Abu Dhabi Islamic Bank offers personal loans tailored for both UAE Nationals and Expatriates, each with its distinct features and eligibility criteria.
Established in May 1997, ADIB is well-known for its comprehensive range of Islamic banking services throughout the UAE. The ADIB personal loan adheres strictly to Shariah principles, ensuring a transparent fee structure and an interest-free borrowing experience.
The ADIB personal loan for expatriates features a reduced profit rate, which decreases as the borrower repays the loan amount. The rate ranges from 6.75% to 20% per annum, offering flexibility and affordability.
Key Features and Benefits of ADIB Personal Loan for Expats
- Islamic Finance Compliance: ADIB personal loans are Shariah-compliant, charging no interest. The loan process includes transparent fees and involves charitable contributions.
- High Loan Amounts: Expatriates can access substantial loan amounts, up to AED 1 million, making it one of the more generous offers in the UAE market.
- No Processing Fee: Unique among many UAE loans, ADIB does not charge a processing fee, allowing borrowers full access to the loan amount without additional charges.
- Extended Grace Period: ADIB offers an exceptional grace period of up to 3 months for non-UAE residents, compared to the standard 30-day period offered by most other personal loans.
- Payment Postponement Option: Expatriates can postpone their loan payments twice a year, subject to timely monthly repayments and ADIB’s approval.
- Additional Benefits:
- A complimentary ADIB Booking.com Signature card for one year, offering discounts, promotions, and an extended credit line.
- A Takaful life insurance policy provides coverage for accidents or certain medical emergencies, ensuring the borrower’s protection.
- Age Range: Applicants must be between 21 and 60 years old to qualify for the ADIB personal loan.
- Minimum Income: A monthly income of at least AED 8,000 is required. Applicants should also have a strong credit score to meet the eligibility criteria.
- Employment Experience: A minimum of 6 months of work experience is needed for loan approval.
- Emirates ID: A valid Emirates ID is mandatory.
- Passport: Both the original passport and a photocopy are required.
- UAE Residence Visa: A valid residence visa for the UAE must be presented.
- Bank Statements: The most recent three months of bank statements are needed to assess financial stability.