Dubai - The payment holiday adds greater convenience for customers by enabling them to pay their first instalment up to three months after disbursal of the finance.
Noor Bank today announced that it will offer a three month 'payment holiday' to customers taking personal loans.
The payment holiday adds greater convenience for customers by enabling them to pay their first instalment up to three months after disbursal of the finance.
The option is applicable for salaried residents of the UAE who are either looking to take a new loan, transfer their finances from other banks to Noor Bank or simply looking for a top up of their existing facility with Noor Bank.
The limited time promotion offers customers low profit rates starting from 2.49 per cent per annum and finance amounts up to Dh2 million for UAE nationals and Dh1 million for resident expatriates. The combination of low profit rates and high finance amounts allows customers the opportunity to consolidate their debts and lower their current monthly payments.
Speaking about the offer, Waleed Barhaji, Business Head of Consumer Finance, Noor Bank said, "We are delighted to offer this value added service to our customers. The payment holiday will enable our clients to cover one-off expenses such as holiday bills and school fees, and avoid dealing with added pressures to their cash-flows especially during the upcoming festive months."
"In addition, Noor Bank offers its customers exceptional express service, with finance approvals within one working day. We have witnessed exceptional growth amongst our personal finance base during the first half of 2015 - with an increase of 25pc.This exhibits that our clients are seeing value in our product offerings."
Applicants between 21 and 60 years are eligible to apply for personal finance. Other criteria include a minimum income of Dh 5,000 per month from pre-approved employers, with mandatory salary transfers to Noor Bank.
The bank's industry leading basket of products and services continue to receive prestigious awards. This year, Noor Bank had been named Most Innovative Islamic Credit Card (Best Rate Card) UAE 2015, Best Islamic Bank for Auto Financing UAE 2015, and Best Islamic Bank for Personal Financing UAE 2015 from the UK-based Global Banking and Finance Review.
Noor Bank also received awards from the International Finance Magazine based in London. The bank was named as winner in categories for Best Re-branded Credit Card, UAE 2015, Best Islamic Auto Finance Provider, UAE 2015 and Best Islamic Personal Finance Provider, UAE 2015.