Noor Islamic Bank’s personal loans are generally flexible and easy-to-avail, enabling you to cross all monetary hurdles while you go ahead and live stress-free. Some of the key features of this loan are as listed below
You’re probably eligible for Noor Islamic Bank Personal Loan if you are
At least 21 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum income required
Your Noor Islamic Bank Personal Loan amount eligibility is based on these factors
Minimum income required
AED 5,000 per month
Maximum allowed personal loan is AED 2 million
EMIs of other loans lower your eligibility
Increase your eligible Noor Islamic Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 4 Years
Documentation needed to apply for Noor Islamic Bank Personal Loan
- 1. Application Form
- 2. Passport copy
- 3. Residency visa copy
- 4. Emirates ID copy
- 5. 3 month bank statement
- 6. Salary certificate or salary transfer letter
Noor Islamic Bank Personal Loan Interest RatesUpdated on 21 Oct 2016
|Interest Rate (Monthly reducing balance)||2.75%|
|Processing Fees||No info|
|Loan Tenure||4 Years|
Features of Noor Islamic Bank Personal Loan
- Attractive and low profit rates starting at 2.75%
- Maximum loan of AED 1,000,000 for expats and AED 2 million for UAE nationals
- Buyouts from other banks
- Loan tenure of maximum 48 months
- Free credit card with this loan
- Life insurance cover via takaful
- Simple documentation and quick approval
- Nominal fees and charges
- Second finance and top-up option is available
Eligibility of Noor Islamic Bank Personal LoanAged between 21 years and above
- Minimum salary of AED 5,000 per month
- Minimum 6 months of employment with the current employer
- A UAE national or an expat can apply
- Duly filled application form
- Valid Visa and passport
- Current employment proof and salary certificate
- Bank Statements of last 3 months
- Copy of Emirates ID
Noor Islamic Bank Overview
Noor Islamic Bank UAE, offers personal loans at attractive interest rates to its customers. Noor Bank is comparatively a new bank in the UAE with its establishment in the year 2008. Since then, the bank has shown tremendous growth and market capture in such a short span of time. Noor Bank has services ranging from Investment Banking to Asset Management to Credit Cards to personal and corporate banking. The bank has a reputed team of Islamic scholars who oversee and guide the Sharia driven principles of the bank.
95% of the stakes are held by the Noor Investment Group while the remaining 5% are held by the Emirates Investment Authority.
Noor Bank’s Personal Loans are a great way to support your urgent financial needs. With benefits ranging across a wide spectrum, this loan is a perfect partner in times of happiness as well as in need. These loans can be availed with least amount of hassle and documentation
Other Products from Noor Bank
Noor Islamic Bank Personal Loan FAQs
- Are there any pre-payment charges?
- Is there a processing fee charged?
- Is a life insurance scheme required to avail this loan?
- What is the maximum loan amount that I can avail?
- Am I required to transfer my salary to the bank?
- Does this personal loan scheme require a security to be deposited?
- Is there a minimum age requirement in order to avail a personal loan from Noor Islamic Bank?
- Can this loan be availed by expats?
- What is the tenure for a Noor Islamic Bank personal loan?
- Is there a minimum salary requirement one should meet in order to avail this loan?
- Is a borrower required to provide proof of employment?
- What is the interest/profit rate on this loan?
- Does the bank provide any additional benefits to a borrower?
- Does Noor Islamic Bank charge any penalty for pre-payment of a loan?
- Is there an option to top-up a pre-existing loan?
In case the customer is paying the loan by himself then 1% of the outstanding amount is charged as the pre-closure fee.
A nominal processing fee is levied.
Yes. Takaful insurance comes with the loan.
If you are a UAE national you can avail up to AED 2 million. An expat can avail up to AED 1,000,000.
A salary transfer is required to avail this loan. Depends on bank’s policy.
No. There are no collaterals to be submitted as security against this personal loan.
Yes, an applicant must be at least 21 years old in order to apply for a Noor Islamic Bank personal loan.
Yes, expats can avail this loan, subject to them satisfying certain basic criteria.
This loan has a maximum tenure of 4 years, with the loan expected to be cleared within this period.
Yes, borrowers should have a minimum income of AED 5,000 every month in order to be eligible for this loan.
Yes, applicants should submit proof of employment, indicating that they have been in the current job for at least 6 months.
A profit rate of 2.75% is charged on personal loans offered by Noor Bank. However, it is subject to change.
Yes, borrowers are entitled to a free credit card when they take a loan from Noor Islamic Bank.
Yes, a pre-payment penalty equivalent to 1% of the outstanding loan amount is charged by the bank.
Yes, Noor Islamic Bank provides an option to top-up an existing loan.
News About Noor Islamic Bank Personal Loan
Noor Islamic Bank awarded as the Best Performing Bank in UAE
Noor Islamic Bank was awarded the Best Performing Bank in UAE at the World Islamic Banking Conference Performance Awards, 2015. This awards reflects the bank’s strong performance throughout the year. It is also a leading Shariah compliant bank and it has witnessed a significant growth in the balance sheet. World Islamic Bank Conference has been leading the way in Islamic financial services. It is also influential and has been able to gather the Islamic finance industry leaders.
08th December 2015
Noor Islamic bank personal loan customers can rejoice! Bank offers 3 month payment holiday!
Noor Islamic bank recently announced the details of a special offer for the customers availing personal loan. The bank announced that it will offer a three month holiday payment to the customers who avail personal loan from the bank. The offer will allow the customer to pay the first installment up to three months after the loan amount is disbursed. The offer is applicable only for salaried UAE residents who are opting for personal loan or transferring their personal loans from other banks to Noor Islamic bank. The promotion also offers low profit rates starting as low as 2.99% p.a. and finance amounts as high as AED2 million for the customers. This is a limited time offer.
26th August 2015
Noor Bank’s profit up by 26% for the first half of 2015!
Noor Bank reported a profit of up to 26% from the last year. The Bank reported a net profit of Dh272 million for the first half of the financial year. The bank witnessed an asset and deposit growth of 28% and 24% respectively for the first half of the financial year. The bank’s total asset grew to Dh37.3 billion as compared to Dh29 billion at the start of the year.
The bank also witnessed a growth in its consumer finance base by 18% across various product categories such as cards, personal loans and auto loans. The bank’s asset crossed $10 billion mark for the first time ever in the first six months of financial year 2015. The bank continues to enjoy one of the lowest cost funding among peer group despite 24% increase in the core deposit base in the first half of 2015.
10th August 2015