FAB National Loans Scheme

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  • EMI Tenure up to 48 Months
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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.

FAB National Loans Scheme

  • Minimum Salary AED 7,000
  • Monthly Payment AED 2174
  • Flat Rate 2.09%
  • Reducing Rate 3.99%
  • Salary Transfer

Key Features & Benefits of FAB National Loans Scheme

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:

  • Backed by the Central Bank of UAE - In perhaps the most significant benefit of this plan, the Central Bank of UAE, which is a government bank, is working on schemes for the welfare of UAE citizens. Consequently, the National Loan scheme is unrivalled in terms of the scope of benefits compared to most other loan schemes due to governmental aid.
  • Debt Loan Relief - By collaborating with national banks like the First Abu Dhabi Bank, the Central Bank is trying to ease the loan burdens of the UAE nationals. The bank has committed to helping the nationals with a loan installment of more than 50 percent of their monthly income and a tenure of more than 4 years. Such assistance from the Central Bank provides considerable relief from the burden of loans.
  • FAB Assistance - The national banks participating in the National Loan Scheme educate their customers about it. The same is the case with the FAB bank, which personally contacts customers if they meet all the NLS eligibility criteria, especially those with high loan repayments.

Income Requirement for FAB National Loans Scheme

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.

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Interest Rates for FAB National Loans Scheme

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. 

Eligibility Criteria for FAB National Loans Scheme 

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

Documents Required for FAB National Loans Scheme 

To participate in the National Loan Scheme, you will need the following set of documents:

  • Participation consent for NLS
  • FAB Personal Finance application form
  • Passport copy
  • Emirates ID
  • Last salary certificate 
  • Last three month’s bank statements showing salary credits

It should be noted that the bank may request further documents at its discretion.

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How to Apply for FAB National Loans Scheme?

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.

FAQ's

Is the National Loan Scheme available for expats?

No, only UAE nationals can benefit from NLS.

What is a salary transfer letter?

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.

Is the national loan scheme available for Islamic loans?

Yes, the National Loan Scheme is available for both Islamic and conventional loans in UAE.

What is the relationship fee on FAB personal loans in the UAE?

No, the FAB does not charge a relationship fee.

What are my options for cancelling my FAB personal loan?

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.

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