Personal Loan Provided By Rakbank
Check Eligibility for Rakbank Personal Loan
Rakbank Personal Loan Calculator
|Rakbank Personal Loan Details|
|Minimum Salary||AED 3000 per month|
|Interest Rates||Flat rate: 3.3% | Reducing rate: 5.99%|
|Maximum Loan Amount||AED 1250K|
|Early Settlement Fees||1% of the outstanding amount|
|Arrangement Fees||1% of the approved loan amount|
|Age||21 - 60 years(Expats) & 65 years(UAE Nationals)|
Features of Rakbank Personal Loan
RAK Bank offers Personal loans to help you manage your urgent financial requirements. The features are :
- Maximum loan amount of up to 20 times the salary (15 times the salary for Armed Forces Staff)
- Maximum loan tenure of 4 years (5 years for Armed Forces Staff)
- Competitive interest rates
- Minimum monthly salary requirement of AED 3,000
- Salary transfer is mandatory
- Top up loan offered after completion of 1 year of the loan
- Free for life credit card with low interest rates available with the loan
- Debt Consolidation available
- Quick approvals and simple documentation
Fees and Charges
- Loan processing fee : 1% of the loan amount (Minimum 500 AED and Maximum 2500 AED)
- Late Payment Fee : 2% of the delayed amount (Minimum 50 AED and Maximum 200 AED)
- Insurance Fee : 0.50% of the loan amount
- Loan rescheduling fee : AED 250
- Early Settlement of loan : 1% of the outstanding loan amount (Maximum 10000 AED)
- Instalment deferment fee : AED 100
Eligibility Criteria of Rakbank Personal Loan
- Minimum salary AED 3000 is required
- Both UAE Nationals and Expats are eligible
- Even self-employed individuals are eligible
Check here for the Eligibility Criteria of RAKBank Personal Loan
Rakbank Personal Loan Interest rates
Frequently Asked Questions
Q. Is salary transfer mandatory for a personal cash loan?
A. Yes, your salary must be transferred to your RAKbank account.
Q. What are the charges for availing online banking services?
A. Online banking and mobile banking services are available for free.
Q. What are the annual fees for credit card provided?
A. Credit card provided with the personal loan is free of annual fees and low-interest rates.
Q. Is debt consolidation facility available?
A. Yes, debt consolidation facility is available.
Q. Is salary advance facility available?
A. Yes, there is salary advance facility available for both UAE Nationals and Expats.
Q. How to get registered for Rak Bank Online banking services?
A. Once your loan is approved you are registered to the RAK Bank online banking services automatically.
Q. Can I transfer my existing personal loan to Rak Bank?
A. Yes, you can transfer your existing personal loan to RAK Bank.
Q. When do I need to top up my loan?
A. You can top up your loan after a year.
Q. For how long the credit card is provided for zero annual fees?
A. The credit card is provided for no annual fees lifelong.
Q. Which company provides the insurance on the loan?
A. Life insurance on the personal loan is provided by RAK Insurance.
Q. Do I get a liability certificate?
A. Yes, you can get a liability certificate for AED 100.
Q. What are the fees for deferring any installments?
A. AED 100 is charged for deferring the installment.
Q. What are the charges on payment delay?
A. On late payments, 2% of the amount delayed is charged.
Q. What are the various personal loans available?
A. You can check otherpersonal loan in UAEhere.
Q. What is the minimum salary required for a personal loan in RAK Bank?
A. The minimum salary required for a personal loan in RAK Bank is AED 3000.
Q. What is the eligibility criteria for a personal loan in RAK Bank?
A. The personal loan applicant of RAK Bank must have a minimum salary of AED 3000, and should transfer salary to RAK bank account.
Q. What are the documents required for a personal loan in RAK Bank?
A. The documents required for a personal loan in RAK Bank is Emirates ID, Resident Visa, Salary Certificate, Bank Statements, Salary transfer letter, Passport, Address Proofs, Trade Licence(for self-employed), etc.
Q. What is the maximum loan amount provided at RAK Bank?
A. The maximum loan amount provided at RAK Bank on a personal loan is AED 1500K.
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 :
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