Dubai: Noor Bank announced on Tuesday that it will offer a three-month payment holiday to its customers.
The promotion is open to residents availing themselves of the bank’s “personal finance” and enables them to pay their first instalment up to three months after disbursal of the finance.
The option is applicable to salaried UAE residents who are either looking to take a new personal finance, transfer their finances from other banks to Noor Bank or simply looking to top up.
The limited time promotion offers customers low profit rates starting from 2.49% 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 the payment holiday will allow their 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 among our personal finance base during the first half of 2015 – with an increase of 25 per cent. This [shows] that our clients are seeing value in our product offerings.”
Applicants between the ages of 21-60 years are eligible to apply for personal finance. Other criteria include minimum income of Dh 5,000 per month from pre-approved employers, with mandatory salary transfers to Noor Bank.
