Personal Loan Terms and Conditions

The Personal Loan

1) The Personal Loan is subject to the terms and conditions set out in the application for personal loan and the General Terms (as may be amended from time to time). Terms defined in the General Terms and Conditions for Consumer Banking Products (as may be amended from time to time, the “General Terms”) of Emirates NBD Bank (P.J.S.C.) (the “Bank”) shall have the same meaning when used in these terms and conditions. If there is any conflict these terms and conditions prevail.

2) The Personal Loan shall be made available to you through your account with the Bank.

3) Where there are co-borrowers under the Personal Loan, you shall all be joint and severally liable.

Conditions

4) All applicable conditions listed in the General Terms must be satisfied before the Bank will make the Personal Loan available, including payment of all fees and costs.

5) Specific to the Personal Loan, as indicated in the application you must:

a. provide a letter from your employer to confirm transfer of your salary and the end of service benefits to your account with the Bank throughout the loan period; or

b. If the Loan is approved against a personal guarantee, the borrower agrees to provide the Bank with a personal guarantee, in favor of the Bank and in a form and manner acceptable to the Bank, duly signed by the guarantor(s).

Interest

6) Interest will accrue on the amount outstanding under the Personal Loan from time to time at the rate set out in the application. Interest will start to accrue on the date the Personal Loan is disbursed.

7) Interest shall be calculated on the daily balance outstanding under the Personal Loan.

8) The total amount of interest which would be payable by you for the total tenor will be in the repayment schedule which we will provide you. The total amount of interest can vary if your request for a Payment Deferral is approved by the Bank, or you apply for a prepayment or there is any change in the interest rate and/or tenor of the loan. The Bank does not charge interest on interest (compound interest).

9) Interest is calculated by multiplying the balance due at the beginning of the relevant month by the interest rate. The first monthly period may vary, in which case that interest is calculated by dividing the annual interest rate by 365 and multiplying by the number of days in that month. This is added to the Loan balance and paid with the monthly installments. This is done using a reducing balance method which means you will pay more interest in your early instalments, but as your Personal Loan balance reduces the interest component of your instalments will reduce.

10) Where the interest rate is variable, the interest rate shall be computed as the aggregate of the Emirates Interbank Offered Rate (EIBOR) for banks in the UAE for interbank transactions plus the margin as set out in the application. Information on EIBOR can be found in the Key Facts Statement and on the Bank’s website. Changes to the interest rate and any impact on your repayments shall be notified to you by the Bank. The Borrower understands that any outstanding interest, charges, fees or remaining loan amount as of the last due date for installments must be paid along with the final installment payment of the loan.

Warning: If a variable interest rate applies, the rate could go up as well as down, meaning your required payments to us could increase or decrease. Payments

11) The monthly payments required from you are set out in the application. We will also provide a repayment schedule which will give you more detail on the payments, including the principal and interest component of each instalment and the reducing balance. You need to make all required payments on the due date.

Warning: The repayment schedule may change based on movements in the interest rate (if applicable), the disbursement date or any prepayments from time to time.

12) When you do make payments, the amounts we receive are applied first to any outstanding fees and costs, then to any interest due and lastly to the principal amount of the Personal Loan.

13) You must make payment of all amounts under the Personal Loan on expiry of the Personal Loan.

14) The Bank may deduct any amount due in relation to the Personal Loan (including all fees and costs) from any bank account you hold with the Bank including your salary deposited with the Bank or the Deposit (as applicable).

Prepayment

15) You may prepay the Personal Loan at any time. The prepayment will be subject to any applicable fees as set out in the Price Plan and Key Facts Statement.

Security

16) Where the Personal Loan is granted based on the Deposit held with the Bank, by submitting the application for personal loan, you grant the Bank a security interest over the Deposit listed in this application. The security interest will be over all amounts held in the Deposit from time to time, including any accrued interest, and be continuing security for all amounts due under the Personal Loan.

17) The Bank may, at your cost, perfect and register the security interest on the security register maintained by the Emirates Integrated Registries Company (or any replacement register).

18) The security interest shall continue for the duration of the Personal Loan, and to the extent necessary, you must renew the Deposit when required. You may not access, utilise, transfer or encumber the Deposit until the Personal Loan is repaid and cancelled, and the Bank releases the security interest.

Insurance

19) The Bank may (but is not obligated to) arrange life insurance in an amount and on terms as the Bank may decide. Such insurance, if arranged, will be complimentary and at the Bank’s own cost, however the Bank will be named as the beneficiary and any proceeds will first be applied to any amounts outstanding under the Personal Loan.

Default

Warning: If you do default, the Bank can require immediate repayment and/or enforce its rights against the security you provided.

20) You must pay the Bank a late payment fee where any monthly payment is not made when due. The late payment fee is set out in the Price Plan and Key Facts Statement.

21) If you breach any of the terms of this application, or if any of the events of default listed in the General Terms occur, the Bank may (i) terminate its obligations under the Personal Loan and declare the full amount outstanding immediately due; and/or (ii) take all actions available to it for repayment of the amount outstanding under the Personal Loan, including repossession and sale of the vehicle (with or without court order).

Governing Law

22) The Personal Loan including any non-contractual obligations arising out of or in connection with it, will be governed by the laws of the UAE. The Bank and you agree to the exclusive jurisdiction of the courts of the Applicable law of the Emirate to settle any dispute arising out of or in connection with the Personal Loan provided that the Bank may bring proceedings in any other jurisdiction (inside or outside the UAE) if it deems appropriate in accordance with the General Terms.