OAB Announces New Digital Instant Loan Facility

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  • To enable an easy and quick borrowing experience for customers via the OAB Online App

Muscat, March 08, 2022: In line with its commitment to delivering a seamless digital banking experience for its customers, Oman Arab Bank announced the introduction of its Digital Instant Loan facility, a first in the banking industry in Oman. With this service, which is available through the OAB Online App, customers can apply for a personal loan for various purposes, in just a few minutes.

Commenting on the introduction of the new digital solution, Rashad Al Shaikh, Head of the Retail Banking Division at OAB said, “OAB has always placed customers at the heart of everything it does. This new service is aligned with our commitment to providing a myriad of advanced digital solutions to our customers, as well as a way for us to transform how customers interact with the bank so that their experience is seamless, easy and efficient. With this feature, our customers can get instant access to additional funds for all their requirements, easily, securely and conveniently.”

The Digital Instant Loan facility has been designed to enable OAB customers to avail personal loans up to OMR 10,000 with a quick automated approval process as well as topping up existing loans. Any Omani national or resident OAB customer with a minimum monthly salary of RO 325 can apply for this service if they have a credit history with the Bank.

For both Digital instant loans and loan top-up facilities, customers can opt for a grace period, which will last for 30 days without any installments. Customers can also opt for loan deferment prior to Eid Al Fitr and Eid Al Adha.

OAB has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the OAB Group operates a nationwide network of 49 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall locations across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally benefit from several other services, directly from the convenience of their mobile phones.