A UAE bank has launched no-fee, instant personal loans via smartphone app.
Liv, UAE’s first digital bank launched by Emirates NBD, has launched the new digital offering.
Until the end of 2023, eligible Liv customers can benefit from instant personal loans without any fees via the Liv app.
Instant personal loans in the UAE
The digital bank offers personal loans with an interest rate of 8.99 per cent per annum and flexible payment terms of 12 to 48 months.
To be eligible for the offer, customers should not have an existing Personal Loan on Liv and must be transferring a salary of more than AED5,000 ($1,360) to their Liv account for at least three months.
The fees charged during the promotion period will be refunded to the customers within the month.
The promotion is targeted at young professionals and digitally minded consumers.
Marwan Hadi, Group Head, Retail Banking and Wealth Management at Emirates NBD, said: “Liv continues to introduce first-in-the-market innovative products to its platform, solidifying its position as the unrivalled champion of digital banking in the UAE.
“Through innovative products and fully digital offerings like these, we aim to support our customers’ financial goals and aspirations, while delivering exceptional digital experiences.”
Pedro Sousa Cardoso, Chief Digital Officer, Retail Banking and Wealth Management, Emirates NBD, said: “While UAE banking consumers remain spoilt for choice, Liv addresses the urgent need for a redefined banking experience that is simpler and more accessible.
“Liv empowers customers who are looking to have an alternate banking account and relationship in the UAE with some of the most innovative products and services in the market.”
Liv was the first digital bank to introduce the Bonus Multiplier Account, whose gamified structure rewards customers for their loyalty, giving them a three per cent increment on their monthly salaries.
It was also the first digital bank to offer the Money Ahead Deposit, a four-month fixed deposit offering up to four per cent interest upfront on day one instead of deposit maturity.
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