Top Business Loans
RAKBANK Point of Sales Finance
- Provides maximum finance amount of up to AED 3,000,000
- Early settlement fee is 5% of the finance amount
- Repayment period is up to 60 months
- 1 years minimum length of business is required to qualify for this finance
- Minimum annual sales turnover of AED 300,000 is needed to apply for this finance
- Copies of passport and visa of the authorized signatories
- Application form
- Original list of staff
- Audited financials of last 2 years have to be submitted to the bank
- Need to provide bank statements of last 6 months
- Copies of tenancy contract and utility bills
- Finance amount is high
- Long and flexible repayment period is provided by bank
- A dedicated relationship manager guides you throughout the process
- Documentation process is simple and easy
Frequently Asked Questions
Q. What will happen if there is an ECS bounce in Rakbank?
A. It will be reported in your credit history and will affect your credit possibilities in future.
Q. How do we repay our business loan in Rakbank?
A. You can repay business loan through PDC or sign a ECS mandate in favor of the Rakbank.
Q. What happens after I submit an application form in Rakbank?
A. Once you submit your application, Rakbank provides you with an indicative letter of offer.
Q. Does Rakbank has restrictions on who can borrow from them?
A. The borrower must be a company or, if an individual is borrowing then it must be used for the given purpose only.
Q. How does the bank decide my payment schedule?
A. Payment schedule can be daily, weekly or monthly basis, depending on borrowers interest.