National Bank of Abu Dhabi Loans Review – Fast Application Process and...

National Bank of Abu Dhabi Loans Review – Fast Application Process and Flexible Repayment Terms

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National Bank of Abu Dhabi
Screenshot Personal Loans Home Page National Bank of Abu Dhabi

Although savings go a long way, there are those moments where the savings simply aren’t enough to bridge the gap. When this is the case, it’s important to have another option. Short-term loans provide access to funds in a hurry, which means consumers can continue with their lifestyle without hassles. National Bank of Abu Dhabi Loans tick all the boxes that loans should tick in terms of product positioning. But does it satisfy the needs of all its customers? This review takes a closer look at the products to determine how it ranks among its peers.

See how these loans compare to those from Standard Bank here.

About National Bank of Abu Dhabi

National Bank of Abu Dhabi
Screenshot of the History of the National Bank of Abu Dhabi

It is easy to assume that a bank that enjoys quite as many accolades as National Bank of Abu Dhabi, to have a long and influential history. Surprisingly, the bank was only founded in 1968. It wasn’t long after, though, that the bank decided to increase its footprint and expand to Africa. The first branch was in Cairo, Egypt, and set the tone for global expansions. Over the years, further expansions and stock exposure led the bank to climb the ladder on some surprising charts. It held a position in the World’s 50 Safest Banks by Global Finance list.

When the world experienced the subprime mortgage scandal and any banks were forced to approach their governments for bailouts, National Bank of Abu Dhabi held firm to its position. Not only did the bank not require the bailout, but also managed to strengthen its position and increase its profits. By 2010, the bank broke one of the UAE region’s records, by reaching $ 1 billion in profits. This sets the tone for the operations of the bank, which is partly the reason for it enjoying the top spot as the safest bank in the Middle East.

Read here for a full review on National Bank of Abu Dhabi.

Loans vs Credit Cards

When it comes to credit, it’s always wise to use the right type of credit for the need that arises. For instance, customers who wish to purchase a property won’t use a credit card with a high interest rate to do so. They would rather use a mortgage for it. The same applies to the other types of loans on offer.

Personal Loans

These are loans that are designed to resolve a cash shortage for mostly a one-off occurrence or need. This could be for specific items or events, such as furniture for a new home, a holiday, wedding, and more. Customers receive a lump sum and the loan is paid back over a period of time. The interest is already added to the installment for ease. Customers tend to choose a term that stretches over a few years in order to lessen the burden of the installment.

Overdrafts

These loans are designed to allow customers to go into an approved excess on their accounts. This is especially handy for those who have payments in the middle of the month, however, only receive their salary at the end of it. The loan type is of a revolving nature and customers don’t necessarily pay installments but are required to make deposits into the account.

Credit Cards

These are used to fund emergency and small purchases that ordinarily should happen with a salary, but cannot at that moment. For many, the credit card has become a means of benefitting from fantastic benefits, rewards, and more. These are paid in installments of between 5% to 10% of the limit. Customers are advised to try and pay their full balance every month to qualify for interest offers, if applicable.

National Bank of Abu Dhabi Loans Product Offerings

National Bank of Abu Dhabi
Screenshot Loan Options National Bank of Abu Dhabi

NBAD Etihad Guest Personal Loan

This is a loan that is forged through a partnership between Etihad Airways and NBAD. Furthermore, customers stand the chance to earn Etihad Guest Miles with their personal loan.

  • Customers enjoy access to competitive interest rates.
  • Also, they can earn 500 Etihad Guest Miles for every AED 20,000 loan amount.
  • There are high loan amounts available with low interest rates.
  • Furthermore, customers enjoy a first repayment after 90 days for buyout loans.
  • Finally, customers can use the NBAD loan calculator to calculate their instalments.

Landlord Loans

These loans allow property owners to borrow against the rental income they receive. Furthermore, this loan is available to UAE Nationals.

  • Customers enjoy a variable interest rate.
  • Also, the loan amounts are generous and customers can borrow up to AED 2 million.
  • The loan offers flexible repayment of up to 48 months.
  • Finally, customers have access to tools and calculators to determine their repayments.

Overdrafts

This facility provides customers with flexibility and access to revolving funds.

  • Customers can apply for up to 2 times their salary, to a maximum of AED 50,000.
  • Furthermore, the interest is only charged on the utilization.
  • The facility is renewable on an annual basis.
  • Also, customers have access to tools and calculators to determine repayments.
  • Finally, the cash is available as an authorized excess on the current account. This means customers have access via internet and mobile banking, as well as their debit card.

Personal Loan for UAE Nationals

This is a flexible personal loan specifically designed for nationals to help them achieve their financial goals.

  • Customers can apply for loans of up to AED 5 million.
  • There are flexible repayment terms of up to 48 months. UAE Armed Forces employees enjoy up to 60 months.
  • Furthermore, customers enjoy competitive interest rates.
  • Finally, Elite Gold customers have the opportunity to save 25% on their processing fees for all new loans.

Personal Loans for Expats

Those who wish to start a new life in the UAE, can apply for an expat personal loan. Furthermore, these loans offer a generous loan amount of up to AED 2 million.

  • Customers enjoy competitive interest rates.
  • Also, there are flexible repayment terms of up to 48 months.
  • Finally, customers save 25% on the processing fees for all new loans when they sign up as Elite Gold customers.

Startup Loans from NBAD

This loan type can help customers settle into their new life in the UAE, or for those who just started a new job or business. The loans provide customers with the necessary capital to get going.

  • Customers have access to loan amounts of up to AED 500,000.
  • The funds could be used to purchase a car, furnish a home, or just cover the living expenses for a few months.
  • Customers enjoy a competitive interest rate.
  • Furthermore, expats also have access to loan amounts of up to AED 200,000.
  • Finally, the repayment terms are flexible. Customers have up to 48 months to repay.

Buyout Loans

Customers who have their loans at other institutions and wish to move to NBAD, can take advantage of this loan.

  • Customers have access to high loan amounts of up to AED 5 million for UAE nationals.
  • Furthermore, customers benefit from competitive low interest rates.
  • Also, the repayment terms are flexible and customers can repay over a term of up to 48 months. This increases to 60 months for UAE Armed Forces employees.
  • Finally, Elite Gold customers save up to 25% on the processing fee for all new loans.

Debt Consolidation Loans

This loan type provides customers with the opportunity to consolidate all their loans into one single loan.

  • Customers enjoy flexible repayment terms of up to 144 months.
  • Furthermore, the interest rates are competitive.
  • These loans are exclusive to UAE nationals who have a debt burden of higher than 50% of their monthly salary.

Secured Loans

Customers who wish to secure their loans with their fixed deposits, will find this option suitable. Furthermore, this allows customers to achieve their financial goals sooner.

  • Customers enjoy generous loan amounts of up to AED 5 million. Or, the loan amount can be up to 95% of the fixed deposit amount for UAE Nationals and expats.
  • The loan provides customers with flexible repayment terms through their NBAD account.
  • Also, customers have access the variable interest rates.
  • Finally, this loan type may seem strange, however, by securing the loan customers are in a position to negotiate the interest on the loan.

Customers who prefer to save for their long term goals, can choose one of National Bank of Abu Dhabi's Savings accounts. Read more on it here.

Critical Reviews Rating Abu Dhabi Loans – 9 of 10

National Bank of Abu Dhabi
Screenshot Loan Calculator National Bank of Abu Dhabi

Those who find themselves customers of National Bank of Abu Dhabi, have access to a number of loan types that will make their life in the UAE more comfortable. These loans offer customers solutions to any cash flow constraints they may experience.

Furthermore, customers have a clear idea of what they can expect. What makes these loans all the more attractive is that there are options for expats as well. The personal loans also have another appealing factor, and that is that there are benefits linked to some of them. This is, thus far, unheard of to us throughout all the loan reviews we’ve done.

Finally, the only matter of concern with these loans is that we know there are fees, but there is no information about it on the site. This will be an awkward surprise for those who sign up and only find out about them later. For the most part, these are fantastic loan products.

National Bank of Abu Dhabi has a range of credit cards as well. Read about it here.

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