FAB Personal Loan

Overview

Formed as a merger between the First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD), the First Abu Dhabi Bank (FAB) holds the title of UAE’s largest bank. Headquartered in Abu Dhabi, FAB offers a wide network of connectivity across the UAE and internationally. The FAB personal loans in the UAE offer one of the lowest variable interest rates across its two categories - FAB personal loans for expats and FAB personal loans for UAE Nationals.

FAB personal loans in the UAE are popular for their generous loan amounts and low interest charges. Furthermore, interested customers may conveniently apply for FAB personal loans through an online form, which requires minimal documentation.

FAB Personal Loan Features & Benefits

The FAB personal loan is available in two variants, for UAE nationals, and for expats. The features and benefits of both have been detailed below.

Loan Amounts

FAB personal loans in the UAE for Emiratis have a maximum cap of AED 5 million. FAB personal loans for expatriates, on the other hand, offer a maximum of AED 2 million. These enormous loan amounts are offered to the very best FAB personal loan applicants only.

Tenor

Loan holders are offered up to 48 months of FAB personal loan tenor to leisurely repay the borrowed amount. The tenor of a FAB personal loan in the UAE is set as agreed upon between the loan holder and the bank.

Convenient

The process to apply for FAB personal loans is extremely simple and convenient. It can be completed online and requires very little documentation. Readers may apply for FAB personal loans via the online form available at FAB.

Benefits

A major advantage of applying for a FAB personal loan online in the UAE is the comprehensive and free personal life insurance coverage that loan holders are offered. The insurance policy offers cover for the FAB personal loan payments in the event that loan holders suffer from accidental death or disease.

FAB Personal Loan Eligibility and Documents Required

The FAB personal loan eligibility is slightly different for UAE nationals and expats. The eligibility parameters mentioned below apply to both UAE nationals and expats.

Age

Both UAE national and expat applicants are required to be a minimum 21 years of age to avail of a FAB personal loan in the UAE.

Employment

Applicants of the FAB personal loan are required to have employment at a government, semi-government or private institution of repute. This will be confirmed by taking employer details and salary slips from the applicant.

Income

In order to avail of a FAB personal loan in the UAE, applicants are required to have a minimum monthly salary of AED 7,000. This is the same for UAE nationals and expats alike.

In addition to these FAB personal loan requirements, expats are also required to have a valid resident visa as FAB personal loans in the UAE are offered to UAE residents only.

The document checklist needed to apply for a FAB personal loan is as follows:

  1. The loan application form may be found for FAB personal loan online in the UAE and can also be found at any FAB branch across the nation.
  2. UAE Nationals are required to submit their Emirates ID and passport, while FAB personal loan expat applicants are also required to submit their residence visa in addition to the listed documents.
  3. Non-salary transfer applicants are required to submit the latest three months of their bank statement. Additionally, FAB personal loans in the UAE may also require applicants to make at least one salary transfer and submit the respective salary transfer letter.

FAB Personal Loan Interest Rates

The table below mentions the applicable FAB personal loan interest rates for UAE nationals and for expats:

FAB Personal Loan
Category Max. Loan Amount Tenor Interest Rate Type of Interest
For UAE Nationals AED 5 Million Up to 48 months From 6.75% p.a. Reducing
For Expats AED 2 Million Up to 48 months From 6.75% p.a. Reducing

(Updated on May 2019)

FAQs

Q.1. What are the best FAB personal loans?

Ans: The best FAB personal loans are flexible and customized to the applicant’s requirements. Get in touch with FAB customer care executives or simply head over to the site for FAB personal loans online in the UAE to find a variable interest, flexible tenor loan.

Q.2. What is a salary transfer certificate?

Ans: A salary transfer certificate is one that shows the FAB personal loan applicant has transferred a month’s salary to the FAB account. The salary transfer certificate is issued by the employer in favor of the bank, FAB.

Q.3. Do I have to maintain a minimum balance in my FAB account?

Ans: No, FAB personal loan applicants are not required to maintain any balance in their FAB account. The FAB account is created in order to receive the applicant’s salary transfer.

Q.4. Can I calculate my FAB personal loan EMI on my own?

Ans: FAB personal loans in the UAE offer a free of charge personal loan calculator that can be used to estimate one’s monthly obligation on the basis of factors such as loan amount, monthly salary and desired tenor. This FAB personal loan calculator can be found on the FAB site.

Q.5. What is a variable interest rate?

Ans: The best FAB personal loan interest rate is reducing or variable in nature. This form of interest is charged directly on the principal amount and as a result, decrease every time the FAB personal loan holder makes a payment.

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