Personal Finance FAQs

1. What is the difference between new finance and takeover liability?

• New finance: Offered to salary transfer customers without liabilities in other banks.
• Takeover liability: Refers to the buyout of customer liabilities from other banks.

2. How long does the Personal Finance application process take?

• Typically, it takes 2–3 working days, subject to the accuracy of the application.

3. What is the minimum and maximum finance tenure?

• The tenure ranges from 6 months to 48 months (60 months for Ministry of Defense employees) as per CBUAE regulations.

4. What is the minimum and maximum finance amount I can get?

• Minimum: AED 10,000
• Maximum: AED 1.2 million for expats and AED 2.5 million for UAE nationals.

5. How much is the documentation fee for Personal Finance?

• 1% of the finance amount (minimum AED 500, maximum AED 2,500). Refer to the schedule of charges for the latest information.

6. When will I be eligible for a top-up?

• You can apply for a top-up after 12 months from the booking date of the existing facility.

7. Can I apply for Personal Finance if my workplace is not in the target market list?

• Personal Finance is offered only to customers working for target market list employers.

8. Are there any charges for early settlement, and what about future profit?

• Early settlement fee: 1% of the principal outstanding.
• Future profit: It will be reversed to the customer.

9. What is takaful?

• Takaful covers the customer's outstanding amount in case of death or permanent total disability.

10. Is partial settlement allowed for Personal Finance, and are there charges?

• Yes, partial settlement is allowed. A 1% early settlement fee on the principal outstanding applies.