ADIB Boat Finance for Expats

Buying a boat is aspirational for most of us. They are an expensive purchase and require substantial financial means to pull it off. Well, on the upside, you can have a great time on board during holidays, plus the ability to boast among your peers is an added advantage.

So, if you are planning to buy a boat and are in search of an apt financial solution, look into the ADIB boat finance for Expats. 

As already mentioned, buying a boat is an expensive affair, and instead of investing all your savings, you can look into alternatives. Here the Abu Dhabi Islamic Bank (ADIB) boat finance for expats can be a capable solution.

Since this financial product has no restrictions over its usage, you have the liberty to utilise the funds as you please. Moreover, the flexible repayment option and other favourable terms make it an even better financing proposition.

ADIB Boat Finance for Expats

• Minimum Salary AED 10,000
• Monthly Payment AED 2,251
• Flat Rate 3.85%
• Reducing Rate 6.99%

• Salary Transfer
• Islamic Finance

 

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Features and Benefits of ADIB Boat Finance for Expats

Take a glance at the numerous attractive features and benefits of tailor-made boat finance from ADIB:

• A high loan quantum - Expatriates can avail of a finance amount of up to AED one million from ADIB (Abu Dhabi Islamic Bank) for this purpose.
• Flexibility in repayment - You get the chance to repay your credit within 48 months with ADIB.
• Affordable profit rates - Customers can expect competitive profit rates from this leading bank. The reducing rate and the flat rate of this finance are 6.75% and 3.72%, respectively.
• The facility of postponing instalments - With ADIB, you get the chance to postpone 2 instalments of your boat finance each year. This helps you to manage your finances in case of a crunch.
• EMI holiday -  Abu Dhabi Islamic Bank offers an instalment holiday of up to 120 days for the 1st instalment repayment. This also helps you to tackle your financial liabilities better.
• No processing fees - Unlike several other financiers, the ADIB Personal Loan or Boat Finance guarantees zero processing fee. With an online application form and constant customer assistance, it is convenient to opt for the finance amount. 
• Nominal early settlement fees - In case you plan to settle your debt early, then you have to pay 1% of the remaining loan amount as the early settlement charge.
• Personal finance Takaful (optional) - Takaful Protection of ADIB offers coverage against permanent total disability, terminal illness, and death. Through this, expats can enjoy coverage of up to 1.25% of the total loan amount. 

Eligibility criteria for ADIB Boat Finance for Expats

Expats need to meet the following eligibility terms before applying for ADIB boat finance for Expats:

• As an expat, you must have a valid visa and other employment details.
• You must have worked for at least 6 months in the UAE
• Your employer should be on the approved list of companies of ADIB
• Salary transfer is mandatory.
• The nominal age to qualify for this credit is 21 years, and the highest age at the time of maturity must be within 60 years.

Documents Required for ADIB Boat finance for Expats

Here is a complete list of the documents needed for the approval of a personal loan in UAE:

• Bank statement of 3 months (when salary is not credited to the bank)
• Boat quotation in the name of ADIB from the seller
• Salary certificate in the name of ADIB/New salary transfer letter
• Original and photocopy of Emirates ID
• Original and photocopy of passport along with residence visa

After submitting these papers, you must wait for the bank's approval. Once your application is through, you will get a notification via your registered contact information.

Procedure to Apply for ADIB Boat Finance for Expats

Following are the easy ways to apply for Boat Finance through ADIB:

Visit a Branch

Expats can visit a nearby ADIB branch to apply for their finance amount directly. All its branches facilitate priority service for people of determination and senior citizens.

After submitting the required documents and the filled-in application form, ADIB will sanction the finance amount instantly. Once it gets approval, customers can finish the other formalities to finance their needs.

The ADIB Headquarters address:

• HQ Address: Sheikh Rashid Bin Saeed St (Old Airport Road) opposite Hilton Capital Grand Hotel.
• Phone Number: 600543216

Online mode 

It just takes 10 minutes to apply for Boat Finance through a secure and hassle-free online procedure. Firstly, one needs to fill in the relevant details such as name, email, contact number, income range, and company name. After that, a representative will connect with the applicant to complete the procedure.

Final Words

ADIB boat finance for Expats is a convenient financing option to fulfil your dream of owning a boat. However, it is always important to go through the loan terms to avoid any future problems.