FAB Non-Salary Transfer Islamic Personal Finance

First Abu Dhabi Bank (FAB) is one of the largest financial institutions in the world, offering various financial solutions to provide a personalised experience to its customers. It provides a host of market-leading corporate, personal, and investment banking products and services catering to the needs of different market segments. Among the top products on this list is the FAB non-salary transfer personal finance.

Unlike conventional personal loans, FAB non-salary transfer personal loans do not require the borrower to transfer their salary to the concerned bank, allowing for greater flexibility and convenience. The remarkable benefits of FAB non-salary transfer personal finances include competitive interest rates, flexible repayment tenure, minimum documentation requirements, and so forth.

Features and Benefits of FAB Non-Salary Transfer Islamic Personal Finance

First Abu Dhabi Bank (FAB) offers separate non-salary transfer Islamic personal finance (fresh, buyout, and top–up) to both expatriates and UAE nationals. With these finance options, applicants of both types can easily avail of the financial assistance that they need.

We have curated the standard features and benefits for FAB non-salary transfer personal finance for expatriates and UAE nationals in the following section:

• Meaning: FAB non-salary transfer personal finance is available for all salaried individuals residing in UAE without transferring their salary to the bank.
• Employment Requirements: To get the loan, it is not mandatory to transfer your salary to any of the FAB accounts. Note that you can get the loan even if your employer is not listed with FAB. 
• Interest Rates: Fixed interest rates are applicable on non-salary personal transfer loans as given below-
  • For Expatriates – Starting from 15.49%
  • For UAE Nationals – Starting from 10.49%
• Finance Amount: The maximum loan amount available is as follows – 
  • For Expatriates – AED 600,000
  • For UAE Nationals – 1 Million
• Loan Repayment Tenure: FAB non-salary transfer personal finance comes with flexible repayment tenure – 
  • Minimum Repayment Tenure – 6 months
  • Maximum Repayment Tenure – 48 months
• First Instalment Grace Period: Up to 45 days of grace period is provided to borrowers before the first loan instalment.
• Insurance Coverage: It is mandatory to have comprehensive personal life insurance coverage to avail of the FAB non-salary Islamic personal transfer finance.
• Collateral Requirement: Since it is a personal loan, no collateral is required to obtain the finance. You would simply need to meet the eligibility criteria to get your loan application approved.

Interest Rates on FAB Non-Salary Transfer Islamic Personal Finance

FAB non-salary transfer Islamic personal finance interest rate remains fixed throughout the entire duration of the loan and is classified as fixed interest rate. One of the major advantages of a fixed interest rate is that it will provide you with a predictable and stable repayment schedule. This makes it easier for you to budget and plan for the loan repayment, knowing that the interest rate will not fluctuate over the loan term.

Currently, FAB non-salary transfer personal loans interest rates are as follows -

• For UAE Nationals – 10.49% fixed each year
• For Expatriates – 15.49% fixed each year

It must be noted that while the interest rate remains fixed, the calculation is done on a reducing basis, i.e., the interest or profit is calculated on the outstanding loan amount after each instalment. To get accurate results regarding your monthly instalment, you can visit the official website of FAB, head to the section of personal loans, and use the personal loan calculator there.

Eligibility Criteria for FAB Non-Salary Transfer Islamic Personal Finance

Before applying for the FAB non-salary transfer Islamic personal finance, qualifying for the eligibility criteria is essential to avoid the rejection of your application.

Given below are the eligibility criteria for the given loan –

• You must be at least 21 years old at the time of applying.
• A good credit score is preferable
• Must have completed a minimum of 18 months of service in your current organisation
• You must have a monthly salary of at least AED 15,000

Required Documentation for FAB Non-Salary Transfer Islamic Personal Finance

You are required to keep the following documents handy while obtaining FAB non-salary transfer Islamic personal finance –

• Completed and signed loan application form
• Personal bank statements of the last six months showing salary credits - this is not mandatory if your salary is credited to the FAB account
• In the case of buyout loans, a liability or clearance letter is required.
• A copy of a valid passport, Emirates ID, or resident visa - original documents should be presented to the bank for verification

Fees & Charges for FAB Non-Salary Transfer Islamic Personal Finance

Tabled below is the schedule of fees and charges associated with FAB non-salary transfer Islamic personal finance –

Services	Fees and Charges Applicable
Processing Fee	1.05% of the principal loan amount Minimum – AED 525 Maximum – AED 2,625 It is a one-time payment
Late Instalment Fee	2.10% of the principal balance amount Minimum – AED 52.5 Maximum – AED 210
Early Settlement Fee	1.05% of the principal loan amount Maximum – AED 10,500
Life Insurance Fee (To be paid to the insurer)	If charged upfront – 1 – 1.5% of the approved loan amount If charged on a monthly basis – 0.0169% - 0.0171% per month on the total outstanding balance
Loan Rescheduling Fee	AED 262.5
Instalment Deferment Fee	AED 105 per deferment
Loan Cancellation Fee	AED 105 It only applies to loan cancellations made after completing the cooling-off period of 5 working days.

Keep the following points in mind related to FAB non-salary transfer personal finance Islamic personal finance fees and charges -

• In case you are unable to meet the repayments on your financing, your account shall go into arrears. This would adversely impact your credit score and make it challenging to obtain loans in the future.
• In the case of refinancing your loan, as it may take longer to repay the loan, the interest charged would be more than before.
• If you are unable to repay the loan on time, a default interest rate and late payment fee shall be charged.
• In case you fail to adhere to the terms and conditions of the loan, the bank has the right to foreclose the loan immediately and may take court proceedings against you and enforce their rights to the collateral provided along with the loan. In addition, you shall be liable to repay the outstanding loan amount remaining after that.

Terms and Conditions Associated with FAB Non-Salary Transfer Islamic Personal Finance

Listed below are the general terms and conditions associated with FAB non-salary transfer Islamic personal finance -

• You must provide all the necessary documentation, including the application form and other evidence, on time, as the financial institution needs.
• Inform the bank about any changes in the information you provided when making an initial request for the loan. This may include changes in your name, verification documents, address, telephone numbers, and other relevant details. 
• Notify the bank instantly in the following two cases – 
  • If you have become unemployed or lost your primary source of income.
  • If your residence visa is set to expire soon.
• The bank has the authority to withdraw funds from the corresponding account if it mistakenly credits funds to the said account due to system malfunction, technical errors, human error, clearing system issues, customer or third-party fraud, or any other cause and shall not be held liable in such circumstances.

You can refer to your loan agreement or connect with the bank to get more clarification on the terms and conditions.

How to Apply for FAB Non-Salary Transfer Islamic Personal Finance?

You can apply for FAB non-salary transfer Islamic personal finance via Policybazaar UAE, which is an ideal platform if you want personal loans from the leading different banks in the UAE at the best interest or profit rates. Apart from providing numerous products and services, we also provide round-the-clock customer service and help you find the best deal aligning with your financial requirements and budget.

To apply for FAB non-salary transfer Islamic personal finance, follow the given steps -

• Visit the official website of Policybazaar UAE.
• Head to the 'Personal Loans' section or click the related personal loan icon on the home page.
• Fill out the lead form with all the relevant information in the fields that pop out. 
• After submission of the form,  you will be redirected to the 'Personal Loans' quote page, where you can explore, compare, and choose the personal loan option.
• You can also use the filter option and search for the ‘FAB Personal loans’ from which you can select the FAB non-salary personal finance. 
• Click on the 'Apply' button, and one of our customer care team members will contact you and help you with the further process.

Some of the key advantages of applying for a personal loan via Policybazaar UAE are listed below:

• You can apply for a personal loan from the comfort of your home or office at any time convenient for you.
• Our platform allows you to compare multiple loans from different providers, using which you can find the best loan that suits your needs.
• Instead of switching tabs, you can get multiple loan options simultaneously and save time.
• Applying via Policybazaar UAE gives you a transparent and hassle-free process with no hidden fees or charges.
• Our online personal loan application is simple and can be completed in just a few minutes.
• By comparing different loan options, you can make an informed decision based on the loan features, benefits, interest/profit rates, eligibility criteria, and other loan terms and conditions.
• To make the process more convenient, you can now switch your Policybazaar UAE journey from mobile to desktop and enjoy greater flexibility.

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