Emirates NBD, a leading bank in the region, announced on Saturday launch of three new variants of its personal loan offering to customers.

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.