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Personal Loan Provided By Noor Bank
|Noor Personal Loan Details|
|Minimum Salary||AED 5000 per month|
|Profit Rates||Flat rate: 2.49% | Reducing rate: 4.93%|
|Maximum Loan Amount||AED 1000K - AED 2000K(depends on the nationality and type of loan)|
|Early Settlement Fees||1% of the outstanding amount|
|Arrangement Fees||1% of the approved loan amount|
|Age||21 - 60 years(Expats) & 65 years(UAE Nationals)|
Features of Noor Personal Loan
Noor Bank offers Shariah-compliant Personal loans to help you meet your financial needs. The features are :
- Maximum loan amount of AED 1 million for expats and AED 2 million for Emiratis
- Maximum loan tenure of 4 years
- Profit rates from 2.79% p.a.
- Minimum monthly salary requirement of AED 5,000
- Salary transfer is mandatory
- Pre-approved credit card with no annual fees for the first year is offered to borrowers
- Takaful insurance cover (optional family/job loss)
- Unlimited outward remittances with preferential exchange rates and a waiver of the remittance fee
- Quick approvals and simple documentation
Fees and Charges
- Loan processing fee : 1% of the loan amount and 0.50% for Priority customers (Minimum 500 AED and Maximum 2500 AED)
- Late Payment Fee (effective March 6,2017) : 2% of the delayed amount (Minimum 50 AED and Maximum 200 AED)
- Life Takaful cover : Up to 1.29% of the finance amount
- Loan rescheduling fee : AED 250
- Early Settlement of loan : 1% of the outstanding loan amount (Maximum 10000 AED)
- Optional Life Takaful cover with double indemnity : Up to 1.99% of finance amount
- Optional Life Takaful cover with double indemnity and involuntary loss of employment : Up to 2.99% of finance amount
Eligibility Criteria of Noor Personal Loan
- Age 21 years and above
- Minimum monthly salary of AED 5,000 (salary transfer required)
- Employer should be approved with Noor Bank
- Preferential FX rates and fees apply to remittance values of AED 100,000 or more per transaction
Documents Required of Noor Personal Loan
- Salary transfer letter
- 3 months bank statement
- Valid copy of Passport, Residency visa and Emirates ID
Noor Bank Personal Loan Profit Rates
Frequently Asked Questions
Q. What are the different personal loans provided by Noor Bank?
A. Noor bank provides personal loans for UAE nationals and personal loans for expats.
Q. Can I avail a life insurance on this loan?
A. Yes. You can avail Takaful insurance on this loan
Q. Is any proof of employment required to get this loan?
A. Yes, a proof of employment is essential to avail this personal loan.
Q. What additional benefits can a customer get from applying Noor Bank personal loan?
A. People who applied for the loan can avail a free credit card along with the loan.
Q. Is late payment option available on Noor Bank personal loan?
A. Yes. You can have a late payment option with fee of 50 AED to 200 AED.
Q. Is the minimum salary requirement same for emirates nationals and expats?
A. Yes. Minimum salary requirement is same for UAE nationals as well as expats and it is AED 5K.
Q. Should I need to provide any assets as security to avail this loan?
A. No collaterals are required to get this loan.
Q. Should I need to provide salary transfer letter for documentation of this loan?
A. Yes. Salary transfer letter is mandatory to get this loan.
About Noor Bank
Established in January 2008, Noor Bank (formerly known as Noor Islamic Bank), is a young bank providing a wide range of products and service. With a Mission of ‘wanting to be ranked among the top 100 most-innovative companies in the world’ and a Vision ‘to be recognised as the financial icon of Dubai’, the bank follows these values :
- Customer Centricity
They believe that Islamic banking has the flexibility and the openness to enable them to offer a wide range of products and services when approached correctly.