The personal loan offered by Emirates Money are ideal for any sudden requirement of cash that customers may face. It is available to both UAE nationals and expats and can be used by them for any purpose ranging from paying for a vacation to weddings to school fee or even renovating the house. These loans offer customers high amounts to borrow coupled with flexible repayment periods. They can also offer extra funds should customers need more money that they had originally planned to borrow.
Features of Emirates Money Personal loan
There are many distinguishing characteristics of Emirates Money personal loans. Some of these are:
- This loan is available to self-employed individuals.
- Customers can borrow up to AED 450,000 under these personal loans.
- The repayment term for these loans can be as long as 4 years (48 months).
Benefits of Emirates Money Personal Loan
There are some distinct benefits that form an integral part of the personal loans offered by Emirates Money. These benefits are:
- The customers are allowed to prepay the loans.
- The company offers credit shields for the loans which ensure that the outstanding balance is taken care of if the customer is unable to pay it back due to a personal tragedy.
- Should customers run short of money and need more, there is a provision for top-up loans so that they can borrow over and above what they have already taken.
Eligibility Criteria of Emirates Money Personal Loan
There are certain criteria that all the customers need to meet before they can avail this personal loan. There are also certain documents that are required to meet this criteria. These criteria and documents are:
- The minimum monthly income for this loan is AED 25,000.
- The applicant should either be a UAE national or an expatriate with a valid residence visa.
- The documents required will be:
- A copy of the passport with the valid visa or an identity card issued by the government.
- A copy of the trade license.
- Bank statements for the last 3 months.
- A power of attorney.
- A memorandum of association
Fee & Charges of Emirates Money Personal Loan
- The annual fee charged for the credit shield service is 0.58% of the loan amount paid annually.
- The processing fee charged for this loan is 1% of the loan amount. The minimum and maximum fee that can be charged is AED 500 and AED 2500.
- If customers go in for a prepayment, then they have to pay a fee of 1% of the outstanding balance.
- No fee is charged for services like switching prepayment methods, requesting for statements of accounts and for letters of liability or clearance.
About Emirates Money
Emirates Money is a part of the Emirates NBD bank with the express purpose of providing financial solution to individuals and businesses. It was set up in 2008 and has, since then, introduced various products that have been aimed at solving the financial needs of its customers. A complete list of the banks products would include loans like car loans, personal loans, mortgages, insurance and business loans as well. The company also have tie-ups with dealers so as to provide its products to customers with them having to look for them.
FAQ - Emirates Money Personal Loan
- What happens if I fail to pay an instalment on time?
- Do I have to pay anything for a copy of my repayment schedule?
- I am not a resident of the UAE or a UAE national. Can I take this loan?
If you fail to pay the instalments on time then you will have to pay a penalty of AED 50 for each month that the payment is delayed.
No. You can get a copy of the repayment schedule for free.
No. This loan is available only to residents and nationals who are self-employed.