FAB Personal Loans for UAE Expats

FAB
Personal Loans for UAE Expats

Salary Transfer Required?
yes
Minimum Monthly Salary
AED 7,0000
Fixed Rate
4.99%
Reducing Rate
3.99%
Max Loan Amount
AED 5,000,0000
Salary Transfer Required? yes
Minimum Monthly Salary AED 7,0000
Fixed Rate 4.99%
Reducing Rate 3.99%
Max Loan Amount AED 5,000,0000

Top Reasons To Choose

  • Attractive loan amounts up to AED 2 Million
  • Competitive interest rates
  • Minimum documentation
  • Flexible repayment terms
  • Quick and seamless processing

Personal Loan Rates as low as 3.99% (variable) & 4.99% (fixed) per year

Expatriates living in the UAE can apply for a personal loan from FAB of up to AED 2 million at competitive interest rates and repayment periods up to 48 months.

Product Overview
Personal Loans in UAE are offered to customers for a variety of reasons including education, travel, medical and many more.  There are two types of personal loans, one which requires a salary transfer and one which doesn’t. Loans are offered for a minimum period of 6 to a maximum of 48 months expats and 60 months for UAE Nationals. Most of the banks assign Loan APR (Annual Percentage Rate) based on the profile of the customer and his/her employer. A few banks use bureau score to assign interest rates. UAE loan APR rates range between from 5% to 35% in general.

Illustration:
If a customer borrows a loan of AED 70,000 and earns an income of AED 7,000. With a repayment period of 48 months, the EMI would be AED 1612 at an effective interest rate of 4.99% per annum. Total repayment that would have been paid at the completion of the loan would be AED 77,363. Please use Soulwallet’s Loans EMI Calculator for further simulations.

Documents Required

  • Copy of a valid passport/resident visa/Emirates ID (originals must also be presented)
  • Bank statements for the last three months showing salary credits (if salary is not credited to a FAB account)
  • Salary transfer letter/salary certificate addressed to FAB
  • Liability letter or a clearance letter (in case of buyout loans)
  • Application completed and signed by the customer

Eligibility

  • Employed in a governmental, semi-governmental or reputable private organisation
  • Applicant must be 21 years of age or above
  • A minimum salary of AED 7,000
 

Detailed Features

Grace Period
90 day grace period until first repayment

Best Interest Rates
Most competitive rate in the market

High Loan Amounts
Loans of up to AED 2 million

Flexible repayment terms

Minimum documentation

Fast-track approvals

Comprehensive personal life insurance coverage

Processing Fee
1.05% of the finance amount. A minimum of AED 525 to a max of AED 2,625

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