

• What is a Loan foreclosure or early settlement option in Personal Loans?

  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.

• Are there any requirements to do a Personal Loan foreclosure / early settlement through my own cash with Emirates NBD?

  We do not have any requirements and you are free to foreclose your loan when repaying through your own cash source.

• What are the different channels through which I can apply for a Personal Loan foreclosure / early settlement with my own cash?

  In the case of settlement with cash, you can apply via our Online Banking, by visiting any of our Branches, or the Call Center.

• Are there any requirements to avail a Personal Loan foreclosure / early settlement through another bank?

  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.

• What are the different channels through which I can apply for a Personal Loan foreclosure / early settlement with another bank's settlement?

  You can apply for a loan foreclosure/early settlement through another bank's settlement via any Emirates NBD branch.

• Are there any charges for a Personal Loan foreclosure / early settlement?

  Early Settlement Fee of 1% of the loan outstanding amount is charged for a loan foreclosure/early settlement

• What is the time frame to process a Personal Loan foreclosure / early settlement?

  The Bank requires a minimum of up to 2 working days to process a loan foreclosure/early settlement

• Is there a minimum time frame to inform Emirates NBD in order to process a Personal Loan foreclosure / early settlement request?

  The Bank needs to be informed at least 4 working days prior to the loan monthly installment.

• What is a Partial settlement of Personal Loan?

  Partial settlement is an advance payment or partial payment against the loan outstanding amount

• Are there any requirements to avail a partial settlement of Personal Loan?

  There are no requirements to avail a partial settlement of Personal Loan.

• What are the different channels through which I can apply for 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.

• Are there any charges for a partial settlement of Personal Loan?

  Pre-payment fee of 1% of amount paid applies for a partial settlement.

• What is the time frame to process a partial settlement of Personal Loan?

  It takes up to a minimum of 2 working days to process a partial settlement of your Personal Loan

• How many partial settlements can I avail in one year on a Personal Loan?

  You can avail as many partial settlements as you may see fit.

• Is there a minimum time frame to inform Emirates NBD in order to process a partial settlement request towards my Personal Loan?

  The Bank needs to be informed at least 4 working days prior to the loan monthly installment.

• What happens once I make a partial settlement towards my Personal Loan?

  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.

• Are there any requirements to apply for a Liability / No Liability letter?

  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.

• What are the different channels through which I can apply for a Liability / No Liability Letter?

  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.

• What is the difference between a Clearance Letter and a No Liability Letter?

  Clearance Letter states that a specific liability has been cleared while a No Liability Letter states the customer has no existing liabilities.

• Do I have to pay any charges for Liability / No Liability letter ?

  Yes, a fee of AED 50, as outlined in the Schedule of Fees and Charges on Bank's official website is applicable.

• What is the time frame to process and issue a Liability / No Liability Letter request?

  Liability / No Liability Letter will be issued within the bank's defined service standard of 7 (seven) business days.

• How will I know that the Liability Letter / No Liability Letter is ready?

  As soon as the letter is ready, you will receive an intimation message on your registered mobile number.

• Where can I collect the Liability / No Liability Letter once it is ready?

  The letter can be collected from the nearest branch based on your convenience, except mall branches. Click here for branch locations

• What is the validity of the Liability / No Liability Letter?

  Liability / No Liability Letter is valid for 15 days from the date of issuance

• What are the requirements to change the mode of payment / funding towards my Personal Loan?

  The mode of payment is arranged at the time of loan application and we do not modify the mode of payment.

• What is a Clearance letter for a Personal Loan?

  The clearance letter for a Personal Loan is proof that the customer has settled his personal loan in full.

• Are there any requirements to avail a clearance letter for a Personal Loan?

  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

• What are the different channels through which I can apply for a clearance letter for a Personal Loan?

  You can acquire a clearance letter via our Online Banking, any Emirates NBD Branch or through the Call Center

• What is the process to apply for a clearance letter for a Personal Loan?

  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.

• Are there any charges for a clearance letter for a Personal Loan?

  The first clearance letter is Free of charge. However AED 100/- is charged if your require a second letter.

• What do I do if I miss/default a loan instalment/EMI payment on my Personal Loan?

  If you miss/default a loan instalment/EMI payment please contact our Collections Department at 600 54 0040.

• What is a personal loan settlement?

  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.

• Can I apply for early settlement of my personal loan?

  Yes, you have the option for an early settlement on your personal loan however appropriate fees would apply.

• Who should I contact to know the status of my personal loan?

  You can know the status of your loan by calling us at our Customer Service Centre on 600 54 0000.

• Do I have to pay a reduced amount if I choose to go for an early personal loan settlement?

  Settlement of your loan would be based on the current principle amount.

• Do I get any benefit in an early personal loan settlement?

  Most of the benefit transmutes into reduced payment tenor.

• How long does it take to do a personal loan settlement?

  A personal loan settlement takes up to 5 working days from the date you place a request for closure.

• Will I get charged for early settlement of my personal loan?

  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.

• How can I apply for an early settlement of my personal loan?

  You can visit any of Emirates NBD branches or simply by calling us at our Customer Service Centre on 600540000.

• Can I do a partial payment towards my personal loan? Will any charges be applicable?

  Yes, an Early Settlement Fee of 1% of the loan outstanding amount is charged for a loan foreclosure/early settlement.

• Can I request for a personal loan settlement via online banking?

  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.

  • Log in to your Emirates NBD online account.
  • Click on "My Finances" and later "Loans" from the options given below.
  • Select the loan type you wish to settle.
  • Under additional services and requests, click on "Early settlement" or "Partial settlement".
  • Your desired request will be placed instantly.

   

• If I am outside UAE, how do I apply for early settlement of my personal loan?

  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.

• Can I defer my personal loan installment?

  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.

• Is there any interest/charges I have to pay to avail deferment facility?

  Yes, there is a nominal charge of AED 100 deferment fee.

• How many times can I apply for personal loan installment deferment?

  You can avail up to 2 non-consecutive deferments.