What is the NBF Personal Loan?
NBF Personal Loan is a personal installment loan with a tenor of
up to 48 months and up to 20 multiples of salary in financing.
Am I eligible to apply for the NBF Personal Loan?
You can apply for the NBF Personal Loan if you are a salaried
person residing in any of the emirates within the UAE.
What should my minimum age be to be eligible for the NBF Personal Loan?
If you are over 21 years of age you are eligible to apply for
the NBF Personal Loan.
What should my maximum age be at the time of loan application and loan maturity?
If you are an expatriate you should be maximum 60 years old at
the time of loan maturity.
If you are a UAE National you should be maximum 65 years of age
at the time of loan maturity.
What should my minimum monthly income be to be eligible for the NBF Personal Loan?
Your minimum monthly income should be AED 20,000 for you to be
eligible for the NBF Personal Loan.
What is the expected turnaround time for processing personal loans?
Usually loan applications are approved within six working
days.
Is it mandatory for me to assign my salary to NBF if I want to apply for a personal loan?
Yes, salary assignment to an NBF account is mandatory.
What is the required minimum length of service in my current organisation for me to be eligible for the NBF Personal Loan?
Your minimum length of service with your current organisation
should be six months with confirmation for you to be eligible for
the NBF Personal Loan facility.
How will the loan be disbursed to me upon approval?
Upon approval, the loan amount will be transferred to your
account with NBF.
How much will my monthly installment be?
The monthly installment will be fixed and will not vary from
month to month. Prior to processing the Personal Loan application,
the Loan Officer present at the Branch will advise you of an
indicative monthly installment amount.
Will the monthly payment remain constant over the term of the loan?
Yes, the installment will remain the same through the planned
tenor.
What will be the mode of repayment?
At the time of legal agreement signup, you will provide NBF a
standing order instruction to deduct the equal monthly installment
from your account with NBF.
Can I alter (increase or reduce) the Personal Loan tenor?
Yes, this can be done as per the existing policy guidelines.
What is the processing fee for NBF Personal Loan?
How much will the Applicant be charged if he is settling the Loan earlier than the maturity date?
What documents will be required to apply for the NBF Personal Loan?
The following basic documents are required to apply for the NBF
Personal Loan:
- Copy of valid passport
- Copy of valid residency visa (for expatriates)
- Copy of Current dated salary certificate (less than 30 days
old)
- Original bank statements dating back the last six months