Dubai: Emirates NBD announced yesterday the introduction of the UAE National Package with Additional Income (Rental Income) for Personal Loans, a new addition to the bank's existing personal loan package for UAE nationals.

The new feature will take into account additional income from property rental when calculating personal loan eligibility amounts.

The enhanced loan product is designed for UAE nationals who receive additional income, on top of their regular salary, from property.

With these combined incomes taken into account, it will mean customers are eligible for higher loan amounts.

"At Emirates NBD, we strive to introduce new and innovative concepts to facilitate the specific needs of our customers," said Jamal Bin Ghalaita, Group Deputy CEO.

"Today's announcement is in line with our continuous efforts to offer personal finance solutions that are customised to our customers' banking and lifestyle requirements."

"We recognise that a significant number of UAE nationals have dual income from their salary as well as property rentals," said Shekhar Krishnamurthy, Head of Assets and Liabilities.

"With this new personal loan option, we are addressing this gap, by unlocking rental incomes to enhance loan eligibility. This enables UAE nationals to avail of personal loans amounts that reflect more accurately their financial standing."

The UAE National Package with Additional Income (Rental Income) for Personal Loans is available to all UAE nationals.

Customers wishing to use this facility must present proof of rental income, such as tenancy contracts or bank statements with rental income credits.

Emirates NBD's consumer lending business has grown in strength in recent years and now offers a comprehensive range of products and services.

Prepaid card on offer

First Gulf Bank has tied up with Citi Prepaid Services to provide prepaid payroll card solutions to FGB's corporate customers in the UAE. The service will be routed as a significant enhancement of FGB's comprehensive payroll service, FirstPay, the bank said.

The payroll cards will be regularly loaded with payroll value for each employee and will enable an automated and friendly process.