If you are looking for personal loan in the UAE, Look no further than the Abu Dhabi Commercial Bank (ADCB) personal loans, which are available for both UAE nationals and expats. In this article, we will explain the details of ADCB personal loans, their interest rates, eligibility criteria, documentation requirements, and the benefits.
ADCB Personal Loan
ADCB personal loans are designed to provide financial support to both UAE nationals and expatriates. With loan amounts of up to 20 times their salary, borrowers can access funds for various purposes like education, travel, home renovations, and more. One of the key attractions of these loans is the opportunity to earn TouchPoints, which can be redeemed for exciting rewards, cashback, and benefits.
ADCB Personal Loan Features
- Maximum loan repayment tenor of up to 48 months.
- Salary transfer is mandatory to avail a personal loan from ADCB Bank.
- Earn 200 TouchPoints for every AED 1,000 of the loan amount up to AED 150,000.
- Get 300 TouchPoints on every AED 1,000 of the loan amount if the loan exceeds AED 150,000.
- Competitive interest rates starting from 5.25% to 6.25%, available at a reducing rate.
- Quick and hassle-free documentation ensuring fast loan processing.
Benefits of ADCB Personal Loan
ADCB personal loans come with a plethora of benefits, including:
- Free credit card and cheque book.
- Salary overdraft facility for UAE nationals and expats.
- Life insurance coverage in case of unexpected medical emergencies.
- Unemployment cover for up to 6 months.
- Membership into the TouchPoints rewards program.
ADCB Personal Loan Interest Rates
The interest rates on ADCB personal loans vary based on the applicant’s nationality:
- ADCB Personal Loan For UAE Nationals: 5.25% p.a.
- ADCB Personal Loan For Expats: 6.25% p.a.
The interest is calculated at a reducing rate, meaning it reduces with every installment payment made by the borrower. Use the ADCB personal loan calculator to calculate the precise interest rate.
ADCB Personal Loan TouchPoints
ADCB offers TouchPoints as a part of its rewards program. You can earn TouchPoints based on the loan amount:
- If the total loan amount is less than or equal to AED 150,000, earn 200 TouchPoints for every AED 1,000.
- If the total loan amount is more than AED 150,000, earn 300 TouchPoints for every AED 1,000.
These TouchPoints can be redeemed for shopping vouchers and lifestyle purchases, such as spa treatments, in various malls across the UAE.
Eligibility Criteria for ADCB Personal Loan in UAE
To be eligible for an ADCB personal loan, applicants must meet the following criteria:
- Age: Minimum 21 years for both UAE nationals and expats.
- Salary Transfer: Salary transfer must be approved by the applicant’s employer.
- Credit Score: The applicant’s credit score determines the maximum loan amount and the applicable interest rate.
Documents Required for ADCB Personal Loan
Applicants need to submit the following documents to avail of an ADCB personal loan:
- Completed loan application form
- EIDA Card
- Passport
- Residence Visa (for non-UAE nationals)
- Salary transfer letter
- Salary certificate (dated 30 days or less from the loan application’s date)
- Bank statement (last 3 months)
- Liability or clearance letter (when switching from another loan provider)
These requirements are subject to change at ADCB’s discretion. For further information, applicants can contact ADCB customer care.
How to Apply for ADCB Personal Loan?
Applying for an ADCB personal loan is simple and convenient. The bank offers online application services through its official website. Visit the website and follow the step-by-step instructions to submit your personal loan application.
ADCB personal loans are a popular and rewarding choice for individuals seeking financial assistance in the UAE. With competitive interest rates, generous TouchPoints, and a straightforward application process, ADCB ensures that borrowers have a seamless experience throughout the loan journey.
FAQ
How much can I borrow with an ADCB personal loan?
You can borrow up to 20 times your monthly salary.
Can I earn TouchPoints on my personal loan?
Yes, ADCB offers TouchPoints for every AED 1,000 of the loan amount, which can be redeemed for various rewards.
What is the interest rate for expats and UAE nationals?
Expats are offered an interest rate of 6.25% p.a., while UAE nationals enjoy a rate of 5.25% p.a.
Is salary transfer mandatory for an ADCB personal loan?
Yes, a salary transfer is required to avail of an ADCB personal loan.
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