What Makes ADCB Personal Loan Popular in the UAE?
A personal loan is a boon for those individuals who are in a cash crunch. You know, why?
PL meets your various financial requirements without too much hassle. Whether it is for wedding, medical expenses, higher education, home renovation, international travel, or short-term cash, you can opt for it very easily and quickly. It is one of the most convenient options because you can repay the loan amount over a period of time through easy to pay monthly installments. The best thing is that you can avail quick disbursal with minimal documentation.
But the main concern is that there is a wide range of banks and financial institutions in the UAE that offers consumer finances so how would you decide which one is the best. Well, the best personal loan is the one that can meet your requirements and offer a loan at an attractive interest rate. One such lender is ADCB (Abu Dhabi Commercial Bank).
Why Should You Choose ADCB Personal Loan?
ADCB is one of the best banks that offer consumer finance in the UAE for both expatriates as well as Emirati at an attractive interest rate. Not only the ADCB personal loan comes with unparallel features but also it offers an array of benefits that are unmatched by other lenders in the country. Some of the eminent features and benefits of the ADCB consumer finance are highlighted below that will help you to know why this is the most feasible option for meeting your various monetary needs. So, have a look at them:
- Instant Disbursal: You could avail a pre-approved PL in just a matter of seconds.
- Easy Loan Processing: You can easily apply for the loan from the official website of the bank. Else, you can apply for it by visiting the nearby branch. The application process is quite fast with little or no paperwork. But please note that you might not be able to apply for ADCB personal loan without salary transfer since it can be risky for the bank to approve your loan without proper income proof.
- No Collateral Required: Personal finances are unsecured in nature. Meaning that you do not have to submit any collateral or guarantor to avail the one.
- Attractive Interest Rate: The bank levies a reducing interest rate on consumer finance which gets reduced with every EMI that you repay. For UAE Nationals, the interest rate starts from 5.25 percent per annum while it is 6.25 for expats.
- High Loan Amount: The maximum ADCB consumer finance amount is calculated in multiples of the applicant’s monthly salary. This is subject to change depending on the earning capacity of the applicant.
- Loan Consolidation: You can also enjoy the facility of loan consolidation.
- Credit Life Insurance: Among all amazing features of the ADCB personal loan, credit life insurance policy is one of the best features. This insurance policy safeguards the borrower from the responsibility of making outstanding payments in an event of uninvited medical emergencies.
- Complimentary ADCB credit Card: Being one of the most rewarding personal loans in the UAE, ADCB also offers a complimentary credit card that comes with a wide range of privileges.
- Salary Overdraft: UAE Nationals can enjoy a salary overdraft of a maximum of three times on this consumer finance while expats can enjoy a salary overdraft of a maximum of two times.
- Unemployment Cover: You can also opt for unemployment cover which is provided along with the consumer finance offered by the ADCB. It covers a maximum of 10 percent of the outstanding loan payments for a time period of six months and at a fee of 0.1 percent of the remaining loan amount.
- Touchpoints:ADCB consumer finance offers membership into the “TouchPoints” Rewards program. Well, 200 Touchpoints can be earned for every 1000 AED of the loan amount. You can further redeem these points for shopping vouchers in various shopping malls across the UAE. Also, you can redeem touchpoints for lifestyle purchases as well as spa treatments.
ADCB Personal Loan Eligibility
Applying for ADCB consumer finance is quite easy and simple. All you need to meet the minimum eligibility requirements that are pre-decided by the bank to check your creditworthiness.
- You must be at least 21 years of age. However, the maximum age for UAE nationals is 65 years while it 60 years for expatriates.
- The bank will take your credit score into consideration to determine whether you are financially responsible or not. The higher your credit score, the higher the loan amount you will be eligible for. So before you apply for ADCB consumer finance, make sure you have a good credit score so that you can opt for the desired finance amount.
- You must be a salaried individual or self-employed individual to be eligible for PL offered by the ADCB.
- You might not be able to apply for ADCB personal loan without salary transferas it might be difficult for the lender to determine whether you have a steady source of income or not.
List of Required Documents
In addition to meeting the eligibility criteria, you need to submit the following documents:
- Emirates ID
- Passport Copy & Resident Visa (for expatriates)
- Salary Transfer Letter
- Bank statement of the last 3-6 months
- Address proofs (such as utility bills)
- Trade License (for self-employed)
ADCB personal loan offers much-needed financial assistance in times of need. Not only it comes with a wide range of exceptional benefits but also it has flexible eligible criteria. That’s what makes it stand out from other banks and financial institutions in the UAE.