x Abu Dhabi, UAEWednesday 26 July 2017

Deals of the Week: Banks offering free flights with personal finance

The offer, which is running until June 30, allows personal finance customers who successfully apply for loans of Dh75,000 or more to choose from 54 flight destinations with Air Arabia.

Apply for a personal loan from Emirates Islamic Bank or Dubai Bank and get a round-trip air ticket with Air Arabia. Alessandro Bianchi / Reuters
Apply for a personal loan from Emirates Islamic Bank or Dubai Bank and get a round-trip air ticket with Air Arabia. Alessandro Bianchi / Reuters

Emirates Islamic Bank (EIB) and Dubai Bank have jumped on the summer holiday bandwagon by offering return air tickets to customers who successfully apply for personal loans of Dh75,000 or more.

The offer, which is running until June 30, allows personal finance customers to choose from 54 flight destinations with Air Arabia.

The two banks, which come under the Emirates NBD Group umbrella, say the offer includes an instalment deferment of up to 60 days, free life insurance, or Takaful, and up to 25,000 Skywards miles.

"Financial security is an important consideration for most people," says Faisal Aqil, the general manager of consumer wealth management for EIB and Dubai Bank.

"At some point, most of us will find it beneficial to avail personal finance to help spread out regular household payments, such as school fees, large-ticket purchases or rent, or for making those one-off payments for home improvements or holidays."

Taxes and surcharges are not included and tickets must be booked by December 31.

For more information, go to www.dubaibank.ae or www.emiratesislamicbank.ae.

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Union National Bank (UNB), the Abu Dhabi-based lender, has launched a mortgage product that offers homebuyers finance for up to 90 per cent of a property's value at an interest rate of 4.5 per cent.

The rate is fixed for two years and the facility carries a tenure of up to 25 years.

The interest rate falls in the middle range of the mortgage rate market in the Emirates, although some lenders are offering home loans at 3.99 per cent.

UNB did not respond to questions about what the rate would jump to after the two-year fixed period.

pf@thenational.ae