Individual Loans that comply with Shariah law are available from Noor Bank to both UAE citizens and foreign residents. A Private Loan From Noor Bank There is no need for extensive paperwork if this is the case. Noor Bank offers personal loans that may be used for everything from a major home improvement project to the education or vacation needs of you and your family. Noor Bank offers personal loans with variable interest rates and terms of up to 48 months and fixed financing charges of 3.49 percent. Up to twenty times the candidate’s annual salary may be used as a benefit advance.
Noor Bank Personal Loan Interest Rate
Competitive interest rates and flexible reimbursement options are provided by Noor Bank. During the whole period of advanced residence, the rate will not change. The rate for a personal advance loan from Noor Bank is as follows:
Noor Bank Personal Loan Eligibility
As a bare minimum, Noor Bank’s credit-benefitting clients must meet:
Male models must be at least 21 years old.
AED 8,000 minimum wage with promotion necessary.
In addition, the applicant’s management must be included in Noor Bank’s list of approved organisations.
Salary is to be sent over as part of the compensation.
Noor Bank Personal Loan Features and Benefits
The core benefits and features of Noor Bank’s Sharia Compliant individual accounting are as follows.
Individual Loan Amounts – The applicant is eligible for Loan Amounts up to 20 Pay Periods of Compensation.
Endorsement in the works! – After the bank verifies and prepares the necessary records, the funds will be deposited into the candidate’s account within 30 minutes.
Flexible Repayment Terms The borrower may choose flexible tenor options, with a maximum term length of four years.
Benefits of Takaful Coverage – In the event of unforeseen circumstances, the borrower may take use of Takaful coverage in addition to their own personal accounting. Borrowers are required to purchase a Regular Takaful that will pay out the lump amount in the event of the borrower’s untimely death or permanent and total disability. On the other hand, the borrower has the option to choose among Silver and Gold Takaful Plans.
Silver Plan – This Takaful Plan pays out the same amount in the event of death or permanent total disability.
Gold Plan – This Takaful Plan pays the same amount in the event of death or super-long-lasting total disability as the normal premiums would have been. Up to six EMIs, with a maximum combined value of 48,000 AED, are protected under this plan in the event of involuntary company closure.
Along with the Noor Bank personal loan, the borrower is eligible for a free MasterCard for life and a free chequebook. The card’s plethora of perks is worth at least 50,000 AED, which is a major perk.
Bank Borrowers Can Choose From a Wide Range of Unique Products Designed to Meet Their Specific Needs A wide range of unique product options are available from the bank to help borrowers meet their specific needs, which may include emergency savings, home renovations, and much more. Here are some of the ways that certain products might vary:
Differential Accounting Methods
Consolidation of preexisting debt with another financial institution
Supplement to a preexisting financial system
Noor Bank provides its customers with access to a telephone banking service.
Immigration Status Verification Form
A photocopy of your official form of identity
Receipt for the last three months’ salary through bank statement
Opening a Stock Trading Account
Declaration of Liability
The Commercial Permit Process (for independently employed clients)