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FAB Personal Loans in UAE
| FAB Personal Loan Details | |
|---|---|
| Minimum Salary | AED 7000 - AED 10000 per month (depends on the nationality and type of loan) |
| Maximum Loan Amount | AED 500K - AED 5000K(depends on the nationality and type of loan) |
| Profit Rates | Flat rate: 1.62% - 5.49% | Reducing rate: 3.99% - 15% |
| Early Settlement Fees | 1.05% of the outstanding amount |
| Arrangement Fees | 1.05% of the 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
| FAB Personal Loans | Minimum Salary | Salary Transfer |
| Secured Loans | AED 10,000 | No |
| Buyout Loans | AED 15,000 | Yes |
| Personal Loan for Expats | AED 15,000 | Yes |
| Personal Loan for UAE Nationals | AED 15,000 | Yes |
| Etihad Guest Personal Loan | AED 7,000 | Yes |
| No Salary Transfer Loan for Expats and UAE Nationals | AED 15,000 | No |
| New to UAE/ Employment Loan | AED 10,000 | Yes |
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
9 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
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
Buyout Loans
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
National Loans Scheme
Features
- The National Loans scheme was developed by the Central Bank of the UAE.
- This scheme is designed for reducing the debt burden of UAE Nationals.
- Committed to reduce the debt burden of UAE Nationals, who have loans originated prior to May 2011
Features
- The National Loans scheme was developed by the Central Bank of the UAE.
- This scheme is designed for reducing the debt burden of UAE Nationals.
- Committed to reduce the debt burden of UAE Nationals, who have loans originated prior to May 2011
- The installments exceed 50 percent of salary or income and the tenor is more than 48 months.
- The Bank should be contacting eligible applicants who meet the National Loan scheme eligibility criteria
- National Loan scheme interest rates changes twice a year during January and July
- The National Loans scheme is developed by the central bank of the UAE for easing the debt burden of the UAE Nationals.
Benefits
- Loan origination is prior to May 2011 and remaining loan tenor is more than 4 years
- Debt Burden Ratio (DBR) should be greater than 50% for regular customers and greater than 30% for pensioners
- The customers consent for participation in the NLS Scheme
- The customer undertakes not to seek any loans or credit facilities from any bank or financial institution during the period of repayment
- The National Loan scheme is designed to help ease debt burden for UAE nationals.
Personal loan for Expats
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.
Features
- Get a fixed Interest rate at 5.34 % per year for Multi Product Package (with a salary transfer to your FAB account and holding a credit card from FAB)
Get a Variable interest rate of 6.95% per year for a salary transfer to your FAB account without holding a FAB credit card
A reducing rate of 6.95% and a flat rate of 3.55% is charged. The flat rate is calculated by dividing the reducing rate by 1.814 (Indicative only) - A minimum salary of AED 7000 is required
- Salary transfer is required with or without holding FAB credit card
- Maximum loan amount of AED 2 Million is provided
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
Non-salary transfer personal loan for UAE nationals
Features
- Maximum loan amount of AED 1 Million is provided
- Interest rates start from 8.99% per year
- A minimum salary of AED 15000 is required
Features
- Maximum loan amount of AED 1 Million is provided
- Interest rates start from 8.99% per year
- A minimum salary of AED 15000 is required
- Good credit score is needed to be eligible
- Salary certificate is needed
- 1.05% of the loan amount is charged as a processing fee
Benefits
- Salary transfer is not required
- Working company need not be listed with the bank
- Comprehensive life insurance coverage is provided
Personal loan for UAE Nationals
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) <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
New to Country/New to Employment Loans
Benefits
- People new to UAE or new to employment are also eligible
- Provides comprehensive life insurance coverage
- Hassle free documentation
Features
- Interest rates starting from 12.75% per year
- A minimum salary of AED 10,000 is required
- Maximum finance of AED 600,000 is provided
Benefits
- People new to UAE or new to employment are also eligible
- Provides comprehensive life insurance coverage
- Hassle free documentation
- Quick approval
Landlord Loans
Features
- You can borrow against the value of rental income with FAB Landlord loan
- The Interest rate are starting from base rate and two percent per year
- The loans issued are up to AED 2 million
Features
- You can borrow against the value of rental income with FAB Landlord loan
- The Interest rate are starting from base rate and two percent per year
- The loans issued are up to AED 2 million
- Loan repayment is up to 48 months
- The loan repayments are managed by separate bank
- Compulsory assignment of Rental income to FAB
Benefits
- You can borrow up money on the rental income
- The highest loan amount offered by bank is up to 2 millions
- The Rate applicable is Base Rate + 2% if property is mortgage free
- The Rate applicable is Base Rate + 3% if property is under ‘other Bank’ Mortgage
- Scheme is applicable only to UAE National Customers This is a variable Interest rate loan
Non-salary transfer personal loan for expats
Features
- Maximum loan amount of AED 600,000 is provided
- Interest rates start from 13.99% per year
- A minimum salary of AED 15000 is required
Features
- Maximum loan amount of AED 600,000 is provided
- Interest rates start from 13.99% per year
- A minimum salary of AED 15000 is required
- Good credit score is needed to be eligible
- Salary certificate is needed
- 1.05% of the loan amount is charged as a processing fee
Benefits
- Salary transfer is not needed
- Employer need not be listed with the bank
- Comprehensive life insurance coverage is provided
Frequently Asked Questions
⭐ Should we provide original passport?
A. Original passport should be provided for verification. You must provide a photocopy of passport along with other documents.
⭐ Are new to UAE applicants eligible?
A. Yes. New to UAE applicants are eligible for FAB New to UAE/Employment personal loan.
⭐ What is the maximum tenure provided on the loans?
A. The maximum tenure provided on a personal loan is 48-60 months.
⭐ Are Etihad guest miles provided on all the FAB loans?
A. No. Only Etihad guest loan holders are eligible for Etihad guest miles.
⭐ 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.
⭐ Are there any late payment fees charged?
A. Yes. 2.10% of the delayed installment will be charged as late payment fees.
⭐ What are the charges on life insurance?
A. 1%-1.50% of the disbursed loan amount will be charged as life insurance fees.
⭐ Are there any fees for cancellation of the loan after getting approved?
A. Yes.That option is available with a fees of AED 105.
⭐ What’s the loan amount that is provided for expats?
A. The loan amount provided for expats is AED 2000K.
⭐ 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.
⭐ 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.
⭐ Is there any facility of loan deferment available with FAB?
A. Yes, loan installment deferment facility is available with a payment of AED 105.
⭐ 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.
⭐ What are the other personal loans provided for UAE Residents?
A. Other than FAB, you can check various personal loan in UAEhere.
⭐ 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).
⭐ 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.
⭐ 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
Get in touch with FAB Bank Customer Care
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