|Interest Rate* (reducing balance)||24%|
|Maximum Loan Amount||Up to AED 200,000|
|Loan Top-up||1% of the top up amount (Minimum - AED 500; maximum - AED 2500)|
* Charges effective from December 2013 are subject to change without notice. Additional expenses such as fax and legal fees will be charged wherever applicable
Overview of First Gulf Bank Personal Loan Interest Rates
From funding education and vacations to weddings and other special celebrations, the personal installment loans offered by First Gulf bank help customers realise their dreams. Customers can meet both their short-term and long-term financial requirements by making use of flexible payment schemes offered by First Gulf Bank.
How to calculate EMI on First Gulf Bank Interest Rates
Customers can make use of the online personal loan EMI calculator. The online tool is not only user-friendly but also saves times. The tool can be accessed on the bank’s official website or aggregator websites. Customers have to fill in specific details such as the loan amount, tenure, interest rate to calculate the EMI payable through the online calculator. Some EMI calculators not only calculate the EMI but also a detailed break-up of the principal amount, interest and total amount payable.
Factors affecting First Gulf Bank Interest Rates
- Monthly Income: It is one of seminal importance in determining the quantum of loan to an applicant. If an individual has a higher income, chances are he may be charged a lower rate of interest on his personal loan.
- Loan tenure: The tenure of a loan is critical in determining the interest rate. If an applicant opt for a longer loan tenure, chances are he or she may avail of a lower rate of interest.
- Credit Score: A robust credit score ensures that an applicant’s request for a loan is approved without any hassles. A bad credit history reflects poorly on the financial standing of an applicant. As a result, banks may be wary of lending him or her a loan.
- Employment history: Applicants who work for well-established and reputed companies for a longer period of time stand a better chance of getting their loan request approved.
Key things to know about First Gulf Bank Interest Rates
First Gulf Bank offers personal loans (reducing balance) at 24%. Personal loans are disbursed with minimum documentation and quick approval without any salary transfer. FGB charges AED 250 as loan rescheduling fee and 1% of the loan amount as processing fees. Credit life insurance is also offered at 1 to 1.5% of the loan amount.