Emirates NBD offers loans against EOSB

DUBAI - Emirates NBD, the leading bank in the region, on Monday announced that its salaried customers can now avail of personal loans against the End of Service Benefit (EOSB) amount owed to them.

By (Staff Report)

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Published: Tue 21 Dec 2010, 11:24 PM

Last updated: Mon 6 Apr 2015, 10:09 AM

The personal loan against EOSB is available to all Emirates NBD customers who have a salaried account with the bank. Applicants must earn at least Dh5,000 per month to be eligible for this facility. Personal loans can be availed for up to 90 per cent of the EOSB amount. The minimum loan amount that can be taken is Dh10,000.

“Emirates NBD continuously develops innovative products and solutions with the objective of meeting the specific needs of our customers,” said Shekhar Krishnamurthy, Head of Retail Assets and Liabilities, Emirates NBD.

In reply to a query, Krishnamurthy yold Khaleej Times that the bank accountholders who have already availed personal loans are also eligible to avail this offer. He said interest rate on the new product will be one per cent less than applicable interest rate as per the credit profile. “There is no minimum length of service as the loan amount is linked to the EOSB amount. EOSB is a function of length of service as well as salary,” Krishnamurthy said adding that the customers can return the loan in easy installments up to four years.

Emirates NBD has a leading retail banking franchise in the UAE, with 132 branches, 705 ATMs and SDMs. It is a major player in the UAE and has operations in Saudi Arabia, Qatar, the United Kingdom and Jersey.

“The personal loan against EOSB program allows customers in the medium and lower salary range, to avail personal loans to meet their financial requirements, by considering the EOSB amount as collateral against which the customer can take a loan.

It also therefore assists customers to manage their debt wisely because loan amounts cannot exceed the total benefit amount due to the customer,” Krishnamurthy said.

The new product underlines the bank’s commitment to meet customer needs and provide them with financial solutions tailored to their requirements.


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