FAB Personal Loan in Dubai

  April 4, 2024    

FAB is one of the largest UAE banks. This financial institution does not work only in UAE but also internationally. It offers numerous products including personal loans. The availing of personal loans through First Abu Dhabi Bank is of different kinds including for nationals, expats, salary or without salary transfer, etc. Here, we will explain the complete details of taking the right personal loan from FAB. The bank’s process is not too hectic when you need urgent finances to solve your financial issues. In general, Karz also apply for this loan on behalf of their customers. You will only need to provide your personal documents to this financial company and then they will do further process. 

Types of FAB Personal Loans

There are various types of FAB personal loans that you can easily choose and apply. With the proper way of applying, you will receive the approval as soon as possible. There is no chance of your loan application’s rejection. In addition, life insurance coverage is available in all types. The personal loans’ types are:    

For UAE nationals: 

All UAE nationals can apply for a loan of a maximum of five million AED. The repayment method is flexible and its tenor is more than 48 months. When you will get a loan, the bank will give you a grace period. This grace period is 150 days and after this period, the repayment period starts. The variable interest rate is 5%. 

For expats: 

Expats are also eligible to get a personal debt but the maximum limit is lower. You can avail a maximum of two million AED debt. However, the grace period is 90 days and its interest rate starts from 6%. Always take debt amounts according to your financial budget.     

Non-salary transfer:  

If you select this debt type, you have an option of getting up to one million AED in debt. Within 48 months, you can repay the amount. In this type, an applicant does not need to transfer his salary to this bank account. Without opening a new account, you can get this loan from this lender. But, for expats, the maximum criterion of amount is 600,000 AED. This loan is available for everyone including non-listed companies’ employees.         

Landlords Loans: 

The purpose of landlord loans is that the borrowers can pay off the repayments through their rental income instead of their monthly salary. Such applicants can apply for two million AED debt. The interest rate is lower for this type and it starts from just 2%.   

Etihad guest personal debt:  

The employees of the armed forces have the option of choosing sixty months for repayment. If you want to earn rewards of guest miles, you should take a debt of 100,000 AED. These rewards give you numerous benefits. Its rate is 7% annually.  

Eligibility criteria: 

These eligibility criteria are compulsory to meet when you want to get this loan from FAB: 

Age: In general, personal loans are given to borrowers if their age is more than 21 years. And, the maximum age limit is 60-65 years. 

Nationality: Your nationality must be UAE national or expat to become an eligible applicant. 

Income: The income level criterion varies according to the debt type. Before applying, check out the bank’s demand for minimum monthly income.  

Credit score: Your application will be approved if your credit score is at least 580. With a higher credit score applicants have more chance of getting approval instantly. In this situation, the interest rate is lower. Check your credit score and then apply for the loan.  

Salary transfer: The salary transfer is compulsory if you choose the salary transfer type of debt. You have your FAB account in this scenario. And, you have to attach the salary transfer certificate with the application. Without transferring your salary, you cannot get the funds.    

FAB Personal Loan Calculator

The loan calculator is one of the online tools that every borrower utilizes for the calculation of monthly payments. On the official website of FAB, this online tool is available and you can easily use it even for the first time also. It is completely free just like other leading banks in Dubai. Both new and existing customers use this calculator. You need to add all the relevant details and then the calculator gives the accurate details of monthly installments. For taking guidance on loan’s repayment duration and payments, Karz helps you a lot and then you enable to decide the personal debt amount.  

Terms & Conditions of FAB personal loans: 

Every bank has its particular terms & conditions that all applicants must know when they apply for a personal loan. The things that you must know about the FAB personal loan are:    

  • The bank provides the identification numbers to their customers. Such identification numbers are only the bank’s property that may change when the lender wants. 

  • The borrowers will not be eligible to avail of the loan without the bank’s written consent. Even, if they do not get the overdrafts of debts. 

  • The debt amount will be disbursed directly to the borrower’s bank account where his salary per month transferred. 

The bottom line: 

FAB is an amazing choice for banking services. This bank offers the best kinds of personal loans, so every applicant can choose the type as per their needs. Whenever you require extra finances, you should apply for it. Read all the terms & conditions before signing the debt agreement papers. So, you will know their repayment period and monthly installments.