Abu Dhabi Islamic Bank offers personal loan for expats at competitive rate of interest. The bank specializes in Sharia-compliant banking and financial solutions and offers education finance, travel finance, instant finance, NRI finance, among its many other products and services. It also has a full-fledged online banking portal as well as a popular phone banking application.
Features and Benefits of ADIB Personal Loan for Expats
Mentioned below are the benefits and features of personal loan from ADIB:
- Expats residing in UAE can avail a loan of up to AED 1,000,000
- The loan has a tenure of up to 4 years
- Optional Takaful insurance can be availed along with the loan
- Free visa cash-back credit card
- Attractive rate of interest
- Up to two free instalments can be postponed every year
- Nominal processing fees
- Low repayments
- Insurance protection
- Instalments for the first three months of the loan tenure can be postponed
Fees and Charges for ADIB Personal Loan for Expats
Listed below are the charges and fees applicable when personal loan is availed from ADIB:
- Processing fee is charged at 1% of the total loan amount
- Interest rate of 6.49% is applicable that is calculated on a reducing basis
- Equivalent flat rate applicable is 3.53%
- Profit rate 3.58% to 6.49% is calculated depending on the total loan amount and the duration of the loan.
- In case the borrower chooses to pay off the loan before the duration is over, then a 1% penalty fee on the outstanding amount is charged
What is the eligibility criteria for ADIB personal loan for expats?
In case of expats, the following criteria should be fulfilled in order to avail the personal loan from ADIB:
- Minimum age for expats: 21 years
- Maximum age at maturity is 60 years
- Should have minimum 6 months of service or be a confirmed employee
- Minimum salary- AED 5,000 every month
- Should be a resident of UAE with valid IDs
What documents are required for proof?
Expats who wish to avail ADIB personal should have the following documents in order to qualify for the loan:
- National ID or valid passport, residence visa and Emirates ID
- Original 3 months bank statement for new customers
- Salary certificate that is not more than 30 days