RAKBANK Personal Loan

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rakbank Bank

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Personal Loan

Minimum Salary

AED 3K

Flat Rate

3.3%

Reducing Rate

5.99%

Loan Amount

AED 1250K

Early Settlement Fee

1%

Arrangement Fee

1%

Advantages

  • Free credit card on 0 annual fees
  • Free debit card & cheque book
  • Low minimum salary requirement

AED 3K

Minimum Salary

3.3%

Flat Rate

5.99%

Reducing Rate

AED 1250K

Loan Amount

1%

Early Settlement Fee

1%

Arrangement Fee

Advantages

  • Free credit card on 0 annual fees
  • Free debit card & cheque book
  • Low minimum salary requirement

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. Can I transfer my existing personal loan to the RakBank?

A. Yes, you can transfer your existing personal loan to the RAKBank.

Q. Can I skip any installments?

A. Yes, you can skip your monthly installments, but have to bear the installment deferment fees of AED 100.

Q. Are there any late payment fees involved?

A. Yes, on delayed payments you need to pay 2% of the amount delayed.

Q. Is the credit card provided for free?

A. Yes, you get a free credit card with zero annual fees for lifelong.

Q. What are the charges to get a liability certificate?

A. To get a liability certificate you need to pay AED 100.

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 :