Noor Bank Business Finance

noor-bank Bank

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Business Finance

Flat Rate

9.92%

Reducing Rate

18%

Min Finance Amount

AED 50K

Max Finance Amount

AED 3000K

Early Settlement Fee

AED 0

Min Annual Turnover

AED 2000K

Tenure

48 Months

Approval Time

7 Days

Processing Fee

2%

9.92%

Flat Rate

18%

Reducing Rate

AED 50K

Min Finance Amount

AED 3000K

Max Finance Amount

AED 0

Early Settlement Fee

AED 2000K

Min Annual Turnover

48 Months

Tenure

7 Days

Approval Time

2%

Processing Fee

Features

  • The reduction rate and the flat rate is 18% and 9.92%. This denotes that the computation done was a division of the reduction rate by 1.814
  • Provides maximum finance amount of up to AED 3,000,000
  • Early settlement fee is AED 0
  • Processing fee is 2% of the loan amount
  • Repayment period is up to 48 months
  • Provides minimum finance amount of up to AED 50,000
  • 2 years minimum length of business is required to qualify for this finance
  • No maximum annual sales turnover is there to apply for this finance
  • Minimum annual sales turnover of AED 2,000,000 is needed to apply for this finance
  • You need not have a bank account with Noor bank to apply for this finance
  • After successful submission of documents, within next 7 working days the bank will approve the loan

Required Documents

  • Copies of passport and visa of the authorized signatories
  • Application form
  • Original list of staff
  • Audited financials of last 2 years have to be submitted to the bank
  • Need to provide bank statements of last 6 months
  • Copies of tenancy contract and utility bills

Benefits

  • Finance amount is high
  • Long and flexible repayment period is provided by bank
  • A dedicated relationship manager guides you throughout the process
  • Documentation process is simple and easy
  • Provides current account with zero balance

Frequently Asked Questions

Q. How do we repay our business loan in Noor bank?

A. You can repay business loan through PDC or sign a ECS mandate in favor of the Noor bank.

Q. What happens after I submit an application form in Noor bank?

A. Once you submit your application, Noor bank provides you with an indicative letter of offer.

Q. Does Noor bank has restrictions on who can borrow from them?

A. The borrower must be a company or, if an individual is borrowing then it must be used for the given purpose only.

Q. How does the bank decide my payment schedule?

A. Payment schedule can be daily, weekly or monthly basis, depending on borrowers interest.

Q. When is the first payment due on my business loan?

A. First payment is due 30 days after your loan gets sanctioned.

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
  • Innovation
  • Determination
  • Integrity
  • Responsibility

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.