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Personal Loan Provided By ADIB Bank
|ADIB Personal Loan Details|
|Minimum Salary||AED 8000 - AED 10000 per month (depends on the nationality and type of loan)|
|Profit Rates||Flat rate: 2.75% - 9.92% | Reducing rate: 4.99% - 17.99%|
|Maximum Loan Amount||AED 250K - AED 3000K(depends on the nationality and type of loan)|
|Early Settlement Fees||1% of the outstanding amount|
|Arrangement Fees||1% of the approved loan amount|
|Tenure||36 - 48 months|
|Age||21 - 60 years(Expats) & 65 years(UAE Nationals)|
Features of ADIB Personal Loan
- Competitive rate of interest
- Free pre-approved ADIB Cashback Visa credit card with the loan
- The grace period for payment of the first installment is up to 90 days
- Two free installments postponements per year
- Optional Takaful cover protection with competitive rates
- For loans under the Tadawul finance scheme
- New to bank customers get 1% discount on existing profit rates and zero processing fees
- Existing customers get 50% discount on processing fee and 0.50% discount on existing profit rates.
ADIB Bank Personal Loan Profit Rates
Eligibility Criteria of ADIB Personal Loan
- Salary of minimum AED 8,000 per month
- Minimum age 21 years
- Maximum age 60 years for expatriates and 65 years for UAE Nationals
- You must be a confirmed employee to apply for a loan if not then you must be in service for at least 3 months (for UAE Nationals) or 6 months (for expats).
ADIB offers personal loans to both UAE Nationals and expatriates
The maximum amount of loan that can be availed from ADIB, depending on your eligibility :
- UAE Nationals – AED 3 million
- Expatriates – AED 1 million
Check here for the Eligibility Criteria of Abu Dhabi Islamic Bank Personal Loan
Frequently Asked Questions
Q. Is salary transfer mandatory?
A. Yes, your salary must be transferred to your ADIB bank account.
Q. Do we get any grace periods in installment payment?
A. Yes, for your first installment payment you get 3 months grace period.
Q. How many months work service is mandatory?
A. For UAE Nationals minimum 3 months and for Expats minimum 6 months service at work is required.
Q. What benefits do existing customers get on the personal loan?
A. Existing customers get 50% off on the processing fees and 0.50% off on the interest rates.
Q. What benefits do new customers get on the personal loan?
A. New customers can avail no processing fees and 1% off on the profit rates.
Q. Can I postpone any installment payments?
A. You can skip maximum two installments annually.
Q. Is salary certificate mandatory?
A. Yes, salary certificate/ salary transfer letter is the mandatory document.
Q. What all fees does the educational loan fulfills?
A. Your educational loan includes tuition fees, books fees, examination fees, etc.
Q. Am I eligible to get a personal loan if my company is not listed on your bank?
A. No, Your company must be listed with the bank and it is mandatory.
Q. What is the maximum tenure the loan is provided for?
A. The loan is provided for a maximum tenure of 3-4 years(varies with the type of loan).
Q. Is the takaful insurance provided for free?
A. No, the takaful insurance is provided at low premium rates.
Q. Can I get pre-approval details of the loan?
A. Yes, you can get pre-approval details for free.
Q. Are there any charges levied if the installments are postponed?
A. No, there are no charges levied on postponing the installments.
Q. Is the Credit card provided for free lifelong?
A. No, the credit card is provided for free in the first year.
Q. Are non-residents eligible to get a finance from ADIB?
A. No, Non-Residents of UAE are not eligible to get a personal finance from ADIB.
Q. Do I get a refund on cancellation of the approved loan?
A. No, there is no refund provided on cancellation of the approved loan.
Q. What are the charges to know the credit score?
A. AED 25 is charged as AECB fee which gives you the details of credit score.
About ADIB Bank
With a mission statement of ‘Islamic finance for everyone’, Abu Dhabi Islamic Bank (ADIB) is a name synonymous with Islamic banking in the UAE. ADIB endeavors to be a responsible corporate citizen and manage its business by creating value for customers, shareholders, employees and communities wherever it operates. The corporate values of ADIB are:
- Simple and Sensible
- Mutually beneficial work
- Hospitable and tolerant
- Shariah inspired
Launched on November 11, 1998, ADIB has come a long way towards fulfilling its vision of becoming a top tier regional bank.