Personal Loan

Key Facts Statement


Product type:

This product is a fixed-rate personal loan that is repayable in instalments. It is a salary transfer loan meaning that it must be repaid from your Salary Account.


Maximum 48 months

If we vary the date for repayment of the Instalments at your request, or you receive a Payment Holiday, then the duration of this Credit Agreement may change.


Interest rate:

Starting from 6.99% interest rate per annum

Interest at the interest rate above is calculated on a daily basis on the balance of the loan that remains outstanding, commencing on the day we advance the loan to you until the balance is repaid in full.

At the beginning of the loan we work out the total interest amount you will pay over the whole period of your loan using the reducing balance method, and we then add this to your outstanding loan amount in order to calculate your monthly Instalments so that we can make your Instalments equal during the term of the loan. This reducing balance method means that the amount of interest that you pay, as a proportion of your monthly Instalment, will decrease over the terms of the loan as the loan balance reduces.

We will not charge any interest on the interest you have accrued under your loan.

Administration fee:

1% of the loan amount + 5% VAT of the loan amount, not exceeding AED 2500 + VAT

Late payment fee:

If you fail to pay any Instalment by its due date, we will apply a default charge of 2% of the overdue amount, subject to a minimum amount default charge of AED 50 and a maximum default charge of AED 200. This will be charged on a monthly basis for as long as the account remains in arrears. If we have to enforce the Credit Facility Terms against you, you may also have to pay our reasonable costs and expenses, including the fees of any lawyers or collection agencies.



The first repayment will be payable as agreed in the Personal Loans contract between the bank and you. Subsequent installments to be made on the same day of each consecutive month

Cooling-off period:

If you decide that you do not wish to obtain credit from us, you may terminate the Credit Agreement with us within five (5) complete Business Days of the date of the Credit Agreement. This is known as your “cooling-off period”.

Salary transfer:

As your loan is a salary transfer loan, you will be required to provide us with a salary transfer letter from your employer in the form required by us. We may also require additional steps to be taken in certain circumstances.


We may arrange life and disability insurance cover for you for the term of your Credit Facility, under which we are named as the beneficiary. Any such life and disability insurance will be subject to separate terms and conditions that we will provide to you.

Missing payments:

If you fail to pay the monthly Instalments, it may have serious consequences. You will have to pay additional fees and may have to repay what you owe early. Your credit records may be affected, making it harder or more expensive for you to obtain credit in the future. We may also take legal proceedings against you to recover what you owe

Changes to the Credit Facility Terms:

We can make changes to the Credit Facility Terms, including the interest rates, fees, and charges. You will be given at least sixty (60) calendar days’ notice before such changes are implemented. Where we are unable to give you advance notice or are not required to do so under the Credit Facility Terms, we will let you know of the change as soon as possible after it is made.

If you do not wish to accept the updated Credit Facility Terms, you must terminate and repay your loan in full, together with any charges and accrued interest.

Early repayment:

At any time before the final Instalment is due you may pay off some or all of what you owe. You must give us notice in writing if you wish to repay some or all of what you owe early.

You may be required to pay an Early Settlement Fee if you pay off what you owe early. The Early Settlement Fee is calculated as 1% of the outstanding balance of your loan, up to a maximum amount of AED 10,000. For example, if you have AED 80,000 outstanding on the balance of your loan, your Early Settlement Fee will be AED 800.


If you have a complaint, please contact us to let us know and we will try to resolve it. You can make a complaint either verbally or in writing via the contact details set out in the Personal Lending General Terms and Conditions.


If a Termination Event occurs, we can terminate the loan and demand immediate repayment of the outstanding sums due under it. A list of Termination Events is provided in the Personal Lending General Terms and Conditions.

We can also take any and all action and exercise such rights and remedies as are provided for in the Credit Facility Terms or as are otherwise available to us under applicable laws.


We have a right of set-off over your Account and any other products and facilities we provide to you. This means that if you owe us money, we can take funds from any Account you hold with us to reduce the amount you owe to us.

We may also exercise our right of set-off in respect of any sums we owe to you. For example, if we owe money to you, we can use our right of set-off to reduce the amount of any outstanding debt that you owe us.

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