Citibank launches the Enhanced Personal Loan

The new personal loan is customized for high-income salaried individuals, with limits of up to Dhs200,000 (around $55,000), and extremely attractive interest rates.

With the launch of this exciting new product, Citi aims to further consolidate its position as one of the leading, innovative banks in UAE.

The new facility comes at a low interest rate, does not require salary transfer and offers quick approvals and easy documentation.

Citi also offers its customers a variety of Credit Card products, International Debit card, Checking accounts, and a range of investment services and financial planning products which are an integral part of Citibank's Wealth Management proposition.

'The UAE's personal credit market is witnessing unprecedented growth as more people are turning to the banking system in order to finance their life-cycle needs as well as their personal business requirements,' said Sanjoy Sen, Consumer Business for Citibank in UAE'

The EPL falls within Citibank's suit of customized credit facilities provided by the bank.

Other products include:

- Salary Transfer Loan, which provides facilities up to Dhs250,000
- Business Installment Loan of up to Dhs365,000 to help entrepreneurs start up and grow successful businesses.
- Property Power, a unique credit facility of up to $1m for Small and Medium Enterprise (SME) owners, secured against their freehold properties developed by Emaar, Nakheel and Dubai Properties.
- A suite of credit cards including the co-branded Emirates Citibank card, along with the Ultima and Ultimate cards catering to affluent customers.

'Our research has shown that there is a lack of suitable loan options for the high end salaried market. With its simple documentation requirements and high limit, the EPL will address this gap in the UAE lending market and further consolidate Citi's position as a leading player in the Consumer Banking market in UAE',

said Kirtan Desai, Business Head for Unsecured Lending in UAE.

Citi has been in the Middle East for nearly 50 years and currently offers consumer-banking services in the UAE, Bahrain and Egypt.

In the UAE alone, Citibank, the consumer banking arm of Citi, has had a presence for the past 42 years and is expanding its major operations within the country.

The bank is currently a major player in the UAE's credit card market and a leading provider of banking, Wealth Management and Consumer credit services.