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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