Salaried UAE nationals and expatriates can now avail of personal loans with no salary transfer or company listing requirement

Emirates NBD becomes one of very few finance companies in UAE to offer non-salary transfer loans

In line with Emirates NBD's strategy to grow loan book, which accounts for almost 50 per cent of total retail assets

Dubai, March 10, 2012: In a move to enhance consumer access to finance and boost its loan portfolio, Emirates NBD, a leading bank in the region, announced today the launch of three new variants of its personal loan offering to customers. These new options significantly ease restrictions for customers with healthy finances.

The first variant is the Non-Salary Transfer loan, where the bank does not require the borrower to have their salary transferred to Emirates NBD, and can instead make monthly repayments through the issuance of post-dated cheques. This option also removes the requirement for borrowers to be employed by a company that is registered on the bank's approved list of employers.

The second option is the Salary Transfer personal loan, where customers who do have their salary transferred to the bank are also not required to be employed by a company that is registered on the bank's approved list of employers. Instead, the customer must be able to demonstrate a good account history for a minimum of six months.

The third variant is the Loan for Bankers, which allows employees of banks to avail of a personal loan without a requirement for their salaries to be transferred to Emirates NBD. Once again, monthly repayments can be made through post-dated cheques.

"Retail loans remain a key area for Emirates NBD as we continue to focus on meeting the evolving needs of our customers," said Shekhar Krishnamurthy, Head - Retail Assets and Liabilities, Emirates NBD "Our personal loan book accounts for almost 50 per cent of Emirates NBD's total retail asset book. With these new variants we aim to enter new segments in order to increase business and book size through 2012."

In the UAE, most banks only offer personal loans on the condition that customers' salaries are transferred to the same bank.  Emirates NBD is one of very few finance companies to offer non-salary transfer loans.

"These new loan variants were developed in response to market demand," continued Krishnamurthy. "We recognise that loan requirements do not always correspond with customer's personal circumstances. We also believe that this should not prevent customers from availing of a personal loan, providing they can show that their finances are healthy.

"A personal loan can be a very useful financial tool, especially in times when a little extra help is needed to manage monthly budgets. Typically, people use a personal loan to help finance home renovations, holidays, children's education, weddings or simply to purchase new home appliances."

The new loan variants from Emirates NBD are available to all salaried UAE nationals and expatriates, require minimal paper work and can be repaid over a fixed period of time.

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About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 31 December 2011, total assets were AED 284.6 billion. The Group has a leading retail banking franchise in the UAE, with over 168 branches and over 780 ATMs and SDMs.  It is a major player in the UAE corporate banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations. 

The Group has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom and Jersey (Channel Islands), and representative offices in India and Iran.

The Group is an active participant and supporter of the UAE's main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.

For more information, please visit: www.emiratesnbd.com

For further information, please contact:
Afaf Jbara / Hassan Al Khuwaildi
Communications
Group Marketing, Emirates NBD
Tel: 971-4-6093481 / 971-4-6093459
Mob: 971 50 8842020 / 971 50 7454454
Email: Afafj@emiratesbank.com  / HassanAl@emiratesnbd.com

Parisa Ansarian / Sudha Chandran
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Fax: 971-4-4358040
Email: p.ansarian@asdaa.com  / s.chandran@asdaa.com

© Press Release 2012