FAB Personal Debt Consolidation Loan for UAE Nationals

First Abu Dhabi Bank (FAB) provides a wide range of financial products in the UAE, including personal debt consolidation loans, commonly referred to as buyout loans. As the name suggests, this loan is designed to help you consolidate your outstanding debts into a single loan with competitive interest rates and more manageable repayment terms.

FAB personal debt consolidation loan can certainly be a good option if you are looking to simplify your debts and improve your overall financial situation. This loan, available for UAE nationals and expatriates, offers a plethora of benefits like high loan amounts, competitive interest rates, and more.

Features and Benefits of FAB Personal Debt Consolidation Loan for UAE Nationals

FAB personal debt consolidation loans or buyout loans provide numerous benefits from low salary requirements to competitive interest rates.

Some of the significant features and benefits of FAB buyout loans are listed below:

• Both expatriates and UAE nationals can apply for FAB personal debt consolidation loans to minimise the financial burden and avoid struggling with multiple debts.
• The maximum loan amount available for UAE nationals is AED 5 million and AED 2 million for expatriates.
• FAB personal debt consolidation loan comes with flexible repayment tenure of 48 months. The repayment period for Ministry of Defense employees, on the other hand, is extended to 60 months.
• FAB personal debt consolidation loan for UAE nationals offers only variable interest rates. 
• Interest rates of buyout loans for UAE nationals start from 5.95%, provided the potential borrower fulfils the eligibility criteria.
• For expatriates, interest rates begin at 6.95%.
• To make the repayment journey smooth, a 150 days’ grace period is provided to UAE nationals. For expatriates, the grace period is 90 days.

Profit Rates Applicable on FAB Personal Debt Consolidation Loan

Tabled below are the variable profit rates applicable to FAB personal debt consolidation loans-

For UAE Nationals	Starting from 5.95%
For Expatriates	Starting from 6.95%

Eligibility Criteria for FAB Personal Debt Consolidation Loan for UAE Nationals

To qualify for the FAB personal debt consolidation loan, you must meet the following minimum criteria –

• Age: You must be above 21 years old.
• Minimum Monthly Salary: You should earn the equivalent of AED 7,000 per month or more to be eligible for the loan.
• Nature of Employment: Only salaried individuals employed with a governmental, semi-governmental, or legitimate private organisation can apply for the loan. In addition, the minimum length of service with the current employer should be 6 months or confirmed in employment.

FAB currently offers a 5.95% variable interest rate for UAE nationals and 6.95% for expatriates on buyout loans. Given below are the eligibility requirements to be met to avail of the offer:

• You should be working in an organisation approved by the FAB.
• Salary transfer to the FAB bank account is mandatory.
• The minimum monthly salary required is AED 7,000.
• Apart from the listed criteria, other factors also determine your eligibility like the aecb score, income level, approval criteria, and more.

Note that these interest rates are variable, linked to the Personal Loan Base Rate (PBR), and are applicable on the outstanding loan balance.

Documents Required for FAB Personal Debt Consolidation Loan for UAE Nationals

Once you have qualified for the eligibility criteria, keep the following documents ready to fast-track the FAB personal debt consolidation loan for UAE nationals process –

• Duly filled and signed loan application form
• Clearance or liability letter
• Salary certificate addressed to FAB or salary transfer letter
• The latest three months' bank statements display salary credits - this is applicable only if your salary is not credited to FAB
• Copy of passport, resident visa, or Emirates ID (the originals must be presented to the bank if required)

FAB Personal Debt Consolidation Loan for UAE Nationals Calculator

You can use the indicative loan calculator available on the official website of the bank to get an estimate of interest payments related to a FAB personal loan, debt consolidation loan, or buyout loan. To use the calculator, follow the steps listed below:

• Visit the official website of First Abu Dhabi Bank
• Navigate to the 'Buyout Loans' section, to be redirected to the buyout loans profile page.
• Scroll the page and locate the indicative loan calculator.
• Use the sliders to fill out the form, including your monthly salary, loan repayment tenure, annual interest rate, and more.
• Once you enter the required details, the monthly and total amount repayable shall be displayed on the screen.
• You can tweak the values and choose the tenure and loan amount suiting your pocket and requirements.

It is worth noting that using this calculator, you can also see the indicative amortisation schedule and how the total repayment amount is divided between principal and interest.

How to Apply for FAB Personal Debt Consolidation Loan?

You can easily apply for this FAB personal loan from Policybazaar.ae, which is a leading financial services platform in the UAE and offers a wide range of financial products such as buyout or debt consolidation loans. Both UAE nationals and expatriates can apply for the FAB personal debt consolidation with a few clicks.

Some of the notable advantages of applying for a FAB personal debt consolidation loan via Policybazaar UAE are listed below:

• By partnering with various popular and leading banks in the UAE (including First Abu Dhabi Bank), we offer you a wide range of options to choose from. This helps you compare the features, benefits, eligibility criteria, and interest rates, and select the plan that complements your needs.
• Applying for a loan via Policybazaar UAE is a quick and hassle-free process. You can complete the entire process of loan application within a few minutes without juggling tabs again and again.
• You can enjoy lucrative offers and benefits on loans and make considerable savings.
• Our platform has an easy-to-use interface that helps you save time and effort.
• Another remarkable aspect of applying for a loan via Policybazaar UAE is that we provide excellent customer service and support throughout the loan application process. With our team of financial experts guiding you through the process, you can comprehend the terms & conditions of the loan and have all your questions answered.
• With our commitment to transparency, we provide you with all the relevant information to help you make a truly informed decision. 
• You can rely on us for a smooth & hassle-free application process as well as excellent customer service.

Let’s take a look at how you can apply for the FAB personal debt consolidation loan on Policybazaar UAE:

• Visit the official website of Policybazaar UAE, i.e., policybazaar.ae.
• Navigate to the 'Personal loan' section from the dropdown menu or home page.
• Fill out the lead form with the required details - this would include your monthly salary, city of residence, and other relevant details
• Once you submit the form, you will be redirected to the personal loan profile page, where you can use the filter option and see all the available FAB personal loans.
• Choose the plan and click on the apply button to have one of our customer representatives contact you to get the exact details.

Terms and Conditions Related to FAB Personal Debt Consolidation Loan for UAE Nationals

Before applying for the FAB personal debt consolidation loan, you must keep the following pointers in mind –

• The eligibility criteria, availability, and applicable loan conditions are subject to the concerned lender's determination and applicable laws.
• The customer is required to submit all necessary documents and evidence associated with the loan. In case of any failure regarding the same, the bank has the right to terminate their loan application at any time.
• It is the responsibility of the customer to inform the bank of any changes to the information provided, customer identification, or other details previously submitted to the bank. This includes changes to the customer's name, identification documents, address, telephone numbers, constitutional documents, and more. 
• The customer must provide the bank with any additional forms, documents, or evidence requested by the bank relating to such changes in a format acceptable to the bank. These changes will only take effect once they have been received and accepted by the bank.
• The customer should inform the bank if their primary source of income is affected or if they lost or will shortly lose their residency status.

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