ADCB Personal Loan

ADCB is particularly renowned for its digital banking approach, which encompasses various platforms such as mobile banking, phone banking, internet banking, and SMS banking, catering to the modern, tech-savvy customer.

Among the myriad products and services that the bank provides, ADCB personal loans are highly popular among both UAE nationals and expatriates.

This article aims to provide comprehensive details about ADCB personal loans, shedding light on their features, benefits, and application process.

ADCB Personal Loan – An Overview

Currently, Abu Dhabi Commercial Bank provides two types of personal loans products-

• Personal Loan for UAE Nationals
• Personal Loan for Expatriates

Tabled below provides the key details of both the ADCB personal loan products –

ADCB Personal Loan Name	Interest Rate	TouchPoints Earned	Minimum Salary Required
ADCB Personal Loan for UAE Nationals	From 4.99%* per annum	Up to 300 touchpoints for every AED 1,000 of the loan amount	AED 5,000
ADCB Personal Loan for Expatriates	From 5.75%* per annum	Up to 300 touchpoints for every AED 1,000 of the loan amount	AED 5,000

*Interest rates are subject to change as per the applicant’s profile and other factors 

Features and Benefits of ADCB Personal Loan

Without further ado, let’s take a look at the key features and benefits of ADCB personal loans -

Types of ADCB Personal Loan	Features and Benefits
ADCB Personal Loan for UAE Nationals	Specifically available to UAE Nationals Maximum loan amount – AED 4,000,000 Minimum loan amount – AED 15,000 Loan repayment tenure – 4 years Loan consolidation facility available Minimal documentation required Get credit life insurance. Note that a one-time fee is applicable for life insurance cover Up to 2 personal loan deferments can be done Avail of a free ADCB credit card Obtain up to 3 times salary overdraft with flexible eligibility criteria A chance to earn up to 300 TouchPoints for every AED 1,000 of the loan amount Interest rates start from 4.99% per annum Pay early settlement fees or penalties for settling the loan early If you are unable to repay the loan amount, your account may go into arrears which will adversely impact your credit rating as well You can use the monthly instalment calculator on the official ADCB website and get the estimates for EMIs
ADCB Personal Loan for Expatriates	Expatriates residing in the UAE are eligible for this personal loan Maximum loan amount – AED 1,500,000 Minimum loan amount – AED 15,000 Loan repayment tenure – 4 years Debt consolidation facility is available Easy documentation Up to 2 loan deferments are available in a calendar year Get a free adcb credit card Obtain up to two times the salary overdraft Earn up to 300 TouchPoints for every AED 1,000 of the loan amount Life insurance is mandatory Interest rates start from 5.75% per annum One-time fee for life insurance cover is applicable

Eligibility Criteria for ADCB Personal Loan

To apply for an ADCB personal loan, you would need to fulfil the eligibility criteria mentioned below –

• Age Requirement: You must be at least 21 years old at the time of applying for the loan.
• Maximum Age Limit for Loan Tenure: The maximum age until which the loan must be repaid varies based on the nationality of the borrower. For expatriates, the loan should be fully repaid by the time the borrower reaches 60 years of age. For UAE nationals, however, the age limit extends to 65 years. Consequently, the repayment schedule of the loan should be planned accordingly as per your nationality and age.
• Minimum Monthly Income: You must have a stable monthly income, with the minimum requirement being AED 5,000. 
• Current Account with ADCB: There is no obligation for the borrower to be an existing customer of ADCB to apply for a personal loan. However, if you decide to secure a loan with ADCB, you would be required to open a Current Account with them. Your salary will need to be transferred to this account, which will be your Personal Loan Repayment Account. This streamlines the loan repayment process as the bank can directly debit the EMI from this account. Please note that an existing Savings Account with ADCB will not be accepted for this purpose.
• Mandatory Salary and End-of-Service Benefits Transfer: As an essential prerequisite for securing the personal loan, you must arrange to transfer not only your salary but also your end-of-service benefits or gratuity to your ADCB account. This requirement provides additional assurance to the bank regarding loan repayment.

Documents Required for ADCB Personal Loan

Keep the following documents ready when you apply for an ADCB personal loan –

• Duly completed loan application form
• Recent three months’ copies of bank statements
• Salary transfer letter
• Information related to your existing loan or liabilities
• Salary certificate issued to the bank - it must be dated 30 days or less from the date of personal loan application submission
• A valid passport
• Copy of EIDA card

Note: The bank may ask for additional documents if required. You must submit the paperwork on time to speed up the loan application process.

Fees and Charges Associated with ADCB Personal Loan

Tabled below are the charges and fees associated with this ADCB personal loan –

Parameters	Fees and Charges
Processing fees – for new and buy-out loans	1.05% of the loan amount Minimum – AED 525 Maximum – AED 2,625
Top up loans processing fees	1.05% of the loan amount Minimum – AED 525 Maximum – AED 2,625
Privilege Club and excellency clients – processing fees	1.05% of the loan amount Minimum – AED 525 Maximum – AED 2,625
Credit life insurance	0.0168% x loan tenure (in months) x loan amount
Early settlement  or partial settlement fees	1.05% of the settled amount Maximum – AED 10,500
Instalment deferment	AED 105 per deferment
Penalty for the delayed amount	AED 105 per deferment
Loan cancellation fee	AED 105
Loan rescheduling fee	AED 262.50
Other documents (issuing redemption statement, loan copy, audit confirmation) requested by customers	AED 26.25

How to Apply for ADCB Personal Loan?

To apply for an ADCB personal loan, you can utilise the user-friendly platform of Policybazaar UAE. Here's how -

• Visit Policybazaar.ae and navigate to the ‘Personal Loan’ section.
• Once there, fill out the lead form with the necessary information. Upon completion, you will be redirected to the personal loan quotes page.
• Use the filtering option on the quotes page to sort and select the ADCB personal loan options. This tailored list will help you find the right loan option as per your requirements and financial condition.

Applying for an ADCB personal loan via Policybazaar UAE comes with numerous advantages -

• User-Friendly Interface: Policybazaar.ae has a highly intuitive interface, which makes it easy for you to navigate through the loan application process.
• Comparison Tool: The website provides a comprehensive comparison tool to help you evaluate different loan options, thereby assisting in making an informed decision.
• Instant Quotes: You can access instant quotes for ADCB personal loans, helping you understand the terms and rates in real time.
• Detailed Information: Policybazaar.ae offers in-depth information about each loan, ensuring that you have all the details that you need about the ADCB personal loan before you apply.
• Customer Support: The Policybazaar UAE platform offers excellent customer support throughout the loan application process. This way, you can have all your queries or issues promptly addressed.

Policybazaar.ae not only simplifies the process of applying for an ADCB personal loan but also ensures that you are well-informed and supported throughout your loan application journey.

Terms and Conditions Associated With ADCB Personal Loan

You must adhere to the following terms and conditions while applying for an ADCB personal loan –

• Life Insurance Cover Fee: An additional one-off fee will be charged for life insurance coverage.
• Salary and End-of-Service Benefits Assignment: When applying for a personal loan, the customer's salary and end-of-service benefit (also known as a gratuity) will be assigned to ADCB. This assignment serves as collateral for the loan provided by the bank to the customer.
• Service Guarantee Promise: ADCB is committed to providing a decision on personal loan applications within 3 business days. This can be initiated by providing a full set of necessary documents to the sales or branch staff and sending an SMS starting with 'P' to 2626. Be aware that terms and conditions are applicable.
• Loan Cancellation Prior to Disbursement: Customers have the right to cancel a loan application before it is disbursed. However, this might incur certain charges and accrued commitment fees, for which the customer will be liable.
• Requesting a Payment Deferral: Customers can request to defer payment by notifying ADCB at least 5 business days in advance of the following dates:
  • The day their salary or other regular income is expected to be credited to the Repayment Account.
  • The date on which their usual monthly repayment instalment falls due

Eligibility Criteria for ADCB Personal Loan TouchPoints

'TouchPoints' is a loyalty program introduced by Abu Dhabi Commercial Bank (ADCB) that rewards its customers for various interactions with the bank - this includes personal loans as well. These points, which can be redeemed for a variety of valuable services and products, provide a unique incentive for customers to continue their relationship with ADCB. 

By securing a personal loan from ADCB, customers can earn TouchPoints based on the amount borrowed, thereby adding an additional advantage to the borrowing experience. In the subsequent section, we delve into the specific eligibility criteria that determine how many TouchPoints can be earned through ADCB personal loans.

• Qualifying Loan Amount: For a personal loan to qualify for TouchPoints, the net loan amount should be AED 10,000 or more.
• TouchPoints Earned on Loans up to AED 150,000: For personal loans ranging between AED 10,000 and AED 150,000, you will earn TouchPoints at the rate of 200 TouchPoints for every AED 1,000 borrowed.
• TouchPoints Earned on Loans above AED 150,000: For personal loans exceeding AED 150,000, the rate at which TouchPoints are earned increases to 300 TouchPoints for every AED 1,000 borrowed.
• Cap on TouchPoints: Regardless of the loan amount, the maximum number of TouchPoints that can be earned from a personal loan is capped at 75,000.

Important: TouchPoints will be awarded based on the net loan amount and not on the interest or other fees associated with the loan.

FAQ's