ADIB Boat Finance for UAE Nationals

adib Bank

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Boat Finance for UAE Nationals

Minimum Salary

AED 8K

Flat Rate

3.72%

Reducing Rate

6.75%

Loan Amount

AED 200K

Early Settlement Fee

1%

Arrangement Fee

1%

Advantages

  • Free ADIB Visa Cashback credit card
  • High finance amount
  • No collateral required for finance up to AED 200K

AED 8K

Minimum Salary

3.72%

Flat Rate

6.75%

Reducing Rate

AED 200K

Loan Amount

1%

Early Settlement Fee

1%

Arrangement Fee

Advantages

  • Free ADIB Visa Cashback credit card
  • High finance amount
  • No collateral required for finance up to AED 200K

Features

  • Required to submit bank account details for last 3 months
  • Loan applicant must be 21 years old to apply for this scheme
  • Length of service should be confirmed or should have worked 6 months before applying for this scheme
  • Finance repayment period is up to 48 months
  • The loan is provided for a interest rate of 6.75%
  • Minimum salary of AED 8,000 is required
  • The reduction rate and the flat rate is 6.75% and 3.72%. This denotes that the computation done was a division of the reduction rate by 1.814
  • It is a requirement to transfer your salary to apply
  • Finance up to AED 200,000
  • The early settlement fee is 1% of the outstanding amount to date
  • Takaful cover is up to 1.25% of the finance amount
  • The arrangement fee is 1% of the loan amount

Benefits

  • Provides high loan amount
  • For finance up to AED 200,000 mortgage is not necessary
  • ADIB VISA Cashback Card will be provided free for the first year
  • You are allowed to postpone two payments per year (without any additional charges)

Frequently Asked Questions

Q. What all does the ADIB boat insurance cover?

A. ADIB boat finance covers several factors including the boat’s location, size of boat, age of boat, your ownership and operating experience.

Q. Is it mandatory to have insurance on my boat?

A. Yes, in some states it is mandatory to get boat insurance. ADIB offers you insurance cover at 1.25% of finance amount for your boat.

Q. What are my chances of getting approval for ADIB boat loan?

A. If you have a good credit history, work history and fulfilling minimum salary requirement then you can easily get your loan approved.

Q. Who can apply for an ADIB Boat loan?

A. The applicant must be aged 21 and above to apply for ADIB Boat loan.

Q. Do I need to have exact boat picked out before I apply for ADIB boat finance?

A. No, not for pre-qualification of boat finance.

ADIB

ADIB is a Public Joint Stock company that has started delivering services with a paid up capital of one billion dirhams divided into one hundred million shares having its values including transparency in services, an atmosphere of hospitality and tolerance followed by nature of simplicity and sensibility.

ADIB stands as one of the best banks of UAE by carrying out all the transactions, contracts and services by abiding Ismalic Shari'a principles.