ADIB Personal Finance for UAE Nationals

  •   June 29, 2017


Min SalaryAED 8,000
Salary TransferYes
Max Finance AmountAED 3,000,000
Arrangement Fee1%
Reducing/FlatReducing
Flat Rate (est. equivalent)From 3.72% p.a.
Reducing Rate (As Advertised)From 6.75% p.a.
Early Settlement Fee1%

 

MAIN BENEFITS

  • First installment holiday period of up to 90 days
  • Free Visa Cashback Card
  • Up to two free installment postponements every year
  • Optional Takaful protection scheme to cover the entire outstanding against death and permanent total disability

OVERVIEW OF FEATURES

  • This finance is sharia compliant.
  • Finance repayment period is up to 48 months.
  • You require a minimum salary of AED 8,000 per month to be eligible.
  • It is a requirement to transfer your salary to apply.
  • The arrangement fee is 1% of the finance amount (min AED 500 and Max AED 2,500).
  • The early settlement fee is applied as per UAE Central Bank policy, which is 1% of the outstanding amount (principal + profit) to date, or AED 10,000, whichever is lower. The bank has the discretion to waive any or all of the total outstanding profit.
  • Takaful cover is 1.25% of the finance amount. Takaful is optional.
  • The rate is 6.75% calculated on a reducing balance. The rate varies depending on customer salary and whether the salary is transferred to the bank or not.
  • The reducing rate of this finance is 6.75% and the equivalent flat rate is 3.72%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.
  • This rate is calculated on a reducing balance

ADIB Personal Finance for UAE Nationals
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