RAKBANK Personal Loan

  • Minimum Salary AED 5,000
  • Flat Rate
    3.18%
  • Reducing Rate 5.99%
  • Max. Term 4 Years
  • Salary Transfer Yes
  • Islamic Finance Yes

Description

Get high Personal Loan amounts at low interest rates, with flexible repayment of up to 48 months for expatriates and UAE nationals (60 months for Armed Forces Staff).

Major Advantage: High finance amount, Low salary requirement

Points to Consider: There is a processing fees

Features

Major Feature: Free RAK BANK Credit Card free for life

Minimum Salary Requirement: AED 5,000

Reducing Rate (as advertised): 5.99% p.a.

Flat Rate: 3.18% p.a. (as per 4 years calculation)

Processing Fees: 1% of the finance amount (Min AED 500, Max AED 2,500)

Maximum Finance Amount: AED 1,250,000 (up to 20 times of salary)

Islamic Finance: Yes

Maximum Term: 48 Months; 60 Months for Armed forces employees

Salary Transfer: Compulsory

Early Settlement Fees: 1% of outstanding amount

Insurance: Yes, a nominal amount will be charged

Holiday Period:  Yes, Client can apply for one-month deferment after 6 months payments

Salaried/Self Employed:  Only Salaried can apply

Documents Required

  • Salary transfer certificate in favor of RAKBANK.
  • Last 6 months Salary bank statements.
  • Valid Passport, Visa and Emirates ID copy.

Additional Info

  • All info mentioned can change at any point of time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
  • Reducing rate is converted into Flat rate as per 4 years calculation.
  • Terms and conditions apply.

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