Compare and find the best personal loan rates in UAE. We'll show you everything you need to know about getting the best rates on a personal loan.
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First Abu Dhabi Bank (FAB), the largest bank in the UAE, was formed by the merger of the National Bank of Abu Dhabi and First Gulf Bank. FAB provides retail, corporate and investment banking, private banking and wealth management, asset management, Islamic banking, treasury and trade finance services to its customers.
The bank offers a range of personal loan options ranging from short-term to long-term loans. All personal loans from FAB are provided at competitive interest rates and flexible repayment options. However, in order to be eligible for a FAB personal loan, it is mandatory to qualify for the criteria stated by the bank.
Refer to the following table to know the FAB personal loan eligibility -
|Personal Loan Products||Eligibility Criteria|
|Non-Salary Transfer Personal Loans for UAE Nationals||
|FAB Personal Loans for UAE Nationals||
|Non-Salary Transfer Personal Loans for UAE Expatriates||
|FAB Personal Loans for Expats||
|FAB Etihad Guest Personal Loan||Eligibility criteria for 7.95% variable rate
|FAB New to Country Loans/ New to Employment Loans||NOT MENTIONED|
|FAB Landlord Loans||Criteria as per the applicable variable rate
The following are the common FAB personal loan eligibility criteria -
Here is the list of documents required for all the FAB personal loans in the UAE -
Discussed below are some factors that affect your FAB personal loan eligibility -
Here’s how you can improve your chances of getting FAB personal loan approval -
It is always recommended to consistently work on enhancing your credit score, as possessing a high credit score shows that you are a responsible borrower and are capable of paying off timely loans. Thus, you must always pay your bills within the due date, make soft credit enquiries, reduce your loan/ credit card application numbers, and clear off all existing debts to increase your credit score effectively.
The debt-to-income ratio is defined as the ratio of your monthly debt payments to your gross monthly income. As per the guidelines of the Central Bank of UAE, your debt burden ratio should not be more than 50%, i.e., your monthly debt payments should not exceed 50% of your monthly salary. Make sure to keep your debt-to-income ratio as low as possible to increase the chances of your personal loan application approval.
In case your monthly income does not match the criteria for a FAB personal loan, having a co-borrower can be of great help to you. When you include a co-borrower, your total monthly income for the bank’s consideration increases. This is because FAB considers your income and your co-borrower’s monthly salary altogether to determine your loan eligibility in such a case.
As your monthly income is one of the important factors in assessing your FAB personal loan eligibility criteria, it is always a wise decision to increase your sources of income. The higher the income, the higher your chances of getting a loan application approved. Some of the additional income may include freelancing, investments, or even performance bonuses.
If required, you can transfer your monthly income to a FAB account. Making salary transfers increases your personal loan application approval chances, as the bank gets an assurance that you are capable of repaying the loan amount within the given period.
Most lending institutions instantly approve a personal loan if the applicant works with a company enlisted in the bank’s approved list. Hence, consider working with one of the organisations mentioned in First Abu Dhabi Bank’s approved list.
|Top UAE Banks Personal Loan Eligibility|
|RAKBANK Personal Loan Eligibility||CBI Personal Loan Eligibility|
|AI Hilal Bank Personal Loan Eligibility||HSBC Personal Loan Eligibility|
|ADCB Personal Loan Eligibility||SIB Personal Loan Eligibility|
|Mashreq Personal Loan Eligibility||EIB Personal Loan Eligibility|
|Finance House Personal Loan Eligibility|
Ans: As FAB offers two types of personal loans for UAE nationals - one with mandated salary transfer and another without salary transfer - you can get a personal loan with or without salary transfer as per your requirement.
Ans: The bank offers a loan amount of up to AED 600,000.
Ans: Yes, the bank has a separate personal loan for expatriates new in the country, which is ‘New to Country/ New to Employment Loans’.
Ans: Yes, customers of the Etihad Guest personal loan can use the top-up option on their existing loans.