Abu Dhabi Islamic Bank Personal Loan

Overview

Abu Dhabi Islamic Bank (ADIB) is an Islamic Banking organization that takes pride in providing excellent Shariah-compliant financial services and products. The ADIB personal loan is an example of a complete Shariah-compliant loan.

Based on Islamic Banking, the Abu Dhabi Islamic Bank personal loan does not charge interest and does not carry any hidden charges.  The ADIB personal loan is available in two broad categories:

  1. The ADIB Personal Loan for UAE Nationals
  2. The ADIB Personal Loan for Expats

ADIB Personal Loan- Features and Benefits

The ADIB personal loan offers high loan amounts at low-profit rates. The features and benefits of the ADIB personal finance product are as follows:

Maximum Loan Amount

The maximum loan amount depends upon the earning potential of the applicant, their credit score, and various other ADIB personal loan requirements. The ADIB personal loan for the UAE nationals has a maximum limit of AED 3 million, while the ADIB personal loan for expats has a maximum limit of AED 1 million. These ADIB Bank personal loans also offer a maximum tenor of 48 months.

Grace Period

ADIB personal loans for expats and UAE nationals offer the loan borrower an instalment-free grace period up to 3 months (to pay the first EMI). The loan borrower can pay their first instalment any time during these 3 months to start the ADIB personal loan

Loan Deferments

The ADIB personal finance allows the loan borrower to defer or postpone payments for up to two ADIB personal loan The ADIB personal loan offers 2 loan deferments every year.

No Processing Charges

Abu Dhabi Islamic Bank personal loans do not charge any processing fee. Being an Islamic Banking organization, ADIB ensures that it maintains transparency across the schedule of fees and charges. As such, there is no hidden processing charge for the ADIB personal loan

Takaful Insurance

The optional Takaful Protection scheme covers the ADIB personal loan borrower in the event of a permanent total disability, critical illness or death. This coverage is offered for up to AED 2 million and is offered by the Abu Dhabi National Takaful Co. PSC.

Additional Benefits

Abu Dhabi Islamic Bank personal loan offers the ADIB Booking.com Signature This travel credit card enables the cardholder to avail amazing discounts on hotels, flights, fuel, and limitless complimentary access to global airport lounges. For ADIB personal loan borrowers, the ADIB Booking.com Signature card’s first-year annual fee is also waived-off.

ADIB Personal Loan- Eligibility and Document Requirements

The ADIB personal loan eligibility and document requirements are nearly the same for Emiratis and expats alike. These ADIB personal loan requirements are as follows:

Age Eligibility

The applicant between 21 years to 60 years of age is eligible for the ADIB personal loans for expats. The ADIB personal loan eligibility for the UAE nationals, on the other hand, ranges from the age of 21 years - 65 years.

Minimum Income

The loan applicant is expected to meet the Abu Dhabi Islamic Bank personal loan minimum salary The ADIB Bank personal loan minimum salary requirement for expats and UAE Nationals alike is AED 8,000.

Work Experience

The ADIB personal loan requirement for work experience varies slightly for expats and Emiratis. ADIB personal loan eligibility for UAE Nationals requires the Emirati applicant to have a confirmed job status or a minimum of 3 months’ work experience. The ADIB personal loan for expats, however, requires the applicant to have either a confirmed job status or a minimum of 6 months’ work experience.

In terms of documentation, the ADIB personal loan requirements are:

  1. The applicant of the ADIB personal loan for expats will be required to submit original and copies of their passport and UAE residence Visa. Emiratis applicant is required to submit their original and copy of passport.
  2. Both UAE National and expat applicant alike will be required to submit their original and copy of the Emirates ID.
  3. Both Emirati and expat ADIB personal loan applicant will be required to submit their 3 months’ latest bank

ADIB Personal Loan Profit Rates

Abu Dhabi Islamic Bank personal loans charge a reducing balance profit rate. A reducing ADIB personal loan profit rate decreases every time the loan borrower pays an installment.

ADIB Personal Loan
Type of Loan Maximum Loan Amount Tenor Profit Rate Type of Profit Rate
ADIB Personal Loans for UAE Nationals AED 3 Million Up to 48 months 6.75% - 20.00% p.a. Reducing
ADIB Personal Loans for Expats AED 1 Million Up to 48 months 6.75% - 20.00% p.a. Reducing

(Updated as of May 2019)

Frequently Asked Questions

Q1- How can I calculate my ADIB personal loan EMI?

Ans: ADIB provides a free ADIB personal loan calculator on its website. To calculate your ADIB personal loan EMI, you can access the calculator and enter your details such as tenor and loan amount.

Q2- How do I apply for the ADIB personal loan?

Ans: ADIB personal loans offer a large borrowing amount at minimal profit rate charges. You can apply for the Abu Dhabi Islamic Bank personal loan at ADIB branches, over the phone or via the online ADIB personal loan application form.

Q3- What is the reducing balance profit rate?

Ans: A reducing balance profit rate is a form of profit charge that varies as per the outstanding ADIB personal loan amount. With every payment the loan borrower makes, the ADIB personal loan outstanding balance reduces and so does the applicable profit rate. The profit rate is the same across ADIB personal loans for expats and for UAE nationals.

Q4- What is the Al Etihad Credit Bureau Fee?

Ans: In order to analyze an applicant’s ADIB personal loan eligibility, the ADIB financial staff checks the applicant’s credit score. The credit score is a numerical value that indicates how risky an applicant is. The higher the credit score, the better the applicant is considered to be. The Etihad Credit Bureau offers credit report for a nominal fee and ADIB personal loan applicant is charged for it.