RAKBANK Used Auto Finance

  • Minimum Salary AED 5,000
  • Flat Rate
    2.35%
  • Reducing Rate 4.46%
  • Max. Term 5 Years
  • Salary Transfer No
  • Islamic Finance Yes

Description

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

Features

Major Advantage: 2 months installment deferment

Reducing Rate:

  • For Salaried: 4.46% p.a. 
  • For Business & Self Employed: 7.57% p.a.

 

Flat Rate:

  • For Salaried: Starts from 2.35% p.a. 
  • For Business & Self Employed: Starts from 3.99% p.a.

 

Processing Fees: 

  • 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

Other Features:

  • 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.

Documents Required

Common Documents: 

  • 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.  

Additional Info

  • 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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