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.
Terms and Conditions
A. Credit Bureau Consent & General Terms & Conditions
I hereby acknowledge and agree to allow Citibank to share my details with any UAE credit bureau and
make enquiries about me with any UAE credit bureau at its sole and absolute discretion. I agree to the
Terms and Conditions listed below. Citibank Terms and Conditions apply, are subject to change without
prior notice and are available upon request. For the current Terms and Conditions, please visit our
website www.citibank.ae . All offers are made available on a best-effort basis and at the sole discretion of
Citibank, N.A. Citibank, N.A. makes no warranties and assumes no liability or responsibility with respect
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applicant hereby represents and warrants that the information provided herein is true, accurate, and
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against any losses, claims and/or liabilities incurred by Citibank NA as a result of having relied on such
information. Citibank, N.A. is not required to verify the information provided by the applicant and neither
is the bank obliged to provide the applicant with any loans or credit facilities based on the provided
information. The products and services mentioned on this website are not offered to individuals resident
in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Monaco, San Marino,
Vatican, The Isle of Man or the UK. This page is not, and should not be construed as, an offer, invitation
or solicitation to buy or sell any of the products and services mentioned herein to such individuals.
And we will get back to you soon.
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