Personal loans from NBF are offered at 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||Starting from 3.69%|
|Floating Rate||Starting from 6.75%|
|Loan Amount||Up to 20 times monthly salary for nationals and expatriates|
|Loan Tenure||Maximum of 48 months for nationals and expats|
|Processing fee||1% of the loan amount within inclusive limits of AED 500 and AED 2500|
|Early Settlement Fee||1% of outstanding balance subject to a limit of AED 10000|
It is worthwhile to note that the rates offered by NBF are subject to change as per the discretion of the bank.
Overview of NBF Personal Loans
National Bank of Fujairah or NBF is recognised for its performance and excellence in the areas of corporate and commercial banking, trade finance and treasury. It was founded in the year 1982 and has rose to fame being the best Commercial Bank as well as the best Corporate Bank. Under personal banking, NBF provides 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 NBF Personal Loans
The EMI payable on NBF personal loans can be calculated by the using the tenure, the interest rate availed and the loan amount. The final loan interest rate is dependent on the drawn salary of the individual, the tenure and the loan amount applied for and will be as per the discretion of the bank.
As an indicative calculation, a loan amount of AED 100000 for a tenure of 4 years at a reducing balance interest rate of 6.75% will require a payment of AED 2383 towards EMI. These figures do not include taxes of any kind and are subject to change as per the discretion of the bank.
Factors affecting NBF Personal Loan Interest Rates
Personal loans from NBF 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 six months’ employment at the current organisation 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 NBF’s trusted organisations, 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 NBF, one has to have a minimum monthly salary of AED 5000. 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 NBF 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 NBF Personal Loan Interest Rates
- Minimum monthly salary requirement is AED 5000 for availing a personal loan
- Processing fees are 1% of the loan amount, early settlement fees are 1% of the outstanding loan amount and late payment fees are 2% of the delayed amount. All these are dependent on the bank’s discretion
- Salary transfer is required to avail a personal loan
- Identity documents, latest salary certificate and bank statements of the past 6 months need to furnished along with the loan application form while applying for the loan