Everything You Absolutely Must Know About ADCB Personal Loans
Abu Dhabi Commercial Bank is one of the leading banks from the UAE. Abu Dhabi Commercial Bank provides lower interest rates and flexible repayment term in personal finance. But these terms can be affected by the salary that you make monthly. Before applying for personal finance in Abu Dhabi Commercial Bank, calculate your eligibility. If you are eligible for personal finance, calculate the interest rates too beforehand. Abu Dhabi Commercial Bank provides finance amount and the interest rate depending on the applicant’s monthly salary and credit score. You can check ADCB personal loan interest rate online.
Abu Dhabi Commercial Bank provides personal loan for UAE Nationals and the expats. Below we have listed everything you should know about the ADCB personal loan based on the categories.
Personal Loan for UAE Nationals
Eligibility for the Personal Loan
The applicant must be 21 years of age
The applicant must have a minimum salary of AED 10,000
Salary transfer is required
Benefits of the Personal Loan for UAE Nationals include
Salary overdraft up to 3X
Free credit card of ADCB Bank
Life insurance with a ‘onetime’ fee
Availability of the loan consolidation
Cover for loss of a job
Documentation is simple
On every AED 1000 of the finance amount, 200 touchpoints are awarded (with AED 1,50,000 or less as the loan amount)
On every AED 1000 of the finance amount, 300 touchpoints are awarded (with AED 1,50,000 or above as the loan amount)
Features of the Personal Loan for UAE Nationals Include
Up to 48 months of repayment tenure
Up to 1.05% of the finance amount for credit life insurance
The processing fee is 1.05% of the finance amount (minimum amount is AED 525)
The early or partial settlement fee is 1.05% of the outstanding amount (AED 10,500 is the maximum amount)
The interest rate starts from 5.25% of the loan amount per annum
Documents Required
Emirates ID
Salary transfer letter/salary certificate
Proof of address (utility bills, etc.)
Bank statements of 36 months
The trading license of the selfemployed individuals
Personal Loan for Expats
Eligibility for the Personal Loan
The applicant must have a minimum salary of AED 5,000
Salary transfer is required
The applicant must be 21 years of above
Benefits of the Personal Loan for Expats Include
Salary overdraft available up to 2X
Availability of the loan consolidation
Free credit card of ADCB bank
Life insurance with a ‘onetime’ fee
Documentation is simple
Cover for the loss of a job
On every AED 1000 of the finance amount, 200 touchpoints are awarded (with AED 1,50,000 or less as the loan amount)
On every AED 1000 of the finance amount, 300 touchpoints are awarded (with AED 1,50,000 or above as the loan amount)
Features of the Personal Loan for Expats
The interest rate starts from 6.25% of the loan amount per annum
Up to 48 months of repayment tenure
The processing fee is 1.05% of the finance amount (minimum amount is AED 525)
Up to 1.05% of the finance amount for credit life insurance
The early or partial settlement fee is 1.05% of the outstanding amount (AED 10,500 is the maximum amount)
Documents Required
Emirates ID
Copy of the Passport
Salary transfer letter/salary certificate
Residence visa of UAE
Proof of Address (utility bills, etc.)
Bank statement of 3 6 months
Copy of the Passport
Involuntary Loss of Employment Cover for ADCB Personal Loan Repayments
In case of loss of employment, ADCB bank provides insurance cover for the personal loan repayment. The key benefits of this insurance include
Coverage of AED 5000 monthly for 6 months or 10% of the outstanding finance amount (the lower amount between the two)
Flexibility in the life span of the finance amount to opt in or opt out.
The cover charges o.1% of the outstanding loan amount per month
Final Verdict
ADCB personal loan provides personal finance to UAE nationals and expats. These personal finances are among the best in the UAE. The ADCB bank also provides insurance cover to cover your personal finance in case of the unfortunate loss of employment. Though the insurance cover comes with a price, it will help you out in case of loss of employment. You can use the ADCB personal loan calculator to check your finance amount. You can also look for other options that can provide you with better insurance coverage.
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