Check Eligibility for
Rakbank Personal Loan Calculator
Top 10 Personal Loans
RAKBank Personal Loans in UAE
Credit Bureau Consent, Welcome Offer & General Terms & Conditions
I hereby acknowledge and agree to allow Citibank to share my details with any UAE credit bureau and make enquiries about me with any UAE credit bureau at its sole and absolute discretion. I agree to the Terms and Conditions listed below. Citibank Terms and Conditions apply, are subject to change without prior notice and are available upon request. For the current Terms and Conditions, please visit our website www.citibank.ae. All offers are made available on a best-effort basis and at the sole discretion of Citibank, N.A. Citibank, N.A. makes no warranties and assumes no liability or responsibility with respect to the products and services provided by partners/other entities. By inquiring about our services, offers or products, you will be authorizing our representatives to approach you on your contact details including your telephone/mobile number for any product or service offered by Citibank. The applicant agrees to be bound by Citibank’s General Terms and Conditions available on the website www.citibank.ae. The applicant hereby represents and warrants that the information provided herein is true, accurate, and complete and that he/she agrees to remain responsible for and to indemnify Citibank, N.A. from and against any losses, claims and/or liabilities incurred by Citibank NA as a result of having relied on such information. Citibank, N.A. is not required to verify the information provided by the applicant and neither is the bank obliged to provide the applicant with any loans or credit facilities based on the provided information. The information provided on this website does not constitute the marketing of any products or services to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Marino, San Marino, Vatican and Isle of man. The content on this website is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to such individuals. Find your nearest Citi branch: www.findmyciti.com/ae/. Call us at: +971 4 311 4000.
Address: Citibank UAE, P.O. Box 749, Dubai, United Arab Emirates.
Check Eligibility for Rakbank Personal Loan
Rakbank Personal Loan Calculator
|Rakbank Personal Loan Details|
|Minimum Salary||AED 3000 per month|
|Interest Rates||Starts from 3.99%|
|Maximum Loan Amount||AED 1.5 Million|
|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 finance 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 salaried individuals. Armed forces staff can get up to 5 years of repayment period
- RAK bank personal loan interest rates start from 3.99%
- 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 on RAKBank Personal Loan
- 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: Depends upon the loan
- 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 RAKBank personal loan are
- Salary Certificate (for salaried individuals)
- Salary transfer letter (for salaried individuals)
- Emirates ID
- Trade licence (for self-employed applicants)
- UAE Resident Visa
- 3-6 months bank statements
Bank may request more documents depending on the applicant's profile.
Rakbank Personal Loan Interest rates
1 Rakbank Bank Personal Loans
- Provides high loan amount on low salary requirement
- RAKBank 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
⭐ Can I transfer my existing personal loan to the RakBank?
A. Yes, you can transfer your existing personal loan to the RAKBank.
⭐ Can I skip any installments?
A. Yes, you can skip your monthly installments, but have to bear the installment deferment fees of AED 100.
⭐ Are there any late payment fees involved?
A. Yes, on delayed payments you need to pay 2% of the amount delayed.
⭐ Is the credit card provided for free?
A. Yes, you get a free credit card with zero annual fees for lifelong.
⭐ What are the charges to get a liability certificate?
A. To get a liability certificate you need to pay AED 100.
⭐ 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.
⭐ What are the charges for availing online banking services?
A. Online banking and mobile banking services are available for free.
⭐ 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.
⭐ Is debt consolidation facility available at RAKbank?
A. Yes, debt consolidation facility is available.
⭐ Is salary advance facility available?
A. Yes, there is salary advance facility available for both UAE Nationals and Expats.
⭐ 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.
⭐ Can I transfer my existing personal loan to RAKBank?
A. Yes, you can transfer your existing personal loan to RAKBank.
⭐ When can I top up my RAKbank loan?
A. You can top up your loan after making regular payments for a year.
⭐ For how long the credit card is provided for zero annual fees?
A. The credit card is provided for no annual fees lifelong.
⭐ Which company provides the insurance on the loan?
A. Life insurance on the personal loan is provided by RAK Insurance.
⭐ Do I get a liability certificate?
A. Yes, you can get a liability certificate for AED 100.
⭐ What are the fees for deferring any installments?
A. AED 100 is charged for deferring the installment.
⭐ What are the charges on payment delay?
A. On late payments, 2% of the amount delayed is charged.
⭐ What are the various personal loans available?
A. You can check otherpersonal loan in UAEhere.
⭐ 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.
⭐ 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.
⭐ 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.
⭐ 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.
⭐ 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.
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.
Get in touch with Rakbank Customer Care
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. All the comments posted under MyMoneySouq official account are not reviewed by the financial institutions.
Was my answer helpful ?
Thank you for your feedback