How to Avail a Personal Loan from ADIB at a Low Rate of Interest?
ADIB has been functioning in a manner that it has been able to create value for its customers as well as the communities it works in. This Sharia-compliant bank provides a wide range of banking products and services in the UAE.
Personal Finance is amongst the various services offered by this Abu Dhabi Islamic Bank. Whether you plan to buy a boat or go on your dream vacation, ADIB Personal Loan can help you in living your dreams. You can easily plan your wedding, or get your house renovated without stressing about the funds required. The personal finance by ADIB can be categorized into two broad categories-
Now that you know about this brilliant option, let’s discuss how to avail it.
How to Obtain the ADIB Personal Loan?
Go Through the Feature and Benefits
Whether you are an expat or a UAE National, first and the foremost thing that you need to is identify the finance you need as per your requirement. Visit a reliable website or the official website of ADIB to read the features and benefits offered on personal finance. Carefully read about the maximum loan amount, repayment tenure, grace period, and more. After going through the features thoroughly, make sure that the loan complements your needs.
Check the Rate of Interest and Other Charges
The fees & charges are an important part of any personal finance. Check the ADIB Personal Loan Interest Rate along with other charges such as processing fee, re-scheduling fee, and more. ADIB charges a reducing profit rate starting from 6.75 percent to 20 percent per annum. Reducing the profit rate is the rate that changes according to the outstanding personal finance amount. With each payment made by the borrower, the outstanding amount reduces, and hence the profit rate reduces too.
Check the Eligibility
After ensuring that this personal finance is suitable for your needs, look for the eligibility criteria. The ADIB Personal Loan Eligibility includes different criterion which you need to meet for obtaining a loan.
- Age Eligibility: If you are an expat, you should be 21 to 60 years of age to be eligible for this personal finance. In the case of UAE Nationals, you need to be 21 to 65 years old to be eligible.
- Employment Status: Whether you are an expat or a UAE National, you should have a confirmed employment status with your current employer. However, the minimum working experience with the current organization for expats is 6 months and for UAE Nationals is 3 months.
- Minimum Income: Being a loan applicant, you need to meet the minimum income requirement for being eligible for the loan. You should have a minimum monthly income of AED 8000.
- Credit Score: Your credit score is the reflection of your credibility. The bank checks your credit history by obtaining a credit report from the Al Etihad Credit Bureau. This report shows the payment history and current debts. An ideal credit score means that you have the capability of repaying the loan.
Application of the Personal Finance
You can apply for this ADIB Personal Loan in the following ways.
- Branch Application: You can visit the branches of the Abu Dhabi Islamic Bank to apply for the loan.
- Phone Banking: You can also avail the facility of phone banking to apply for this personal finance by calling on the official contact number.
- Online Banking: You can apply for personal finance by filling the application form online through the online banking portal.
Submitting the Required Documents
Along with the application form, you need to submit a few documents as per the discretion of the bank. Following are the required documents.
- Valid passport and residence Visa (for expats only)- original & copy
- Valid Emirates Identity Proof- original & copy
- Previous 3 months’ bank account statements
Approval of the Loan
After submitting a duly filled application form along with the required documents, wait for ADIB to approve your loan. You can enjoy quick approvals on your ADIB Personal Loan applications. Once your finance is approved, then after finishing the remaining formalities, you will get the funds for fulfilling your dreams.
In a Nutshell!
The personal finance solutions assist you in turning your dreams into reality. The ADIB Personal Loan offers high loan amounts at low rates of interest with a flexible tenure for repayment. You can follow the above-mentioned steps for availing this personal finance easily in the UAE.