| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
FAB - Lifeline
|
Minimum Salary: AED 7,000 | Salary Transfer: Yes | Islamic Finance: No | Maximum Term: 0 Years | Flat Rate: 2.09% | Reducing Rate: 3.99% |
FAB overdraft facility provides you the flexibility of revolving credit
Be ready for life’s surprises with a lifeline overdraft to cover your short-term lending and cash flow needs
Features
- Overdraft limit available up to 2 times monthly salary
- Maximum of AED 50,000
- Interest charged upon utilization only
- Competitive interest rate
- Facility extended on your current account
- Easy access to funds through your FAB salary account
- Withdrawal at ATM
- Cheque issuance (up to overdraft limit)
- Debit card spend
- Terms and Conditions Apply
Documents Required
- Application Form
- Salary Certificate / Salary Transfer Letter
- Application form duly filled & signed by customer
- Copy of valid Passport / Visa / Emirates ID (Originals must also be presented)
Eligibility
- Applicant must be 21 years of age or above
- Applicant must hold a valid passport, Emirates ID and UAE residence visa
- Applicant must have a minimum salary of AED 2,000 per month
- Applicant must have a salary account with FAB
- Salary of AED 2,000 to AED 5,999 is eligible for 1 time mandated salary
- Salary of AED 6,000 and above is eligible 2 times monthly salary subject to maximum AED 50,000.
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
