WAM Abu Dhabi, Aug 6th, 2012 (WAM) -- Abu Dhabi Islamic Bank (ADIB) announced today the launch of ADIB Instant Finance, a facility that adds finance facilities on to the ADIB EMV (chip)-enabled Debit and Covered card.
ADIB Instant Finance distinguishes itself from regular financing as it uses the customer's chip card - be it a debit or covered card - as the platform to access finance instantly. The financing amount is an addition to the customer's card limit allowing them to choose repayment tenures as long as 48 months. The facility can be availed of at special ADIB Instant Finance Point of Sales machines that are located at the premises of participating Merchants, the bank said in a statement.
Other benefits to the customer include a much lower profit rate as compared to that of a covered card in the case of goods financing. Instant Finance does not require a branch visit and there is no need to queue for processing. Instant Finance cuts red-tape by ensuring no quotations are required as it avoids paperwork for the customer, a hassle usually associated with product financing offerings in the market, it added.