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Promise of pay-off now good for loan.

Customers of Emirates NBD can now take out a loan to the tune of their end of service benefit (EOSB) or gratuity, according to an announcement from the bank.

"The personal loan against EOSB is available to all Emirates NBD customers who have a salaried account with the bank," it said.

To apply for the loan an applicant has to earn over Dhs5,000 per month and deposit their salary with the bank.

Personal loans up to 90 per cent of the settlement amount will be offered, the bank said.

The new type of loan "allows customers in the medium and lower salary range to... meet their financial requirements," said Shekhar Krishnamurthy, head of retail assets and liabilities at Emirates NBD.

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Publication:7 Days (Dubai, United Arab Emirates)
Date:Dec 21, 2010
Words:134
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