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 36 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, we are running a special promotion with a low interest rate of 7.75, for more details visit your nearest branch.

    • 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.

     

    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 4 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 36 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 two waivers in a year.

    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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