ADIB Debt Settlement for Expats

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Settling in a new country and living as expats is indeed a thrilling experience. Right from arriving, to completing the process of your stay in UAE, you can plan everything. However, emergency situations can come unannounced in foreign countries, which may lead you to take financial help from lending institutions. 

Sometimes situations can worsen due to global economic crises, such as job loss, after which you may find yourself in debt. In such cases, opting for debt settlement seems the best option. ADIB debt settlement for expats can be a compatible solution to be considered under this situation.

Debt Settlement for Expats

Debt settlement refers to an agreement between a lending institution and a borrower (here expats) where the borrower can repay a certain amount of loan balance. In contrast, the lending institution forgives the rest of the debt.

In case of ADIB debt settlement, you, as an expat can consolidate your liabilities by reducing your monthly instalments. You can make an agreement on a repayment scheme. This process will help you in saving a substantial amount of money and maintaining finances efficiently. 

Let’s take a glance at the common practices lending institutions usually indulge in while settling the debt for expats.

  • The financial institution factors in your repayment capacity and scrutinises financial standing and changes (if any, from the time of taking a loan or credit card to the current state). 
  • In addition, while negotiating with borrowers, lenders consider present income, chances of adding a co-borrower or guarantor, repayment history, especially history of bounced cheques, current residency status (in UAE or elsewhere), and a number of assets (in UAE or elsewhere) etc.

Lending institutions provide lucrative offers if your payment history shows a positive movement; what’s more! You can also request to postpone your instalment payment(s) within a specific duration.  

Now that you have a clear idea of ADIB debt settlement for expats, learn about a few minor details of this facility.

ADIB Debt Settlement for Expats

  • Minimum Salary AED 8,000
  • Monthly Payment AED 2,245
  • Flat Rate 3.72%
  • Reducing Rate 6.75%
  • Salary Transfer
  • Islamic Finance
  • Introductory Offers

Features and Benefits of ADIB Personal Loan for Debt Settlement

Expats can enjoy the following features and benefits while opting for ADIB debt settlement exclusively designed for them:

  • The finance amount sanctioned by ADIB for debt settlement for expatriates is AED 1 million. 
  • The debt settlement facility is available for a maximum of 4 years.
  • The bank ensures a 100% processing fee waiver with no processing fee and hidden charges.
  • The Takaful Cover on an ADIB personal loan for debt settlement is 1.25%.
  • The early settlement fee is 1% of the outstanding amount on that day.
  • You can enjoy flexible repayment options.
  • The bank allows the option to postpone 2 instalments per year.
  • You can choose to take the grace period of up to 90 days for making the first instalment payment.
  • The bank offers a pre-approved Cashback Visa Covered Card for free for the first year. 

Eligibility to Get ADIB Personal Loan for Debt Settlement 

Those living as expats in the UAE must fulfil the eligibility criteria laid down by the ADIB:

  • You must complete the salary transfer process. 
  • As an employee and expat, you must work with employers registered with ADIB.
  • Your minimum salary should be AED 8,000.
  • Your age must range from 21 years to 70 years at the time of maturity.
  • Your maximum age must be 60 years at the time of completion of the finance tenor.

Profit Rate 

  • A profit rate of 5.99% is applicable

Document Required to Get Your Application Approved: 

Following is a list of documents that you as an expat need to submit to ADIB to secure a personal loan for debt settlement: 

  • A copy along with the original passport
  • Valid residence visa
  • Liability certificate
  • Fresh salary transfer letter or a salary certificate addressed to ADIB
  • Latest 3 months bank statement in case the salary is not credited to ADIB

Application Procedure for ADIB Debt Settlement for Expats

Expats can apply for debt settlement at ADIB through both online and offline mediums. Both these processes are discussed below:

ADIB Debt Settlement for Expats – Online Procedure

Follow the steps mentioned below to complete the online application process for debt settlement with ADIB:

  • Step 1 – Visit the official website of ADIB.
  • Step 2 – Navigate to the ‘Personal’ option and move the cursor on ‘Finance’ and click on ‘Debt Settlement’.
  • Step 3 – Go to the bottom of the following page and click on ‘Apply Now’ under ‘Online’ option. 
  • Step 4 – Fill in the required details and click on ‘Submit Request’ and follow the next instruction to complete the online debt settlement process. 

ADIB Debt Settlement for Expats – Offline Procedure

You can visit the nearest ADIB branch and complete the debt settlement process by filling the application form.

Below is the ADIB Headquarters address:

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

As a non-UAE resident and borrower, you can come out of financial hardship by opting for ADIB debt settlement for expats.    

The option of ADIB debt settlement for expats is available to reduce financial liabilities. 

Other ADIB Personal Loan Types
ADIB Personal Loan for UAE Nationals ADIB Personal Loans for Expats
ADIB Boat Finance for Expats ADIB Debt Settlement for UAE Nationals
ADIB Education Finance for Expats ADIB Education Finance for UAE Nationals
ADIB Travel Finance for Expats ADIB Boat Finance for UAE Nationals

FAQ's

Do I have to pay fees for postponing debt settlement payments?

No, you do not have to pay fees for postponing debt settlement payments. 

Does ADIB offer competitive profit rates?

Yes, ADIB offers competitive profit rates of 5.99%

How long does it take to complete the ADIB debt settlement for expatriates?

It takes only 10 minutes to complete the ADIB debt settlement for expats.

Will my credit status be affected after debt settlement?

Though the history of ‘debt settled’ will impact your credit profile, you can work on improving your credit score and hence can rebuild your credit profile and obtain a personal loan in UAE.

Is there any processing fee?

There is no processing fee involved to get ADIB personal loan applied to settle debts.

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