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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 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.
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.
Expats can enjoy the following features and benefits while opting for ADIB debt settlement exclusively designed for them:
Those living as expats in the UAE must fulfil the eligibility criteria laid down by the ADIB:
Following is a list of documents that you as an expat need to submit to ADIB to secure a personal loan for debt settlement:
Expats can apply for debt settlement at ADIB through both online and offline mediums. Both these processes are discussed below:
Follow the steps mentioned below to complete the online application process for debt settlement with ADIB:
You can visit the nearest ADIB branch and complete the debt settlement process by filling the application form.
Below is the ADIB Headquarters address:
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.
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No, you do not have to pay fees for postponing debt settlement payments.
Yes, ADIB offers competitive profit rates of 5.99%
It takes only 10 minutes to complete the ADIB debt settlement for expats.
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.
There is no processing fee involved to get ADIB personal loan applied to settle debts.