RAKBank Personal Loan Eligibility - Minimum Salary, Age, Salary Transfer

Minimum Salary

AED 5000

Reducing Rate

3.99%

Max Loan Amount

AED 1500000

Early Settlement Fee

1%

minimum-salary

AED 5000

Minimum Salary

3.99%

Reducing Rate

loan-amount

AED 1500000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

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

Overview

  • Provides finance on a low salary
  • Can top-up existing loan to original loan amount after one year of loan
  • Can defer one year installment for free on paying installments regularly for 6 months
Apply Now

Overview

  • Provides finance on a low salary
  • Can top-up existing loan to original loan amount after one year of loan
  • Can defer one year installment for free on paying installments regularly for 6 months
  • Free cheque book and debit card is provided
  • Can get free RAK bank credit card of 0 annual fees
  • Provide life insurance on nominal charges
  • Can avail debt consolidation facility
  • Salary transfer to RAK bank account is compulsory
Hide Explore

View details on bank page

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



UAE NationalsExpats
Minimum SalaryAED 5000AED 5000
Age20 Years 6 Months - 65 Years21 - 60 Years
Salary TransferRequiredRequired
Loan Tenure48 months 48 months

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 5000 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

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

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

⭐ 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.

⭐ What is the maximum tenure offered?

A. A maximum tenure of 48 months is provided.

⭐ Do I get insurance on the loan?

A. Yes, You get takaful coverage for low rates.
Check the list of RAKBank Personal loans.

Ask questions and share your comments

We encourage our users to have discussion on questions they might have on financial products and help other users by sharing their insights. Kindly help us in making this site useful. We don't encourage any spam posts here. This is a public forum, so we request you to be safe by not disclosing personal information such as bank account or phone numbers etc. Please follow our posting guidelines.The comments will be reviewed and answered by MyMoneySouq.

Show/Post Comments