Benefits of Applying for Personal Loan in Dubai from ADCB Bank
Digitization and easy access to banking services have made it extremely simple to get credit in UAE. All of us are aware of personal loans that are easy to get from financial institutions and banks. Unlike other types of loans, personal loans come unsecured without any collateral. The primary difference between a personal loan and other types of loans is that it can be used to fund a wide variety of purposes.
Personal loans have gained immense popularity within the past few years due to several reasons. The first and foremost reason behind the increasing popularity of personal loans is that these loans can be issued without collateral that is not possible with any other type of loan.
If you are planning to apply for a personal loan, the market is filled with a bundle of providers that offer customizable plans based on the requirements of the debtor. One of the leading financial institutions in the UAE that offer personal loans is ADCB (Abu Dhabi Commercial Bank). This article will provide a detailed insight into different benefits of applying for ADCB personal loan, so stay tuned!
What is Personal Loan?
Like other types of loans, personal loans are credit provided by financial institutions and banks in order to fund the financial needs of debtors. A personal loan is a type of loan that is typically offered without collateral and requires minimal documentation. Debtors can use the loan for legitimate financial needs that are legally acceptable. Borrowers are supposed to repay the loan amount along with the interest in accordance with terms and conditions specified by the financial institution. Usually, the amount is broken down into smaller portions that are paid in the form of monthly installments called EMI.
One of the major reasons that differentiate personal loans from other types of traditional loans is its flexibility in terms of usage. Borrowers are free to utilize the loan amount to pay for anything they wish such as a holiday, wedding, medical treatment, renovating your house, etc.
Personal loans work in the same way other loans work. Initially, the borrower needs to submit a loan application enclosing all the required documents. Once the documents are submitted the banks verifies the loan application and checks the creditworthiness of the borrower. If the borrower qualifies the bank’s criteria of personal loan acceptance the loan is approved and credited into the borrower’s bank account. Interest rates in case of personal loans vary from provider to provider and depend on the credit score, annual income, and the profession of the borrower.
ADCB Personal Loan
Abu Dhabi Commercial Bank also known as ADCB is a commercial bank that offers a wide variety of banking and finance-related services in the UAE. ADCB offers one of the best and rewarding personal loans that come with complimentary benefits like rewards programs, discounts, etc. ADCB personal loan is available for both expatriates and UAE nationals. Loan applicants can apply for the loan online or offline as per their convenience. Furthermore, the rates of interest offered by ADCB are one of the lowest available in the market. For UAE nationals the rate of interest is 5.25% and for expatriates, it is 6.25%.
A distinct service offered by ADCB that differentiates it from other financial institutions is ADCB personal loan touchpoints. The touchpoints are similar to reward points offered by credit card providers. Borrowers can make use of these touchpoints for shopping and lifestyle purchases all across the UAE.
Eligibility Criteria for ADCB Personal Loan
The eligibility criteria for ADCB personal loans are similar to other providers. These are designed in order to assess the financial situation and risks associated with lending money without collateral. The minimum age of the applicant required in order to apply for a personal loan from ADCB should be twenty-one. Salary transfer is another important factor in the eligibility criteria of ADCB personal loans. The employer of the applicant must approve salary transfer so that they can qualify the eligibility criteria of personal loan in UAE. The credit score of the applicant plays a crucial in determining eligibility for ADCB personal loans.
Benefits of ADCB Personal Loan
Personal loan turns out to be a boon for borrowers that are struggling to get a loan. It is an easy and efficient type of loan that can be availed without any hassle. Here’s a quick rundown on the benefits of ADCB personal loans.
Easy and Simplified Loan Processing
Borrowers can simply apply for ADCB personal loans by visiting the website of the provider or calling toll free helpline number. The overall process of loan application is very quick and requires minimal documentation in comparison to other types of loans.
When compared to other types of conventional loans, ADCB personal loans are quickly disbursed due to the limited requirement of documentation. Furthermore, since personal loans do not require any sort of collateral this enhances the pace at which the loan is disbursed.
As mentioned earlier the documentation and disbursement time for ADCB personal loan is much lower than other types of traditional loans. Borrowers can apply for a personal loan with very basic documents like identity proof, address proof and proof of income.
The maximum amount that a borrower can apply for is twenty times the total monthly salary of the applicant.
Life Insurance Coverage
Life insurance is an absolute must in order to safeguard and protect the policyholder and their loved ones from financial hardships. Life insurance in the form of credit can help a borrower to pay for unexpected emergencies.
Unemployment coverage is a unique feature offered by ADCB that makes it one of the most reliable and popular financial institutions in the UAE. Unemployment coverage pays for 10% of the remaining loan amount at the cost of a 0.1% processing fee over the remaining amount.
ADCB personal loan offers a distinct feature of touchpoints. Applying for ADCB personal loan allows borrowers to enter into the touchpoint rewards program. Touchpoints can be used to avail discounts on shopping and lifestyle purchases all across the UAE.
Personal Loan is truly a boon for a lot of borrowers struggling to get loans. ADCB personal loan offers some of the best services amongst all other financial institutions in the UAE. Borrowers can easily get a personal loan without any hassle. The payment terms of ADCB personal loans are flexible and allow borrowers to easily repay the outstanding amount.