Personal loans from NBQ 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||Depends on discretion of the bank|
|Floating Rate||Depends on discretion of the bank|
Up to 10 times monthly salary for expats till a limit of AED 250000
Up to 20 times monthly salary for nationals
|Loan Tenure||Maximum of 48 months for nationals and expats|
It is worthwhile to note that the rates offered by NBQ are variable to change as per the discretion of the bank.
Overview of NBQ Personal Loans
National Bank of Umm Al Qaiwain or NBQ is headquartered in the northern emirate of Umm Al Qaiwain and was founded in the year 1982 by the then ruler late H. H. Sheikh Rashid Bin Ahmed Al Moalla. Known as NBQ since 2005, this bank has 30 branches spread across all emirates and has operations in financial transactions like savings, loans, corporate banking, Islamic banking and others. Under personal banking, NBQ 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 NBQ Personal Loans
The EMI payable on NBQ 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.
Factors affecting NBQ Personal Loan Interest Rates
Personal loans from NBQ 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 NBQ’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 NBQ, one has to have a minimum monthly salary of AED 2500. 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 NBQ 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 NBQ Personal Loan Interest Rates
- Minimum monthly salary requirement is AED 2500 for availing a personal loan
- Processing fees, prepayment fees and late payment fees are dependent on the bank’s discretion
- Salary transfer might be required to avail a personal loan
- Identity documents and bank statements need to furnished along with the loan application form while applying for the loan