RAK Bank Used auto finance ensures minimum formalities and flexible repayment periods, that will put you in the driver’s seat quickly and conveniently.
Points to Consider: There is down payment required, Salary transfer required to get better profit rates
Major Advantage: 2 months installment deferment
For Salaried: 4.46% p.a.
For Business & Self Employed: 7.57% p.a.
For Salaried: Starts from 2.35% p.a.
For Business & Self Employed: Starts from 3.99% p.a.
Retail:1% (Min AED 500, Max AED 2,500)
Business: 1.5% (Min AED 500, Max AED 7,500)
Minimum Income Requirement:
For Salaried: AED 5,000
For Business & Self Employed: AED 150,000 (Minimum Credit Turnover)
Down Payment Required:20% (0% for Business)
Repayment Period:5 Years
Early Settlement Fees:5% of outstanding amount
Sharia Compliant:Both Islamic and conventional options available
Salary Transfer Required:Not Compulsory
Maximum Finance Amount: AED 2,000,000
Holiday Period:Up to 90 days, offer valid until 31st Dec 2018
Special Offer: 90 days repayment deferment. Your first installment will go after 3 months (offer valid until 31st Dec 2018 for 2015 model and above).
RAK Bank offers both Islamic and conventional auto finance.
Minimum 20% down-payment for Salaried clients and 0% down-payment for all Business & self-employed customers.
Finance available for Takaful, Rustproofing, service and maintenance contracts if required.
Available for sports and luxury cars, motorbikes etc.
Profit rate can vary depends on the profile of the customer and the dealer the car is purchased from.
Valid Passport, Resident Visa and Emirates ID Copy.
Valid UAE driving license copy.
Valuation Report from approved valuator.
Salaried Client Documents:
Latest Salary Certificate addressed to RAK BANK.
Latest 3 Months Salary Bank Statement.
Self-Employed Client Documents:
Valid Company Trade license.
MOA (Memorandum of Association) including all amendments.
Latest 6 Months Personal Bank Statement.
Latest 6 Months Company Bank Statement.
Any other document as required by RAK Bank policy.
All info mentioned can change at any point in time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
Flat rate is converted into reducing rate as per 5 years calculation.
Terms and conditions apply.
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