Personal loans from NBAD are offered at very competitive rates and the interest payable per month would vary as the EMI gets paid off per month regularly for the tenure of the loan. The following table illustrates the rates offered by the bank and the loan tenures that are acceptable –
|Flat Rate||As low as 2.63%|
|Floating Rate||As low as 4.99%|
|Early Settlement Fee||
1% of prepayment amount for partial settlement
1% of outstanding amount for full settlement
|Processing Fee||1% of loan amount within AED 500 and AED 2500 (inclusive of limits)|
|Insurance Fee||0.05% on outstanding loan balance|
|Loan Amount||Up to AED 2 million for expats and AED 5 million for nationals|
|Loan Tenure||Maximum of 48 months for nationals and expats, 60 months for UAE Armed Forces Personnel|
Additionally, Elite Gold customers of NBAD can avail a 25% discount on the processing fee of new personal loans. It is worthwhile to note that the rates offered by NBAD are variable to change as per the discretion of the bank.
Overview of NBAD Personal Loans
National Bank of Abu Dhabi or NBAD is the largest lender in the Emirate of Abu Dhabi and the second largest lender in the UAE. Set up in the year 1968, this bank operates in all major financial transactions like savings, loans, corporate banking, treasury, leasing, property management, Islamic banking and others. Under private banking, NBAD provides high loan amounts through conventional as well as Islamic banking modes. These personal loans can be categorised as being offered for UAE nationals and expatriates.
Calculating the EMI on NBAD Personal Loans
The EMI payable on NBAD personal loans can be calculated by the tool provided on the website. The EMI will depend on the interest rate at which the personal loan has been availed. While the minimum rates have been mentioned above, the final loan interest rate is dependent on the drawn salary of the individual and will be as per the discretion of the bank.
As an indicative figure, a personal loan of AED 100000 availed for a year at a reducing balance interest rate of 4.99% will have a payable EMI of AED 8,500 on an average. This amount does not include extra taxes and is valid only on the base loan amount.
Factors affecting NBAD Personal Loan Interest Rates
Personal loans from NBAD have a few factors that affect the interest rates applicable. A lower or higher interest rate might be subject to the following factors –
- Employment History – A minimum one year employment at the current organisation and minimum 3 years employment history is a very preferred attribute that would allow one to avail lower interest rates. A stable employment history allows the bank to have more trust on the customer. Additionally, if your organisation is in the list of NBAD’s organisation, the chances of getting a better interest rate are even higher
- Loan Tenure – Reducing balance rates are the most beneficial when considering a longer loan tenure. The rate of interest is automatically reduced for a longer repayment term
- Monthly Income – For availing a personal loan from NBAD, one has to have a minimum monthly salary of AED 15000. But the rates of interest for the minimum salary slab might be on the higher side. With a higher monthly salary, the advertised lowest interest rate from NBAD can be availed
- Credit Score – Offered interest rates and the time taken for the approval of the personal loan depends on one’s credit score too. Though not a central factor, it’s important to maintain a good credit score in order to avail the best offers from the bank regarding personal loans
Key Pointers about NBAD Personal Loan Interest Rates
- Minimum monthly salary requirement is AED 15000 for availing a personal loan
- Processing fees can be within a low of AED 500 and a high of AED 2500 and are 1% of the loan amount
- Salary transfer is mandatorily required to avail a personal loan
- Identity documents and bank statements of 6 months need to furnished along with the loan application form while applying for the loan