Home Retail Banking Personal Loans

    At NBO, we understand that there will be special times when you might need to spend a little more. Our Personal Loans are designed to enable you to access additional funding with minimum formalities and are available at attractive rates of interest.

    High Loan Amounts

    You can enjoy loan amounts up to RO 100,000 to meet your requirements. The loan is granted based on your monthly salary and length of employment.

    Fast Processing

    No waiting period, no cumbersome procedures - your loan is processed quickly and efficiently. If you wish, our sales representative will visit you to make it even easier!

    Competitive Interest Rates and No Hidden Charges

    The interest rate on NBO Personal Loans is 8% p.a. and what you see is what you pay for. There are no extra costs.

    Convenient Repayment Periods

    Enjoy all the payment flexibility you need to organize your financial commitments and make your monthly installments easy to meet. We offer loan tenures of up to 60 months for expatriates and up to 180 months for Omani nationals.

    Installment Deferment Option

    We understand that festivals, holidays or unforeseen events can sometimes be financially demanding. That's why we offer you the convenience of being able to defer your monthly payments thrice a year so you can enjoy your happy moments without having to worry about your financial commitments.

    Top-up Loans

    Need additional finance during the tenure of your existing loan? We'll be happy to top-up your loan to the original amount, as long as your repayments have been regular.

    Take-over Facilities

    Want to enjoy the friendly and comprehensive loan from us, but already have a loan with another bank? No problem! We will help you transfer your loan to us.

    Credit Life Insurance

    Your loan amount is insured for the duration of your repayment period. In the unfortunate event of death, all outstanding loan payments will be waived completely, so your financial burdens are kept to a minimum.

    Installment Moratorium

    Personal Loans from NBO allow you the benefit of flexibility to start paying your monthly installment only after four months.

    At present, there are no promotions/special offers with regard to Personal Loans.

    We currently have two products. They are:

    • SRL: This product is available to Omanis and Expatriates. It has a maximum tenure of 10 years with an installment waiver facility.
    • Al Amani: This product is available to Omanis only. It has a maximum tenure of 15 years with no installment waiver facility.
    • Interest rate @ 8% (reducing balance method)
    • No processing fee
    • RO 10 for top-up facility
    • RO 5 for waiver facility (upon customer's request)
    • RO 2 for NOC
    • Pre-payment fee @ 1% on pre-paid amount.

    Terms, Conditions and Other Legal Requirements

    SRL Al-Amani
    Employment Age - 3 Months for Govt. Sector - 3 Months for Govt. Sector
    - 6 Months for Private Sector - 6 Months for Private Sector
    Customer's Age Minimum 18 years Minimum 18 years
    Maximum 55 years at start of the loan. Maximum 55 years at start of the loan
    Income RO 250 pm for new and buy-out loans. RO 250 pm for new and buy-out loans.
    RO 200 pm for top-up loans RO 200 pm for top-up loans
    Loan Tenure Maximum up to 10 Years*
    (Terms & Conditions Apply)    		 Maximum up to 15 Years*
    (Terms & Conditions Apply)
    Collateral Required if loan above RO 100,000 Required if loan above RO 100,000
    Waivers Yes No

    The following documents will be required to apply for a Personal Loan:

    • ID Copy (For Omani Males & Females)
    • Passport Copy (For Expatriates)
    • Labor Card Copy (For Expatriates)
    • Salary Assignment Letter
    • Recent Salary Certificate
    • Last 6 months bank statement (For Buy out Loans)
    • Outstanding Letter & Exhibit 1 (For Buy out Loans)
    • 1 Photograph
    • Recently paid Electricity/Telephone Bill

    FAQs for a Prospective Customer

    What's the minimum and maximum age?

    18 and 60.

    How much can I borrow?

    Subject to your monthly salary/income and other credit obligations, it can be up to 12 times of your salary if you are an expatriate or up to 73 times your salary if you are Omani national.

    What is the interest rate I pay?

    8% p.a. on a reducing balance.

    Do I get any special benefits?

    You automatically get a host of free benefits:

    • Electron ATM/debit card which is accepted worldwide
    • Access to 52 branches open from 8.00 am to 2.00 pm
    • 24 hour telephone banking
    • Access to over 125 ATMs across Oman
    • Pre-approved Credit Card.

     

    How long do I have to repay my loan?

    Up to 60 months repayment period if you are an expatriate or up to 180 if you are an Omani national, depending on your choice, eligibility and ease of repayment. You can also use our loan top-up, waiver and moratorium facilities.

    What is the minimum salary required to get a Personal Loan for Omanis?

    RO 300 per month.

    What documents are required?

    • ID Copy (For Omani Males & Females)
    • Passport Copy (For Expatriates)
    • Labor Card Copy (For Expatriates)
    • Salary Assignment Letter
    • Recent Salary Certificate
    • Last 6 months bank statement (For Buy out Loans)
    • Outstanding Letter & Exhibit 1 (For Buy out Loans)
    • 1 Photograph
    • Recently paid Electricity / Telephone Bill

     

    FAQs for Existing Customers

    Can I increase my loan limit after availing the Personal Loan?

    Yes, we can provide you a top-up facility thrice a year subject to prior regular payments.

    Can I request for a waiver of Installment?

    Yes, you are eligible for three waivers in a year. Two waivers at the time of Eid and one special waiver only on your request.

    Can I prepay the loan before the maturity?

    Yes, you can prepay your loan at any time. The bank will charge 1% on the prepaid amount being the pre-payment charges.

    Apply Now





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