FAB Personal Loan Eligibility - Minimum Salary, Age, Salary Transfer
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Details on Personal Loan Eligibility at FAB
Advantages
- Personal life insurance coverage is provided
- Quick approval
Benefits
- Comprehensive personal life insurance coverage
- You can achieve financial goals with FAB personal loan by enjoying the best interest rates which start at 5.34 percent per year
- Get the privilege of flexible repayment with 120 days first installment grace period.
Benefits
- Comprehensive personal life insurance coverage
- You can achieve financial goals with FAB personal loan by enjoying the best interest rates which start at 5.34 percent per year
- Get the privilege of flexible repayment with 120 days first installment grace period.
- Enjoy quick and easy approvals with hassle free documents.
- Get up to AED 7,500 FAB rewards when you transfer salary to FAB account holding FAB credit card
Explore
Hide ExploreFeatures
- Maximum tenure of 48 months is provided
- Applicant must be UAE national of at least 21 yrs old
- Get fixed Interest rate at 4.89 % per year for Multi Product Package (with a salary transfer to your FAB account and holding a credit card from FAB) <br> Get Variable interest rate of 5.95% per year for a salary transfer to your FAB account without holding a FAB credit card <br> Reducing rates starts at 5.95% <br> Get up to AED 10,000 FAB rewards when you transfer salary to FAB account holding FAB credit card<br> Offers are valid only for UAE Nationals<br> This is a Variable Interest Rate Loan linked to a Personal Loan Base Rate<br> Interest rates listed are effective rates of outstanding balance<br> Interest rates may vary depending on credit score, approval criteria and income.
Features
- Maximum tenure of 48 months is provided
- Applicant must be UAE national of at least 21 yrs old
- Get fixed Interest rate at 4.89 % per year for Multi Product Package (with a salary transfer to your FAB account and holding a credit card from FAB)
Get Variable interest rate of 5.95% per year for a salary transfer to your FAB account without holding a FAB credit card
Reducing rates starts at 5.95%
Get up to AED 10,000 FAB rewards when you transfer salary to FAB account holding FAB credit card
Offers are valid only for UAE Nationals
This is a Variable Interest Rate Loan linked to a Personal Loan Base Rate
Interest rates listed are effective rates of outstanding balance
Interest rates may vary depending on credit score, approval criteria and income. - A minimum monthly salary of AED 7000 is needed
- A maximum loan amount of AED 5 Million is provided
Benefits
- You can achieve financial goals with FAB personal loan by enjoying the best interest rates which start at 4.89 percent per year
- Get the privilege of flexible repayment with 180 days first installment grace period.
- Minimum documentation
- Quick approval
- Comprehensive life insurance coverage
Benefits
- People new to UAE or new to employment are also eligible
- Provides comprehensive life insurance coverage
- Hassle free documentation
Benefits
- People new to UAE or new to employment are also eligible
- Provides comprehensive life insurance coverage
- Hassle free documentation
- Quick approval
Features
- Maximum tenure provided is 4 years
- Interest rates of 6.95% are charged for expats and 5.95% are charged for Emiratis.
- Maximum loan amount of AED 5 million for UAE nationals and AED 2 Million for expats is provided
Features
- Maximum tenure provided is 4 years
- Interest rates of 6.95% are charged for expats and 5.95% are charged for Emiratis.
- 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
- Up to 150 days grace period for Emiratis and up to 90 days grace period for Expats before the first repayment
Features
- Provides loan against fixed deposits
- Long tenure is provided
- Both UAE Nationals and Expats can avail this loan
Features
- Provides loan against fixed deposits
- Long tenure is provided
- Both UAE Nationals and Expats can avail this loan
- Interest rate charged is Fixed Deposit Rate + 2% per year with a minimum of 2.49% (Fixed Rate)
- 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
First Abu Dhabi Bank
First Abu Dhabi Bank is the first bank in Abu Dhabi providing various financial services to the UAE Residents. It provides personal loan for low-interest rates comparatively.
Eligibility for FAB
- Minimum salary of AED 7000 is required.
- Both UAE Nationals and Expats are eligible.
- Even self-employed individuals are eligible.
What influences Eligibility?
- Credit history- Your previous or existing loans and credit cards can affect your current loan approval. Low credit score applications can be rejected.
- Age Limit- Minimum age of 21 and a maximum age of 65 years is mandatory.
- Length of work- Duration of work of 6 months is mandatory, else this can affect the loan approval chances.
- Monthly income- If your monthly income is less than AED 10,000 then the bank doesn’t approve your loan.
- Company listed with the bank- If your company is not listed with the bank, the banks might reject your loan.
- Salary Transfer- If your salary transfer is not to FAB account, the banks might reject your loan.
- Documents- Documents like Salary certificate, Passport, Emirates ID, Trade license (If Self employed) are mandatory.
1. Salary Certificate- Salary Certificate is a mandatory document for any kind of finance as it is proof of your work and employment in a company. Bank can ask for a salary certificate or salary certificate letter.
2. Emirates ID- Emirates ID is proof to confirm your identity. Without Emirates, ID banks do not approve the loan.
3. Trade License- For the self-employed individuals’ trade license is a mandatory document.
Tips to improve loan approval chances
- Make sure you meet the age limit.
- Pay your current loans or credit card bills on time so that it won’t disturb your credit score.
- Maintain all the required mandatory documents.
- Don’t take more than required finance.
- It is preferable to go for maximum tenures.
FAQs
⭐ What is the maximum finance provided?
A. For UAE Nationals AED 50,00,000 and for Expats AED 20,00,000.
⭐ How many months bank statements are required?
A. Minimum 3 months bank statements are needed to be submitted.
⭐ Is salary transfer mandatory?
A. Yes, Salary transfer to your FAB bank account is mandatory.
Check the list of FAB Personal loans.