Car loans are quite popular and relatively reasonable, as it is a common dream to own a car and often people can afford it only with the help of credit. First Abu Dhabi Bank (FAB) has an appealing and easy-to-use car loan product that is aimed at ensuring you own your dream car. Regardless of a new or used car, FAB offers a reasonable price range, affordable installments, and an easy application form.
Here, I will find all the information necessary to understand how to get an FAB car loan, starting from the requirements for a borrower and ending with the procedure of loan issuing.
What is a FAB Car Loan?
FAB Car Loan is a financing solution offered by First Abu Dhabi Bank, designed to help individuals purchase a vehicle. This loan is closed for both, new and used cars allowing customers to have maximum equity regardless of the car’s price. FAB car loans are quite attractive in terms of the interest rates the time of approval offered for the loan and the easy application process that is offered.
Why Choose FAB Car Loan?
- Competitive Interest Rates: FAB provides some of the most competitive interest rates in the market, so to speak, enabling you to easily finance your dream car.
- Flexible Repayment Options: Depending on the various wages and salaries provided, you can select the various repayment tenures that you prefer.
- Hassle-Free Process: The application process is also easier and you do not need to travel or spend time in queues, forms can be filled online.
- Customer Support: When it comes to lending, FAB prioritizes and delivers good customer service to help you through the loan process.
Eligibility Criteria for FAB Car Loan
Minimum Salary Requirement
- For Salaried Individuals: You must have a minimum monthly salary of 7000 AED (Abu Dhabi dirhams). It also guarantees your ability to generate regular income that will enable you to repay the loan.
Minimum Account Balance for Self-Employed Individuals
- For Self-Employed Individuals: You should ensure that your account is always above the minimum operating balance of AED 25,000. This shows one’s financial stability and ensures the bank that they would be able to handle the repayment exercise.
Age Requirement
- Minimum Age: One requirement of an FAB car loan is that the applicant has to be at least 21 years of age. This helps in eliminating any possibility of the applicant being legally restricted from entering into a contract.
Employment Status
- Stable Employment: Whether you’re salaried or self-employed, having a stable job or business with a consistent income is crucial. This gives the bank confidence in your ability to repay the loan.
Credit Score
- Good Credit History: Getting approval is not a strict requirement, but it will be much easier with a good credit score. It shows how dependable you are and how prudent you are with your personal monetary affairs.
How to Get a FAB Car Loan Online
FAB car loan application is an easy task and it can be done online without an agent. The measures that can be taken to complete each step and make the application secure, efficient, and smooth are listed below.
Step 1: Gather Necessary Documents
Get all the documents that you need before beginning the application process. This will enable you to fill in the application without time loss.
Document Checklist
- Valid Passport/Resident Visa/Emirates ID: Certification of identity and domicile.
- UAE Driving License: A current and valid driver’s license is needed.
- Salary Certificate: For those earning a salary, for instance, this document establishes your income.
- Bank Statements: Bank statements are evidence of financial solvency for those who work for themselves.
- Vehicle Quotation: A quotation from the car dealer showing the make, model, and price of the vehicle you wish to purchase.
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Step 2: Visit the FAB Website
To apply for the loan online, you have to visit the FAB website.
How to Navigate the Website
- Go to FAB’s official website.
- This button is usually located on the car loan page and is labeled as “Apply Online” or “Car Loan Application”.
- Click the button to start your application process.
Step 3: Complete the Online Application
The most important step would be to complete the questionnaire within the online application. It is also important that you fill it correctly and accurately to avoid any forms of delay.
Personal Information Required
- Full Name: You have to provide your legal name as stated in your identification papers.
- Contact Details: Give a working phone number and email address to facilitate communication.
- Employment Details: Provide your present position, name of your employer, and years of experience.
- Income Information: How much do you earn monthly and any other information on additional income?
Car Details
- Make and Model: It is crucial to mention the make and the model of the car in question, as well as the derivative.
- Price: Be sure to add the make, model, and year of the vehicle and the price the dealer actually offered.
Uploading Documents
- Prepare the documents and upload them.
Step 4: Review and Submit the Application
Last but not least, ensure that whatever you have added is correct, logical, and organized.
Important Considerations
- Loan Terms and Conditions: The interest rate of the loan, the duration of the loan, and whether there are other charges or not should be noted.
- Accuracy of Information: Ensuring that there were no errors in the facts helps to avoid difficulties in the assessment segment.
When you are satisfied, make an electronic application.
Step 5: Loan Assessment
Once your application is received by FAB, then the assessment process will start. This is the process of checking your papers and assessing your suitability on the basis of the bank’s requirements.
What Happens During Loan Assessment?
- Document Verification: FAB will check documents supplied.
- Credit Check: Credit history is a tool that the bank can use to assess your capacity to repay the loan in good time.
- Eligibility Evaluation: You will be considered based on your income, occupation, etc.
Timeline for Loan Assessment
- Duration: The assessment process usually takes several business days. The bank may get back to you if any more details or proof is needed.
Step 6: Loan Approval and Documentation
In case the loan amount is large and your form fills up the bank might request some additional information.
What to Expect After Approval?
- Notification: FAB will inform you of the loan approval via phone or email.
- Original Document Submission: A scanned copy of documents submitted during the application may be requested from you during your study.
- Additional Documentation: In case the loan amount is large and your form fills up the bank might request some additional information.
Additional Tips for a Successful Car Loan Application
Compare Loan Offers
- Explore Different Banks: When shopping for an FAB car loan, there is usually a need to compare different loans given by several banks. Choose the interest rates that are good for you, the acceptable fees, and the repayment schedule.
Use a Car Loan Calculator
- Estimate Monthly Payments: Use an online car loan calculator to determine your potential monthly payments. This will help you plan your budget and ensure you can comfortably manage the repayments.
Understand the Fine Print
- Read All Terms and Conditions: Be well acquainted with the interest rates charged, the repayment period as well as any other amounts that you will be required to pay more. It will prepare you so that you won’t be caught off guard in the future should anything occur out of the blue.
Maintain a Good Credit Score
- Impact of Credit Score: Credit score determines the interest rate and approval of the credit facilities. Check that all the information in the credit report is correct and start building or rebuilding your credit, if necessary.
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Closing Words
It is easy to obtain a FAB car loan with many advantages ranging from low interest rates to easy payment methods. Knowing these requirements and with the outlined clear steps on applying for a loan in this guide, one can conduct the process and drive a new car comfortably.
For a salaried employee a businessman or a freelancer, FAB offers customized car loans to satisfy your needs. Do not forget to obtain every document needed, read the contract details, and consult other relevant sources such as the car loan calculator.
