RAK Bank Personal Loans in UAE
Last Updated on 24-10-2019
| Rakbank Personal Loan Details | |
|---|---|
| Minimum Salary | AED 3000 per month |
| Interest Rates | Flat rate: 3.3% | Reducing rate: 5.99% |
| Maximum Loan Amount | AED 1.5 Million |
| Early Settlement Fees | 1% of the outstanding amount |
| Arrangement Fees | 1% of the approved loan amount |
| Tenure | 48 months |
| 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 finance that can be availed up to 20 times the salary for UAE nationals and expats. For Armed Forces Staff, 15 times the salary can be availed
- A maximum loan amount provided is AED 1.5 Million
- Maximum loan tenure of 4 years is provided for self-employed and salarued individuals. Armed forces staff can get up to 5 years of repayment period
- RAK bank personal loan interest rates starts from Flat rate: 3.3% and Reducing rate: 5.99%
- Minimum monthly salary required for a personal loan in RAK Bank is AED 3,000
- Salary transfer to RAK Bank account is mandatory
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)
- Installment 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
- Loan applicant must be between 20 years 6 months- 65 years for UAE nationals and 21-60 years for expats
Check here the Eligibility Criteria of RAKBank Personal Loan
Documents Required of Rakbank Personal Loan
Documents required for RAK Bank personal loan are
- Salary Certificate (for salaried individuals)
- Salary transfer letter (for salaried individuals)
- Emirates ID
- Passport
- Trade licence (for self-employed applicants)
- UAE Resident Visa
- 3-6 months bank statements
Bank may request for more documents depending on the applicant's profile.
Rakbank Personal Loan Interest rates
1 Rakbank Bank Personal Loans
Personal Loan
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
Benefits
- Provides high loan amount on low salary requirement
- Rak Bank offers Debt Consolidation loan
- Free for life credit card with low interest rates available with the loan
- Free RAKBank debit card is provided
- Free personalized cheque book is provided
- Can top up loan to original loan amount after the completion of 1 year of regular payments
- Can defer one payment after paying loan installments for 6 months regularly
- Quick approvals and simple documentation
Frequently Asked Questions
Q. Can I transfer my existing personal loan to the RakBank?
A. Yes, you can transfer your existing personal loan to the RAKBank.
Q. Can I skip any installments?
A. Yes, you can skip your monthly installments, but have to bear the installment deferment fees of AED 100.
Q. Are there any late payment fees involved?
A. Yes, on delayed payments you need to pay 2% of the amount delayed.
Q. Is the credit card provided for free?
A. Yes, you get a free credit card with zero annual fees for lifelong.
Q. What are the charges to get a liability certificate?
A. To get a liability certificate you need to pay AED 100.
Q. Is salary transfer mandatory for a RAK Bank personal loan?
A. Yes, your salary must be transferred to your RAKbank account to be eligible for a personal loan.
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 RAK bank credit card provided?
A. There are NO annual fees charged on theRAK bank Credit card provided on the approval of personal loan.
Q. Is debt consolidation facility available at RAKbank?
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 can I top up my RAKbank loan?
A. You can top up your loan after making regular payments for 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 be UAE resident, 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 1.5 Million.
Q. How many installments I can defer on no charges?
A. After paying installments regularly for 6 month, the loan holder can defer one installment for free.
About Rakbank
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. It works with a vision to provide ‘simply better’ financial solutions to its customers in and around the UAE’ and a Mission to be the leading bank in the UAE by offering best products.
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