ADIB Debt Settlement for UAE Nationals

adib Bank

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Debt Settlement for UAE Nationals

Minimum Salary

AED 8K

Flat Rate

3.45%

Reducing Rate

6.25%

Loan Amount

AED 3000K

Early Settlement Fee

1%

Arrangement Fee

1%

Advantages

  • No processing fees
  • Free ADIB Visa Cashback Credit card
  • Can postpone 2 installments per year

AED 8K

Minimum Salary

3.45%

Flat Rate

6.25%

Reducing Rate

AED 3000K

Loan Amount

1%

Early Settlement Fee

1%

Arrangement Fee

Advantages

  • No processing fees
  • Free ADIB Visa Cashback Credit card
  • Can postpone 2 installments per year

Features

  • Required to submit bank account details for last 3 months
  • Required to submit Liability Certificate
  • Loan applicant must be 21 years old to apply for this scheme
  • Should have worked 6 months before applying for this scheme
  • The loan is provided for a interest rate of 6.25%
  • Minimum salary of AED 8,000 is required
  • The reduction rate and the flat rate is 6.25% and 3.45%. This denotes that the computation done was a division of the reduction rate by 1.811
  • It is a requirement to transfer your salary to apply
  • Finance up to AED 3,000,000
  • The early settlement fee is 1% of the outstanding amount to date
  • Takaful cover is 1.25% of the finance amount.
  • Arrangement fee is 1% of loan amount

Benefits

  • 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)
  • Finance repayment period is upto 48 months
  • Processing fees is zero

Frequently Asked Questions

Q. Do we get installment postponement option for this finance?

A. Yes, you get up to two free installment postponements in a year.

Q. Who can apply for an ADIB Debt settlement?

A. The applicant must be aged 21 and above to apply for ADIB Debt settlement.

Q. What is the minimum income required per month to avail a Debt settlement from ADIB?

A. Minimum income required to avail a loan in ADIB is AED 8,000.

Q. On my forgiven debt do I owe any taxes?

A. No, you cannot owe taxes on your forgiven debts.

Q. Can I use credit card while I have debts to settle?

A. No, you cannot use credit card till your debts are settled in ADIB.

ADIB

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