ADIB Personal Loans for Expats

Overview

Abu Dhabi Islamic Bank (ADIB) was opened in May 1997 and provides a host of Islamic Banking services across the UAE. The ADIB personal loan is completely Shariah-compliant, offering a transparent system of charges and no interest.

The Abu Dhabi Islamic Bank personal loan is available in two variants, one for UAE Nationals and one for Expats. Join us as we take a look at the various features, benefits and eligibility requirements that expats can expect from an ADIB Bank personal loan.

Feature & Benefits of the ADIB Personal Loan

An ADIB personal loan for expats offers a variety of enticing features and benefits. Let us take a look at some of these world-class features:

Islamic Finance

The ADIB personal loan follows Shariah law and as such, does not charge a single AED in interest. The ADIB personal loan for expats also comes with transparent charges and maintains various donations.

Loan Amount

Offering one of the largest amounts to its customers, the ADIB personal loan for expats allows loan holders to avail of up to AED 1 million.

No Processing

Unlike most financing solutions in the UAE, the Abu Dhabi Islamic Bank personal loan comes with no processing fee charges. Applicants can avail of the entire loan amount as and when required.

Grace Period

Non-UAE residents can enjoy the ADIB personal loan for expats for up to 3 months without making an instalment payment. This is an extremely generous grace period, as most other personal loans offer 30 days of grace period only.

Postponement

Expats can enjoy the option of postponing an ADIB personal loan payment up to two times every year. This is subject to making monthly payments on time and approval by ADIB.

Benefits

There are two key benefits that an ADIB personal loan for expats offers:

    1. A pre-approved and complimentary ADIB Booking.com Signature card. This is fee-free for one year and allows the ADIB personal loan applicants to avail of discounts, promotions and an extended line of credit.
    2. A Takaful life insurance policy which protects the Abu Dhabi Islamic Bank personal loan holder in the event of an accident or certain medical emergencies.

ADIB Personal Loan Eligibility & Documentation

The ADIB personal loan eligibility requirements can be defined as follows:

Age

ADIB personal loans for expats are only offered to applicants between the age of 21 years and 60 years.

Income

The Abu Dhabi Islamic Bank personal loan minimum salary requirement is of AED 8,000 per month. Applicants will require a good credit score and the above-stated minimum monthly income to successfully qualify.

Work

An ADIB personal loan requires applicants are also required to have at least 6 months of work experience.

The ADIB personal loan requirements ask for the following documents from applicants:

  1. An Emirates ID.
  2. The ADIB personal loan applicant’s original passport and a copy of the same.
  3. A valid UAE residence visa.
  4. The most recent 3 months of the applicant’s bank statement.

ADIB Personal Loan Profit Rate

The ADIB personal loan offers a reducing profit rate, which gets smaller as the ADIB personal loan applicant pays off their borrowed amount.

The profit rate applicable to ADIB personal loans for expats ranges from between 6.75% per annum to 20% per annum.

FAQs

Q.1. How do I calculate my ADIB personal loan EMI?

Ans: The ADIB personal loan calculator is available freely on the ADIB site for applicant’s to make use of. Simply enter the various ADIB personal finance details such as loan amount, tenor and profit rate for an estimate of the EMI amount.

Q.2. What is Islamic Banking?

Ans: As an Islamic Bank, ADIB does not charge interest. So instead of an ADIB personal loan interest rate, loan holders are charges a small profit rate on the borrowed amount. The ADIB personal loan for expats is also completely honest and upfront about all other applicable fees and charges.

Q.3. What is the late penalty on an ADIB personal loan?

Ans: The late charges associated with ADIB personal finance products is AED 100. This late payment charge is donated to a charity of ADIB’s choosing.

Q.4. What is the processing fee on an ADIB personal loan?

Ans: There is absolutely no processing fee on an Abu Dhabi Islamic Bank personal loan.

Q.5. What is the instalment delay fees for an ADIB personal loan?

Ans: Members of an ADIB personal loan for expats can avail of the instalment deferment option twice every year. This is offered free of cost with the ADIB personal finance solution.