Personal Loan Provided ByFirst Abu Dhabi (FAB)
Last Updated on 25-09-2019
| FAB Personal Loan Details | |
|---|---|
| Minimum Salary | AED 2000 - AED 10000 per month (depends on the nationality and type of loan) |
| Profit Rates | Flat rate: 1.62% - 6% | Reducing rate: 2.94% - 15% |
| Maximum Loan Amount | AED 500K - AED 5000K(depends on the nationality and type of loan) |
| Early Settlement Fees | 1.05% of the outstanding amount |
| Arrangement Fees | 1.05% of the approved loan amount |
| Tenure | 48 months |
| Age | 21 - 60 years(Expats) & 65 years(UAE Nationals) |
Features of FAB Personal Loan
- High finance amount is provided
- Quick processing of loan
- Hassle free documentation
- Interest rates start from 1.62%
- Provides finance for people new to UAE/Employment also
Eligibility Criteria of FAB Personal Loan
- A minimum salary of AED 7000 is required
- Only UAE nationals and expats are eligible
Documents Required of FAB Personal Loan
- Valid passport
- Emirates ID
- 3-6 months bank statements are needed
- Salary transfer letter(depends on the loan type)
- Salary certificate(depends on loan type)
First Abu Dhabi (FAB) Personal Loan Interest rates
8 Personal Loans Provided By First Abu Dhabi (FAB)
Secured Loans
Features
- Provides loan against fixed deposits
- Long tenure is provided
- Both UAE Nationals and Expats can avail this loan
- Interest rates charged is 2.94% onwards
- Maximum finance provided is AED 5 Million
Benefits
- Can pledge fixed deposit as collateral for a loan
- About 95% of the deposit amount is provided as maximum finance
- Competitive interest rates are charged
Buyout Loans
Features
- Maximum tenure provided is 4 years
- Interest rates of 4.74% are charged
- Maximum loan amount of AED 5 million for UAE nationals and AED 2 Million for expats is provided
Benefits
- Gold Elite customers can avail discount on processing fees
- Can transfer your existing loans to FAB
Lifeline - Revolving Overdraft
Features
- Up to 2 months of monthly salary is provided as an overdraft
- Must have a FAB Salary account to be eligible
- Interest rates start from 15%
- A minimum salary of AED 2000 is required
- Maximum finance of AED 50,000 can be availed
- Processing fees of AED 210 are charged
Benefits
- Interest rates are charged only on the utilization of the credit
- Can withdraw funds using a debit card
Etihad Guest Personal loan
Features
- Earn guest miles on the maximum loan amount approved
- Interest rates provided 5.49% onwards
- Must transfer salary to Etihad account
- High loan amount is provided
Benefits
- Get 500 guest miles per AED 20,000 of finance amount
- Free Etihad account and debit card are provided
- Can earn 500 miles on first salary transfer
- Can redeem the guest miles for high travel benefits
Personal loan for UAE Nationals
Features
- Maximum tenure of 48 months is provided
- Applicant must be UAE national of at least 21 yrs old
- Reducing rates of 9.29% and flat rate of 5.12% is charged. The flat rate is calculate by dividing reducing rate with 1.814 (Indicative only)
- A maximum loan amount of AED 5 Million is provided
Benefits
- Minimum documentation
- Quick approval
- Comprehensive life insurance coverage
Debt Consolidation loan
Features
- Only UAE Nationals can apply for this loan
- The loan is provided for an interest rate of 9.29%
- Minimum salary of AED 10,000 is required
- It is mandatory to transfer your salary
- Finance up to AED 4,500,000
- Early settlement fee is 1.05% of finance amount
- The arrangement fee is 1.05% of the loan amount
Benefits
- High finance amount is provided
- Documentation is simple and easy
- Up to 144 months repayment period is provided
Personal loan for Expats
Features
- Reducing rate of 9.29% and flat rate of 5.12% is charged. The flat rate is calculate by dividing reducing rate with 1.814 (Indicative only)
- A minimum salary of AED 7000 is required
- Salary transfer is required
- Maximum loan amount of AED 2 Million is provided
Benefits
- Quick approval
- Hassle free documentation
- Comprehensive personal life insurance coverage
New to Country/New to Employment Loans
Features
- Reducing rate and flat rate of 9.29% and 5.12% are charged respectively. The flat rate is calculated by taking division of reducing rate with 1.814.
- A minimum salary of AED 10,000 is required
- Maximum finance of AED 500,000(UAE Nationals) and AED 200,000(expats) is provided
Benefits
- People new to UAE or new to employment are also eligible
- Provides comprehensive life insurance coverage
- Hassle free documentation
- Quick approval
Frequently Asked Questions
Q. Should we provide original passport?
A. Original passport should be provided for verification. You must provide a photocopy of passport along with other documents.
Q. Are new to UAE applicants eligible?
A. Yes. New to UAE applicants are eligible for FAB New to UAE/Employment personal loan.
Q. What is the maximum tenure provided on the loans?
A. The maximum tenure provided on a personal loan is 48-60 months.
Q. Are Etihad guest miles provided on all the FAB loans?
A. No. Only Etihad guest loan holders are eligible for Etihad guest miles.
Q. Is it mandatory to have a fixed deposit to get a loan at FAB?
A. No. Only for FAB Secured loan, you must have a fixed deposit as collateral.
Q. Are there any late payment fees charged?
A. Yes. 2.10% of the delayed installment will be charged as late payment fees.
Q. What are the charges on life insurance?
A. 1%-1.50% of the disbursed loan amount will be charged as life insurance fees.
Q. Are there any fees for cancellation of the loan after getting approved?
A. Yes.That option is available with a fees of AED 105.
Q. What’s the loan amount that is provided for expats?
A. The loan amount provided for expats is AED 2000K.
Q. How much time does it take to get the amount credited once the loan is approved?
A. It usually takes 3-7 days to get the amount credited once the loan is approved.
Q. Is there any rescheduling loan facility? If so what are the charges applied on it?
A. Yes. Rescheduling facility is available with a fees of AED 262.5.
Q. Is there any facility of loan deferment available with FAB?
A. Yes, loan installment deferment facility is available with a payment of AED 105.
Q. Will my loan application get rejected if I don’t meet the salary requirement mentioned for loan?
A. Yes, your salary should meet the requirement specified by the bank to get your loan application approved.
Q. What are the other personal loans provided for UAE Residents?
A. Other than FAB, you can check various personal loan in UAEhere.
Q. What are the interest rates charged on a personal loan in FAB?
A. The interest rates charged on a personal loan in FAB are, Flat rate: 1.62%(onwards) and Reducing rate: 2.94%(onwards).
Q. What is the processing fees charged on FAB personal loan?
A. 1.05% of the approved loan amount is charged as a processing fees on FAB personal loan.
Q. What is the early settlement fees charged on FAB personal loan?
A. 1.05% of the outstanding loan amount is charged as a processing fees on FAB personal loan.
About FAB
First Abu Dhabi Bank (FAB) is one of the largest banking institutions established in 2017 and is a merger of NBAD and FGB. FAB offers tailor made solutions, products and services to the customers.The international network of FAB is spread over 5 continents providing global relationships, expertise and financial strength to local and international business. FAB offers its diversifying services by having differentiation, agility and innovation as their main motto and vision
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