Get personal loan at Lowest Interest Rate
FAB National Loans Scheme Summary | |
---|---|
Qualifying Debt Burden Ratio |
More than 50% for regular customers More than 30% for pensioners |
Interest Rate Deduction |
Up to 3 EIBOR |
Minimum Tenure Criterion for the Remaining Loan |
More than 4 years |
Apply for FAB National Loan Scheme |
The First Abu Dhabi Bank, also known as the FAB, is one of the top national banks in the UAE. The bank holds an eminent status across the country for providing customisable and efficient financial solutions, with its joint venture with the Central Bank of UAE aiming for the same.
The FAB offers the National Loans Scheme (NLS) by the Central Bank as a part of its personal finances loan. The scheme's mission is to reduce the UAE citizens’ burden of hefty loan repayments. For more information about NLS and how to avail of it with FAB, continue reading this article.
Backed by the government, the FAB National Loan scheme is immensely valuable in terms of alleviating the financial strain brought by a personal loan in UAE. Let's dive deep to learn more about the associated benefits:
As the minimum income requirement for the FAB National loan scheme can depend on the applicant’s finances and debt, one must verify the minimum income requirement directly with the bank.
With the help of the National Loan Scheme, your shared interest or profit rates can be reduced for up to three months Emirates Interbank Offered Rate (EIBOR) to:
Interest/Profit rate of NLS |
1.98% (as of 1st July 2022) |
Note: The interest/ profit rates of NLS are subject to change twice a year.
The National Loan Scheme has strict eligibility requirements for the scheme participants. You can find out more about the criteria in the table below:
Requirements for the Tenure of Existing Loan |
At least 48 months |
Date of Origin of the loan |
Prior to May 2011 |
Note: The National Loan Scheme is only open for UAE Nationals
To participate in the National Loan Scheme, you will need the following set of documents:
It should be noted that the bank may request further documents at its discretion.
As mentioned earlier in the article, FAB bank directly contacts individuals with an existing personal loan in UAE who are eligible to avail of the benefits under this scheme. However, if one feels that they are eligible for the scheme but have not been contacted yet, they can directly contact the bank for the same. In such cases, you can either visit a nearby branch of the FAB bank for FAB Personal Loan, drop an email, or connect with the customer service of the bank to enquire regarding the scheme.
No, only UAE nationals can benefit from NLS.
A salary transfer letter is a letter issued by a loan applicant’s employer, which states that the applicant’s salary will be credited to the bank from which the individual is obtaining a loan. The letter is issued usually on the company's letterhead.
Yes, the National Loan Scheme is available for both Islamic and conventional loans in UAE.
No, the FAB does not charge a relationship fee.
You can contact the bank to inform your cancellation decision by visiting a branch in person or contacting online. However, you will be charged a fee for cancelling an approved personal loan.