|Loan Amount Availed||Salary Transfer Personal Loans||Non-Salary Transfer Personal Loans|
|AED 5,000 to AED 50,999||7.25% to 18% p.a. on a Reducing Basis||16% to 18% on a Reducing Basis|
|AED 51,000 to AED 100,999||7.25% to 18% on a Reducing Basis||16% to 18% on a Reducing Basis|
|AED 101,000 to AED 200,000||7.25% to 10.29% on a Reducing Basis||16% to 18% on a Reducing Basis|
|Above AED 200,000||7.25% to 10.29% on a Reducing Basis||16% to 18% on a Reducing Basis|
ADIB offers attractive interest rates to personal loan customers. For personal finance scheme, the bank offers an interest rate which is calculated on a reducing basis and varies according to the loan amount availed and whether the loan is a salary transfer loan or not. The rates for loan amounts ranging from AED 5,000 to AED 100,999 is between 7.25% p.a. to 18% p.a. on a reducing basis for salary transfer loans and 16% p.a. to 18% p.a. on a reducing basis for non-salary transfer loans. The rates for loan amounts ranging from AED 101,000 to above AED 200,000 is between 7.25% p.a. to 10.29% p.a. on a reducing basis for salary transfer loans and 16% p.a. to 18% p.a. on a reducing basis for non-salary transfer loans.
Overview of ADIB personal loan
The ADIB or Abu Dhabi Islamic Bank is a popular back in the UAE. The bank offers personal loan across categories and at competitive interest rates. The ADIB personal finance scheme is applicable for prospective investors looking to gain from the dynamics of the stocks or equities market. The loans offer various benefits to customers such as no instalment for first 3 months of repayment tenure as well as free postponement option.
How to calculate EMI on your ADIB personal loan
You can calculate the EMI on your ADIB personal loan through online or manual means. Manually, the process includes calculating the overall interest for the repayment tenure and adding the principal amount and dividing the figure by the total months of repayment. This method can limit your ability to use different permutations to come at an EMI figure you are comfortable paying.
Online EMI calculators are also available which allow you to make EMI calculations quickly and accurately. All you need to do is enter the relevant data such as loan amount, repayment tenure, interest rate and processing fee and check the results. You will get a consolidated monthly EMI figure and in case of advanced calculators, you can also check the amortization detail which tells you where you stand at any point during the repayment period.
Factors affecting ADIB personal loan interest rates
There are different factors at play when deciding the interest rate on your ADIB personal loan application:
- Tenure: The loan tenure affects interest rates as higher tenures tend to attract lower interest rates.
- Income: The income of the applicant also plays a crucial role in determination of the interest rate. In general, the higher the income, the lower will be the interest rate on your personal loan.
- Employment history: People working in established and reputed companies tend to receive preferential personal loan interest rates. Similarly, a stable employment history will also work in your favour when applying for a personal loan.
- Credit score: The credit score denotes how good you are with your finances. Banks tend to check the credit score of applicants, and those with high scores usually receive lower interest rates.
Key things to know about ADIB personal loan interest rates
- Minimum salary of applicant should not be below AED 5,000 per month.
- Applicants over the age of 21 years can apply.
- Applicants should have confirmed or 6 months minimum length of service at place of employment.
- Competitive interest rates.
- Repayment tenure available up to 48 months or 4 years.
- No need to pay EMI instalment for the first 3 months.