More Details on Personal Loan

Features

1. The maximum loan amount is AED 200,000 and maximum loan tenure is 12 months.
2. You require a minimum salary of AED 10,000 per month to be eligible.
3. It is not a requirement to transfer your salary to apply.
4. The processing fee is 1% of the finance amount (min AED 250 and Max AED 2,500).
5. The early settlement fee is 1% of the outstanding amount.
6. The insurance fee is 0.5% of loan amount.
7. The reducing rate of this finance is 9% and the equivalent flat rate is 4.86%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.

Documents Required

1. Signed and completed application form and loan proposal form
2. Colour passport photo of applicant
3. Passport copies (yours and your co-owner/guarantor’s) with valid residence visas if you’re expats
4. UAE National ID card if applicable
5. Labour card/employer ID card
6. UAE utility bill or tenancy contract as proof of address
7. Proof of enrolment (previous or current) or a fees quotation from educational institution
8. Valid salary certificate
9. Last 3 months’ pay slips
10. Last 6 months’ bank statements

Eligibility

1. Earning at least AED 10,000 per month
2. A UAE resident
3. At least 25 years old at time of application
4. No older than 65 at loan maturity
5. Employed at your current employer for at least one year

Additional Information

Terms & conditions apply.

1. The bank reserves the right to change the interest rates, fees & tariffs, charges and terms & conditions at its own discretion, without any prior notice.
2. Approval of loans is at the discretion of the bank.
3. All fees and charges are in line with the UAE Central Bank policies.