Personal loans from Noor Bank are offered at competitive profit rates and the interest remains fixed for the tenure of the loan. The following table illustrates the rates offered by the bank and the loan tenures that are acceptable –
|Type of Loan||Interest Rates||Maximum Loan Amount||Minimum Monthly Salary|
|Personal Finance||Starts from 2.75% p.a.||AED 1,000,000 for expatriates, AED 2,000,000 for UAE Nationals||AED 5,000|
It is worthwhile to note that the rates offered by Noor Bank are subject to change as per the discretion of the bank.
Overview of Noor Bank Personal Loans
Noor Bank has grown quite fast in the areas of corporate and personal banking, wealth management, insurance, trading and treasury since its initiation in 2008. It has its headquarters in Dubai. Under personal banking, Noor Bank provides loan amounts through Islamic banking modes. These personal loans can be categorised as being offered for UAE nationals and expatriates.
Calculating the EMI on Noor Bank Personal Loans
EMI’s for the Noor Bank Personal Loan can be calculated online by using an EMI calculator. The applicant has to enter key details such as loan amount availed, tenure chosen and the interest rate provided and the calculator will provide an estimate. The interest rates offered by Noor Bank for their personal loans start from 2.75% p.a.
Factors affecting Noor Bank Personal Loan Interest Rates
Personal loans from Noor Bank 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 Noor Bank’s trusted organisations, the chances of getting a better interest rate are even higher
- Loan Tenure – Fixed rates are the most beneficial considering the interest remains stable throughout the loan tenure
- Monthly Income – For availing a personal loan from Noor Bank, 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 Noor Bank 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 Noor Bank Personal Loan Interest Rates
- Minimum monthly salary required to avail a Noor Bank Personal Loan is AED 5,000
- Processing fees are 1% of the loan amount; early settlement fees are 1% of the outstanding loan amount. All these are dependent on the bank’s discretion and can be changed without prior notification.
- Salary transfer is required to avail a personal loan
- Employer should be approved by Noor Bank
- Identity documents, latest salary certificate and bank statements of the past 3 months need to furnished along with the loan application form while applying for the loan