FAQs & Financial Relief

We are able to offer impacted customers up to three months deferral on payments and interest or financing, with no deferral fees for the following products:

• Auto loans
• Mortgages
• Personal loans
• Credit cards – only if the customer has an existing FAB loan or bank account

Deferrals are available for customers who have been impacted as follows (and can provide required evidence / documentation as listed):

• Positive test for COVID-19 (will need to provide a medical certificate, SEHA notification or government recognised health facility notification)
• Reduced income or salary including:
  • Salaried individuals with a reduction in salary by 20% or more (will need to provide at least two latest payslips showing a reduced salary)
  • Salaried individuals put on unpaid leave (will need to provide a letter/ email from their employer stating they are on unpaid leave)
  • Self-employed individuals with reduced cash flow and / or income by 20% or more (will need to provide bank statements, evidence of reduction in rental income, evidence of reduction in monthly VAT)
• Customers who have lost their job or source of employment (will need to provide letter from their employer)
• Investors or landlords with estate financing / mortgages who have a reduced rental income as a result of tenants not be able to pay rent or an increase in vacancies (will need to provide Tenancy Contract Reports / confirmation from property management companies on reduced rentals / letter and cheque copies from tenants showing a reduced rental).

• All required documents need to be available and ready to be uploaded prior submitting the request. Requests without required documents will not be processed.

• Customers can indicate how many months (up to three) they would prefer to defer payments. FAB will make a final decision on an individual basis. Customers would need to have paid previous repayments on time and accounts and/or credit cards with FAB should be in good standing (non-delinquent)
• If there is insurance covering the loan, these payments need to continue through the deferral period

• If you previously applied for and /or received a payment deferral in April and/or May, you are eligible to reapply for cumulative deferrals of up to 3 months further financial assistance if you meet the criteria listed above and upload the required documents with your request.
• If you are not eligible for a three-month deferral, you can apply to defer your loan through the regular deferral process. In this instance, you will receive a one-month deferral of your repayment and will be expected to pay deferral fees. Approval of the deferral will be subject to the standard FAB Deferral Policy.

Yes. In addition, we have provided the following benefits for any new customer:

• We will continue to grant loans and credit cards to all customers based on our existing policies and will offer up to a 90-day grace period for the first instalment
• New personal loans starting from 3.99% per year introductory variable rate – the most competitive rate in the market.
• New mortgage loans for property purchase and buyouts of existing loans with flexible interest rates and options to fix your rate for 10 years.
• Free balance transfer to a FAB credit card. Transfer a credit card balance from a non-FAB credit card to a new FAB credit card, with repayment of the balance (in instalments) at 0% interest for 12 months

You can simply make your request by:

• Applying through the FAB Mobile app. You can also upload the required documents through the app.

• Emailing here2help@bankfab.com by using the email address you have registered with FAB

• Remember to include all of the required documents in your email. Requests without required documents will not be processed.

Deferrals may be approved based on customers who have been directly impacted as listed below and are able to provide evidence and documentation as also listed below:

• Positive test for COVID-19 (will need to provide a medical certificate, SEHA notification or government recognised health facility notification)
• Reduced income or salary including:
  • Salaried individuals with a reduction in salary by 20% or more (will need to provide at least two latest payslips showing a reduced salary)
  • Salaried individuals put on unpaid leave (will need to provide a letter/ email from their employer stating they are on unpaid leave)
  • Self-employed individuals with reduced cash flow and / or income by 20% or more (will need to provide bank statements, evidence of reduction in rental income, evidence of reduction in monthly VAT)
• Customers who have lost their job or source of employment (will need to provide letter from their employer)
• Investors or landlords with estate financing / mortgages who have a reduced rental income as a result of tenants not be able to pay rent or an increase in vacancies (will need to provide Tenancy Contract Reports / confirmation from property management companies on reduced rentals / letter and cheque copies from tenants showing a reduced rental).

All required documents need to be available and ready to be uploaded prior submitting the repayment deferral request. Requests without required documents will not be processed.

Once you have made your request. You will receive a response by SMS. If approved, you will be notified how many months your deferral was approved for.

• If you have previously applied for and / or received a repayment deferral in April and or May 2020, you are eligible to reapply for a cumulative of three months of further financial assistance if you meet the criteria listed above, and upload the required documents with your request.
• If you are not eligible for a three-month deferral, you can apply to defer your loan repayment through the regular deferral process. In this instance, you will receive a one-month deferral of your repayment and will be expected to pay deferral fees. Approval of the deferral will be subject to the standard FAB Deferral Policy.
• You need to contact us at least seven working days before your next repayment is due.
• If you apply after the seven working days, you deferral request will be processed for the following month
• You will need to continue to pay the monthly insurance premium associated with your loan/credit card

• FAB will postpone up to three months of instalments for all loan types with no fees
• We are offering SMEs special re-payment restructuring of working capital facilities, to ease current cash flow disruptions and help sustain business operations
• We will continue to grant loans to all customers based on the existing policies and will support them by offering up to a three-month grace period for the first instalment with lower pricing
• For qualifying SME micro and small merchants, we will also reimburse 50% of the monthly transaction fees on Point of Sale (POS) service charges 
• Fees for loans under the Ghadan 21 initiative have been reduced. FAB is also reducing or suspending a wide range of fees to help businesses manage their accounts 

For more information please contact your Relationship Manager or our contact centre and your Relationship Manager will get back to you to offer support for your specific circumstances. FAB terms and conditions apply.  

We have reduced the down-payment of owner-occupied properties for first-time buyers from 25% to 20% (and from 20% to 15% for UAE nationals). The reduction in down-payment is not available for commercial properties and is limited to first-time buyers.

• We have also removed foreign transactions fees for cancelled hotel and airline booking in foreign currencies.
• You can transfer a credit card balance from a non-FAB credit card to a new FAB credit card, with the repayment of the balance (in instalments) at 0% interest for 12 months