RAKBank Personal Loan Eligibility

Minimum Salary

Interest Rate

Loan Amount

Reducing Rate

RAKBank

RAKBank provides personal loans for a low salary and hassle-free documentation. It offers loans for competitive interest rates. Personal loan holders in RAKBank can get free mobile banking and online banking services.

Eligibility criteria for RAKBank

  • Minimum salary AED 3000 is required.
  • Both UAE Nationals and Expats are eligible.
  • Even self-employed individuals are eligible.

What influences Eligibility?

  • Credit history- Your previous or existing loans and credit cards can affect your current loan approval. Low credit score applications can be rejected.
  • Age Limit- Minimum age of 21 and maximum age of 60(Expats), 65(UAE Nationals)is mandatory.
  • The company listed with the bank- Your company must be listed with the bank, if not this can be a reason for the rejection.
  • Monthly income- If your monthly income is less than AED 3000 then the bank doesn’t approve your loan.
  • Documents- Documents like Salary certificate, Passport, Emirates ID, Trade license(If Self employed) are mandatory.
    1. Salary Certificate- Salary Certificate is a mandatory document for any kind of finance as it is a proof of your work. Banks can ask for a salary certificate or salary certificate letter.
    2. Emirates ID- Emirates ID is a proof to confirm your identity. Without Emirates ID banks do not approve the loan.
    3. Trade License- For the self-employed individuals trade license is a mandatory document.

Tips to improve the loan approval chances

  • Make sure you meet the age limit.
  • Pay your current loans or credit card bills on time so that it won’t disturb your credit score.
  • Maintain all the required mandatory documents.
  • Don’t take more than required finance.
  • It is preferable to go for maximum tenures.

FAQs

Q. What is the minimum balance I need to maintain in my account?

A. There is no minimum balance requirement in the account.

Q. What is the annual fee for the credit card provided?

A. Personal loan holders can get a freeRAK Bank Credit Cardfor zero annual fees and low rate of interest.

Q. What is the maximum tenure offered?

A. A maximum tenure of 48 months is provided.

Q. Do I get insurance on the loan?

A. Yes, You get takaful coverage for low rates.

Check the list of RAKBank Personal loans.