How To Apply Personal Loan In FAB Bank UAE

 Personal loans are a popular form of credit in the United Arab Emirates, and FAB Bank (First Abu Dhabi Bank) is one of the leading financial institutions that offer this type of loan to its customers.

FAB Bank’s personal loan is an unsecured loan, meaning that the borrower does not have to provide any collateral in order to qualify for the loan. This makes it an attractive option for those who do not have any assets to pledge as collateral.

Eligibility

• A minimum monthly salary of AED 7,000
• Employed with a governmental, semi-governmental or legitimate private organisation
• Applicants must be 21+ years old
• Completed a minimum of 6 months service or confirmed in employment with your current employer

Criteria to be met for 6.95% variable rate:

• Working in a company approved by FAB with their salary transferred to a FAB bank account with a minimum monthly salary of AED 7,000
• This is a Variable Interest Rate Loan linked to Personal Loan Base Rate (PBR)
• The applicable rate may vary based on other factors including income, credit bureau score and approval criteria
• All interest rates quoted are effective rates on the outstanding loan balance

The bank also offers additional benefits for its personal loan customers, such as the option to make early repayments without any penalties, and the option to apply for a loan top-up if the borrower requires additional funds.

Required Documents

To apply for a personal loan from FAB Bank, customers will need to provide the bank with the following documents:

• 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)
• Signed and completed application

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FAB Bank’s personal loan is a convenient and affordable way for customers to access credit, whether they need to finance a big purchase, pay for unexpected expenses, or consolidate existing debt. With flexible loan terms and competitive interest rates, it is a solid option for anyone looking for a personal loan in the UAE.