RAKBANK Point of Sales Finance

rakbank Bank

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Point of Sales Finance

Max Finance Amount

AED 3000K

Min Annual Turnover

AED 300K

Tenure

60 Months

AED 3000K

Max Finance Amount

AED 300K

Min Annual Turnover

60 Months

Tenure

Features

  • 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

Required Documents

  • 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

Benefits

  • 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.

Rakbank Bank

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 :