FAB Secured Loans

Personal Loan in UAE

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  • Hassle-free documentation
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

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FAB Secured Loans Summary

Loan Amount 

Up to AED 5 Million or 95 % of the fixed deposit amount

Interest rate

Fixed deposit rate + 2% per annum – minimum of 2.49%  

Loan Repayment Tenure

Up to 48 months

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The First Abu Dhabi bank is one of the leading financial institutions in the UAE. The bank has branches all over the globe and is known for its innovative financial products, with the secured personal loan in UAE being one such product by FAB. This type of FAB personal loan is an excellent choice if you have a fixed deposit and want to make use of it when you require funds for a personal requirement or emergency. 

Continue reading this article to discover all the details you must know about the FAB Secured personal loan.

FAB Secured Loans

  • Minimum Salary AED 7,000
  • Monthly Payment AED 2174
  • Flat Rate 2.09%
  • Reducing Rate 4.99%
  • Salary Transfer

Features & benefits of FAB Secured Loans in UAE

While getting a loan to meet your needs is often an excellent option, the prospect of a personal loan can be intimidating, especially for those opting for it for the first time. Numerous what-ifs related to your capacity for repaying the loan or whether you are making a good choice may pop up. With this FAB personal loan, though, you can forget such "ifs" and "buts" due to the range of benefits provided with this loan. 

Read below to have a quick glance at each benefit provided with this personal loan in UAE.

  • Incredible Benefits of an FD - With secured loans, your FD can be used to secure your loan in times of financial emergency or requirements. However, FAB secured loans offer much more significant advantages, with users having the option to borrow up to 95% of the value of their FDs with them.
  • Attractive Interest Rates  - Along with the benefit of getting a loan against your FD, another notable aspect here is that you can get a personal loan in UAE at affordable interest rates. The interest is quite reasonable, starting at 2.49%, which makes the repayment of the loan a stress-free experience for you. 
  • Up to AED 5 Million Loan Amount - With the maximum loan amount going up to AED 5 million, you can easily opt for this FAB personal loan and meet your financial requirements without depleting your savings. 
  • Flexible Repayment Terms - FAB allows users to repay the loan amount at their convenience with sufficiently long repayment tenures. With the option of repaying the loan in up to 48 months, one can easily complete the repayments without cutting much on their monthly budget.

Income Requirement for FAB Secured Loans 

An applicant must meet the following minimum salary requirement to qualify for this FAB personal loan in UAE:

Monthly Salary Requirement

Minimum AED 7,000 per month

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Interest rates for FAB Secured Loans 

Refer to the table to know the current interest rates for this type of FAB personal loan:

Interest Rate Per Annum

2.49% onwards

Eligibility Criteria for FAB Secured Loans

Refer to the following table to find out about the eligibility requirements of FAB secured loans:

Maximum Age to Apply for FAB secured loan*

65 years for UAE nationals

60 years for Expatriates

Minimum Age Requirement

21 years 

*Varies as per other factors

Documents Required for FAB Secured Loans 

Here's the list of documents you would need to keep available when applying for the FAB secured personal loan:

  • Filled out FAB personal loan form
  • A written pledge stating that the FAB can hold the fixed deposit for giving you a loan
  • Copy and original Emirates ID (for nationals)
  • Copy and original Passport and residential Visa (for expatriates)

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How to apply for FAB Secured Loans?

You can apply for the FAB secured loan by visiting a branch of the bank near you or opting for online banking service at their website. If you choose the former option, you will be required to seek an application form at a FAB bank branch. You can then fill it out and submit it with the required documents to complete your application procedure.

While the option for offline application is available, doing the same online is more convenient and saves you considerable effort. Here is how you can apply for a FAB personal loan in UAE from the official website of the bank:

  • Step 1 - Visit the official website of the FAB bank. Go to the loans section to find ‘personal loans’ on the website. 
  • Step 2 - In this section, you will find the list of all the available plans related to FAB personal loan in UAE. This is where you will find the FAB secured loan.
  • Step 3 - Click on the plan of your choice to find all the details related to it. You can examine the details thoroughly and verify if the plan is the right match for your needs. 
  • Step 4 - Apply for your preferred loan there by clicking the ‘Apply Now’ button. You may be prompted to provide a few additional details before your application is submitted.

FAQ's

What are the benefits of having a good credit score?

A good credit score makes you eligible for a low-interest rate loan, as your credit score indicates your creditworthiness, i.e., whether you would be able to repay the loan or not.

What is a fixed interest rate?

If the interest rate is constant through the loan term, it is called a fixed rate.

Exactly what is a salary transfer certificate?

Salaries transferred to the FAB account are shown with a salary transfer certificate. Employers issue salary transfer certificates to FAB on behalf of their employees.

What is the early settlement fee for the Secured personal loan?

The early settlement fee is 1.05% of the outstanding loan repayment.

 

What are the loan rescheduling fees for Secured personal loans at FAB?

AED 262.5 is the rescheduling fee for this FAB personal loan.

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