RAKBANK Amal Personal Finance

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rakbank Bank

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Amal Personal Finance

Minimum Salary

AED 3K

Flat Rate

3.3%

Reducing Rate

5.99%

Loan Amount

AED 1250K

Early Settlement Fee

1%

Arrangement Fee

1%

AED 3K

Minimum Salary

3.3%

Flat Rate

5.99%

Reducing Rate

AED 1250K

Loan Amount

1%

Early Settlement Fee

1%

Arrangement Fee

Features

  • Repayment period is up to 4 years
  • The loan is provided for a interest rate of 5.99%
  • Minimum salary of AED 3,000 is required
  • The reduction rate and the flat rate is 5.99% and 3.3%. This denotes that the computation done was a division of the reduction rate by 1.815
  • It is mandatory to transfer your salary to apply for this scheme
  • Finance up to AED 1,250,000
  • Early settlement fee is 1% of finance amount
  • Arrangement fee is 1% of loan amount

Benefits

  • Can get up to AED 1,250,000 loan amount
  • Takaful is provided free along with this scheme
  • Repayment period is long

Frequently Asked Questions

Q. Are there any fees involved to settle the partial amount of my loan?

A. Yes, 1% of the amount you are going to settle should be paid as partial settlement fees.

Q. What are the additional benefits provided?

A. You get a complimentary debit card, credit card, and a personalized checkbook.

Q. What are the annual fees on the credit card?

A. The credit card is provided for no annual fees lifelong.

Q. Can I avail cashback on the credit card?

A. Yes, you can get cashback on the transactions made using the free credit card.

Q. Is the takaful insurance provided to everyone in the family?

A. No, takaful insurance is provided only to the primary loan holder.

Rakbank

Established in 1976, RAKBANK or the National Bank of Ras Al Khaimah (P.J.S.C), is one of the oldest banks in the UAE. As a member of the UAE Banking Federation (UBF), RAKBANK follows the Custom Charter as stipulated by the UBF and tries to encourage best practices in the financial services industry. With a Vision to ‘offer ‘simply better’ banking solutions to customers across the UAE’ and a Mission to ‘be the leading bank in the UAE by offering innovative and competitive products’, RAKBANK promises :