Dubai First Personal Loan

Overview

Dubai First was established in 2007 and rapidly gained popularity with the launch of its spectacular credit cards and personal finance. Dubai First personal loans are one of the many industry-leading financial products that the organization offers. Dubai First was recently part of a merger that saw it being incorporated under the First Abu Dhabi Bank (FAB) banner. FAB is now the largest bank in the UAE and continues to offer services such as the highly-availed Dubai First Bank personal loan.

The procedure to apply for a Dubai First personal loan is extremely simple and can be done within minutes via the online application form. Dubai First personal loans offer considerable loan amounts for at flexible reducing-balance interest rates. The Dubai First personal loan also allows customers to avail of funding without any salary transfer.

Features & Benefits of the Dubai First Personal Loan

Dubai First personal loans are an example of that rarest of loan types in the UAE, i.e. ones that do not require a salary transfer:

Loan Amount

The Dubai First personal loan offers flexible loan amounts ranging from as little as AED 20,000 up to a substantial amount of AED 250,000. Kindly note that in order to apply for a Dubai First personal loan, applicants will be required to have employment at an approved UAE organization.

Flexible Tenor

Another highly regarded feature of the Dubai First personal loan is its flexible tenor. Dubai First personal loans are offered from anywhere between 12 months to 48 months. These tenor periods are usually agreed upon by both parties (applicant and Dubai First) in the loan agreement.

Quick Processing

In addition to the extremely minimal documentation that is required in order to apply for a Dubai First personal loan, the loan is also known for its quick processing times. Applicants may submit the online Dubai First personal loan application form within minutes and can expect a response within the week.

No Salary Transfers

Unlike most personal loans in the UAE, the Dubai First personal loan does not require any salary transfer from its applicants. But while the best Dubai First personal loans do not require a salary transfer from the applicant, the loan is only offered to salaried UAE residents.

Life Insurance

Loan holders receive access to a priceless life insurance policy, known as the Credit Life Insurance, from the very first day of their Dubai First Bank personal loan. The Credit Life Insurance exempts Dubai First personal loans customers from paying their monthly obligations in the event of a permanent disability or death.

Other Benefits

Finally, the Dubai First Bank personal loan also offers a complimentary range of its award-winning credit cards. Dubai First personal loan holders may choose from the Dubai Moments Titanium, Dubai Moments Platinum or the Dubai First Cashback card. The cards are free for life and can be applied for at the same time that customers apply for a Dubai First personal loan. Furthermore, the only additional document requirement to avail of a Dubai First Bank personal loan complimentary credit card is the submission of a security cheque.

Dubai First Personal Loan Eligibility & Required Documents

As discussed earlier, applicants do not need to make a salary transfer in order to apply for a Dubai First personal loan. In fact, the eligibility criteria to apply for a Dubai First personal loan are extremely relaxed and can be summed as follows:

Age Eligibility

The age eligibility for a Dubai First personal loan lies between 21 years and 60 years for UAE nationals and expats alike.

Income Eligibility

While the Dubai First Bank personal loan does not require a salary transfer, applicants are required to have employment at an approved UAE employer. Furthermore, Dubai First may also impose minimum income restrictions as per its own analysis of the applicant’s creditworthiness.

Residency Eligibility

Applicants must also have UAE residency in order to apply for a Dubai First personal loan.

There is no set document checklist for the Dubai First personal loan. Applicants may find more information on the required documents by contacting the Dubai First Bank personal loan customer care at 800-33 or at (04)5068-888.  A general set of documents that Dubai First personal loans may require are as follows:

  1. An Emirates ID (as ID proof).
  2. A Passport Copy (as ID proof).
  3. A Residence Visa (only for non-UAE nationals).
  4. A Bank Statement (for a set number of months).
  5. A Utility Bill (as address proof).

Dubai First Personal Loan Interest Rates

Like most of the leading personal loans in the UAE, the best Dubai First personal loans offer a reducing balance interest rate, which gets smaller with every instalment that is paid. The Dubai First Bank personal loan details can be found in the table below:

Dubai First Personal Loan
Product Name Loan Amount Tenor Rate of Interest Type of Interest
Dubai First Personal Loan AED 20,000 - AED 250,00 12 months - 48 months From 18.00% to 25.99% Reducing

(Updated on May 2019)

FAQs

Q.1. What is FAB?

Ans: First Abu Dhabi Bank or FAB is the new face of Dubai First finance. FAB was formed as a merger between the previously standing First Gulf Bank (FGB) and the popular National Bank of Abu Dhabi (NBAD) in 2017, making it the biggest bank in the UAE. FAB continues to offer the very best Dubai First personal loans to date.

Q.2. What are the charges associated with the Dubai First personal loan Credit Life Insurance policy?

Ans: Dubai First personal loan holders can avail of the practical Credit Life Insurance policy for a maximum of 1.5% of the total borrowed amount.

Q.3. Are there are late payment charges for the Dubai First personal loan?

Ans: Yes, the late payment charge for a missed Dubai First Bank personal loan instalment is 2% of the delayed amount. This has a minimum and maximum range of AED 50 – AED 200.

Q.4. What are the processing charges on a Dubai First personal loan?

Ans: On successfully applying for a Dubai First personal loan, the applicant will be charged a processing fee of at most 1% of the total requested amount. The processing fee is only charged once and also has a minimum and maximum range of AED 500 – AED 2,500.

Q.5. What is a loan deferment?

Ans: Dubai First personal loan holders may request for a postponement of their monthly instalment payment. This is referred to as a loan deferment. Dubai First Bank personal loan deferments are subject to approval by Dubai First and are chargeable at AED 100 per deferment.

Average Rating / 5 ( reviews)