RAKBank Personal Loan Eligibility - Minimum Salary, Age, Salary Transfer
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Details on Personal Loan Eligibility at RAKBank
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 Nationals | Expats | |
| Minimum Salary | AED 5000 | AED 5000 |
| Age | 20 Years 6 Months - 65 Years | 21 - 60 Years |
| Salary Transfer | Required | Required |
| Loan Tenure | 48 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.