Noor Bank Personal Loans in UAE

About Noor

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.

Noor Personal Loan Details

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
Tenure 48 months
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

Personal Finance – For UAE Nationals

  • Minimum Salary – AED 8K
  • Flat Rate – 3.49%
  • Reducing Rate – 6.33%
  • Loan Amount – AED 2000K
  • Early Settlement Fee – 1%
  • Arrangement Fee – 1%Advantages
    • Free credit card
    • High loan amount

Features

  • Only UAE Nationals can apply for this scheme
  • The loan is provided for a interest rate of 6.33%
  • Minimum salary of AED 8,000 is required
  • The reduction rate and the flat rate is 6.33% and 3.49%. This denotes that the computation done was a division of the reduction rate by 1.814
  • It is mandatory to transfer your salary
  • Finance up to AED 2,000,000
  • Early settlement fee is 1% of the loan amount
  • Arrangement fee is 1% of loan amount

Benefits

  • Applicants can get up to AED 2,000,000 loan amount
  • Documentation is simple and easy
  • There is low salary requirement and long repayment period along with this scheme
  • Provides free credit card along with scheme
  • Availability of options like second finance and top-up

Personal Finance – For Expats

  • Minimum Salary – AED 8K
  • Flat Rate – 3.49%
  • Reducing Rate – 6.33%
  • Loan Amount – AED 1000K
  • Early Settlement Fee – 1%
  • Arrangement Fee – 1%

Features

  • Only Expats can apply for this scheme
  • The loan is provided for a interest rate of 6.33%
  • Minimum salary of AED 8,000 is required
  • The reduction rate and the flat rate is 6.33% and 3.49%. This denotes that the computation done was a division of the reduction rate by 1.814
  • It is mandatory to transfer your salary.
  • Finance up to AED 1,000,000
  • Early settlement fee is 1% of the loan amount
  • Arrangement fee is 1% of loan amount

Benefits

  • Applicants can get up to AED 1,000,000 loan amount
  • Documentation is simple and easy
  • There is low salary requirement and long repayment period along with this scheme
  • Provides free credit card along with scheme
  • Availability of options like second finance and top-up

Frequently Asked Questions

⭐ What are the different personal loans provided by Noor Bank?

A. Noor bank provides personal loans for UAE nationals and personal loans for expats.

⭐ Can I avail a life insurance on this loan?

A. Yes. You can avail Takaful insurance on this loan

⭐ Is any proof of employment required to get this loan?

A. Yes, a proof of employment is essential to avail this personal loan.

⭐ 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.

⭐ 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.

⭐ Should I need to provide any assets as security to avail this loan?

A. No collateral is required to get this loan.

⭐ Should I need to provide salary transfer letter for documentation of this loan?

A. Yes. Salary transfer letter is mandatory to get this loan.

⭐ What are the other personal loan options available?

A. There are several other personal loans available. Check here for Personal Loan in UAE