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FAB Bank Personal Loan Application Procedure & Interest rates

First Abu Dhabi Bank (FAB) offers a comprehensive range of personal loan products tailored to meet diverse needs. These include personal loans for expatriates, loans for UAE nationals, and non-salary transfer loans. 

Whether you’re an expat or a national, FAB provides flexible and competitive loan options to suit your financial requirements.

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How to Apply FAB Car Loan

Types of FAB Personal Loans in UAE

First Abu Dhabi Bank (FAB) offers a comprehensive range of personal loans tailored to meet the needs of both UAE nationals and expatriates. Here’s an in-depth look at the different types of personal loans available, their features, and benefits.

Personal Loan for UAE Nationals

FAB provides UAE nationals with personal loans offering a loan amount of up to AED 5 million. One of the standout features is the grace period of up to 210 days before the first installment is due, providing ample time for financial planning. 

Additionally, the loan comes with life insurance coverage, ensuring peace of mind. The documentation process is straightforward and hassle-free. 

The interest rates for this loan are competitive, with a fixed rate of 3.29% per annum and a reducing rate of 6.2% per annum.

Personal Loan for UAE Expats

Expatriates in the UAE can avail themselves of personal loans from FAB with loan amounts up to AED 2 million. This loan offers a grace period of up to 120 days before the first installment, allowing borrowers to manage their finances effectively. 

Like the loan for nationals, this loan also includes personal life insurance coverage. The approval process is swift, ensuring that applicants can access funds quickly. The interest rates for expats are a fixed rate of 3.85% per annum and a reducing rate of 7.2% per annum.

New to Country Loans / New to Employment Loans

For individuals who are new to the UAE or newly employed, FAB offers a specialized loan with a maximum amount of AED 1.5 million. 

This loan includes comprehensive personal life insurance coverage and a grace period of up to 90 days before the first installment is due. Borrowers can also enjoy a repayment tenure of up to 48 months, providing flexibility in managing repayments. 

The interest rates for this loan option are a fixed rate of 3.24% per annum and a reducing rate of 6.07% per annum.

Note: The mentioned interest rates are effective rates on the outstanding loan balance and may vary based on the applicant’s profile and other factors.

You can read my detail guide on FAB Bank Car Loan and FAB Bank Salary Account.

Eligibility Criteria for FAB Bank Personal Loan

Here are the detailed eligibility criteria for each type of personal loan offered by FAB.

Key Points to Remember

  • Age Requirement: The minimum age for all FAB personal loans is 21 years.
  • Salary Transfer: To avail of the best interest rates, your salary must be transferred to a FAB bank account.
  • Employment Confirmation: If you have not completed 6 months of employment, an employment confirmation letter from your current employer is required.

Personal Loan for UAE Nationals

To qualify for a personal loan as a UAE national, you must meet the following criteria:

  • Minimum Salary: You must have a salary of at least AED 7,000 per month.
  • Age Requirement: You must be at least 21 years old.
  • Employment Status: You should be employed with a reputable private organization, government, or semi-governmental organization.
  • Work Tenure: You must have completed a minimum of 6 months with your current employer or have an employment confirmation.
  • Interest Rate Criteria: For a 5.95% variable interest rate, you must work for an organization approved by FAB and have your salary transferred to a FAB bank account.

Personal Loan for UAE Expats

Expatriates seeking a personal loan from FAB must meet these requirements:

  • Minimum Salary: You must have a minimum salary of AED 7,000 per month.
  • Age Requirement: You must be at least 21 years old.
  • Employment Status: You must be employed with a reputable private organization, government, or semi-governmental organization.
  • Work Tenure: You must have completed a minimum of 6 months with your current employer or have an employment confirmation.
  • Interest Rate Criteria: For a 6.95% variable interest rate, you must work for an organization approved by FAB, with your salary transferred to a FAB bank account.

New to Country Loans / New to Employment Loans

For individuals new to the UAE or new to employment, the following criteria apply:

  • Minimum Salary: You must have a monthly salary of at least AED 10,000.

Documents Requirements for FAB Personal Loan in UAE

Here is a detailed list of the documents needed for different types of FAB personal loans:

Personal Loan for UAE Nationals

For UAE nationals, the following documents are required:

  • Application Form: A signed and completed application form.
  • Emirates ID: Original and valid copy of your Emirates ID.
  • Passport: Original and valid copy of your passport.
  • Resident Visa: Original and valid copy of the resident visa.
  • Salary Documentation: Salary transfer letter or salary certificate issued to FAB.
  • Bank Statements: Previous 3 months’ bank statements showing salary credits (if the salary is not credited to a FAB account).
  • Liability Letter: Clearance letter or liability letter (in case of buyout loans).

Personal Loan for UAE Expats

Expatriates need to submit the following documents:

  • Application Form: A signed and completed application form.
  • Emirates ID: Original and valid copy of your Emirates ID.
  • Resident Visa: Original and valid copy of the resident visa.
  • Passport: Original and valid copy of your passport.
  • Salary Documentation: Salary transfer letter or salary certificate issued to FAB.
  • Bank Statements: Previous 3 months’ bank statements showing salary credits (if the salary is not credited to a FAB account).
  • Liability Letter: Clearance letter or liability letter (in case of buyout loans).

New to Country Loans / New to Employment Loans

For individuals new to the UAE or new to employment, the required documents include:

  • Application Form: A signed and completed application form.
  • Passport: Original and valid copy of your passport.
  • Resident Visa: Original and valid copy of the resident visa.
  • Emirates ID: Original and valid copy of your Emirates ID.
  • Salary Documentation: Salary certificate or salary transfer letter issued to FAB.

Key Points to Remember

  • Ensure that all documents are original and valid copies.
  • The application form must be completely filled out and signed.
  • Salary-related documents should be current and correctly issued to FAB.
  • For buyout loans, make sure to include a clearance or liability letter.

By preparing these documents in advance, you can expedite your FAB personal loan application process, ensuring all necessary information is readily available for review.

3 Methods to Apply FAB Bank Personal Loan in UAE

Applying for a FAB Bank personal loan is easy. Here are three methods to apply:

1. Visit a FAB Bank Branch

Visit your nearest FAB Bank branch and speak to a Customer Service representative. They will guide you through the application process and assist you with any queries you may have.

2. Call FAB Customer Service

You can apply for a personal loan by calling FAB’s customer service. If you are within the UAE, dial 600 525 500. For customers outside the UAE, call +971 2 681 1511. A call center agent will assist you with your application and provide further instructions.

3. Apply Online via the FAB Website

You can apply for a personal loan online through the FAB website. Follow these steps:

Visit the FAB Personal Loans Page. Here is the link https://www.bankfab.com/en-ae/personal/loans/personal-loans

Navigate to “Explore a range of FAB’s Personal Loans” and choose the type of loan you want to apply for.

choose the type of loan you want to apply for

Click on “Apply Now.”

Click on Apply Now

Fill in the required details:

  • First Name
  • Last Name
  • Phone Number
  • Email Address
  • Monthly Salary
  • Nationality
  • Check the boxes to agree to the terms and conditions.
  • Click “Apply Now.”

A FAB Bank personal loan agent will contact you to complete the application process.

Fill in the required details

What Are The Charges & Fee of FAB Personal Loan

Below is a detailed breakdown of the fees and charges associated with FAB personal loans.

Types of FeesCharges
Processing Fee1.05% of the loan amount
Minimum: AED 525
Maximum: AED 2,625
Processing Fee for Top-up Loans1.05% of the top-up amount
Minimum: AED 525
Maximum: AED 2,625
Instalment Deferral FeeAED 105 per deferment
Late Instalment Payment Fee2.10% of the delayed amount
Minimum: AED 52.5
Maximum: AED 210
Life Insurance Fee (Paid to the insurance provider)Upfront: 1% – 1.5% of the approved loan amount
Monthly: 0.0169% – 0.0171% per month on the loan outstanding balance or as agreed in the personal loan contract
Loan Cancellation FeeAED 105
Loan Rescheduling FeeAED 262.5
Early Settlement Fee from Same Bank Loans1.05% of the remaining balance
Maximum: AED 10,500
Early Settlement Fee from Other Bank Loans1.05% of the remaining balance
Maximum: AED 10,500
Early Settlement from Other Sources (Own Sources/End of Service Benefits)1.05% of the remaining balance
Maximum: AED 10,500
Relationship FeeFree

First Abu Dhabi Bank Terms and Conditions for Personal Loan

  • The bank can approve or decline loans without providing reasons, unless required by law.
  • You need the bank’s written consent before taking loans from other sources in the UAE.
  • The bank assigns identification and account numbers and can change them at any time.
  • Loan funds will be deposited into the account where your salary is credited.
  • If using the loan to repay another loan, you must provide a confirmation letter from that institution to the bank.

Frequently Asked Questions

How do I apply for a FAB personal loan in the UAE?

To apply for a FAB personal loan, you can either visit a FAB Bank branch, call their Customer Service at 600 525 500 (within UAE) or +971 2 681 1511 (outside UAE), or apply online through the FAB website.

What types of personal loans does FAB offer in the UAE?

FAB offers various personal loan options tailored for UAE nationals, expatriates, and individuals new to the country or employment, each with unique features and benefits to suit different needs.

What are the eligibility criteria for FAB personal loans?

The eligibility criteria include minimum salary requirements, age limits, employment status, and, for the best interest rates, salary transfer to a FAB bank account. Specific criteria vary depending on the type of personal loan.

What documents do I need to apply for a FAB personal loan?

The required documents typically include application forms, Emirates ID, passport, resident visa, salary documentation, bank statements, and liability letters for buyout loans. Documents vary based on the applicant’s nationality and employment status.

Can I apply for a FAB personal loan online?

Yes, you can apply for a FAB personal loan online through their website. Simply fill out the required details, agree to the terms and conditions, and submit your application. A FAB Bank personal loan agent will then contact you to complete the process.

What fees and charges are associated with FAB personal loans?

Fees and charges include processing fees, instalment deferral fees, late payment fees, life insurance fees, loan cancellation fees, loan rescheduling fees, and early settlement fees. The amounts vary depending on the type of fee and the specific loan terms.

How long does it take for FAB to approve a personal loan application?

FAB aims to provide swift loan approvals, ensuring that applicants can access funds quickly. However, the exact time may vary depending on factors such as the completeness of your application and the verification process.

Can I repay my FAB personal loan early?

Yes, you can repay your FAB personal loan early. However, early settlement fees may apply, depending on the type of loan and the remaining balance. These fees are typically calculated as a percentage of the outstanding balance.

What are the key terms and conditions for FAB personal loans?

Key terms and conditions include the bank’s discretion in approving loans, restrictions on additional loans from other sources, assignment of identification and account numbers by the bank, disbursement of loan funds, and requirements for repaying existing loans.

Is there a relationship fee for FAB personal loans?

No, there is no relationship fee associated with FAB personal loans, making them a cost-effective option for borrowers.

Haris Ali
About the author

I'm Haris Ali, and I've been working with identification documents in the GCC countries for over 8 years. I've gained valuable experience from working with various government authorities in the region, especially with documents like the Emirates ID.

In my free time, I enjoy playing cricket and exploring new destinations around the world.

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