Top 10 Personal Loans
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RAKBANK Personal Loan
- Free credit card on 0 annual fees
- Free debit card & cheque book
- Low minimum salary requirement
- Repayment period is up to 4 years
- The loan is provided for an interest rate of 4.99%
- Minimum salary of AED 5000 is required
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 1,500,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
- Can get free credit card, debit card, cheque book
- Can defer one installment
- Repayment period is long
- High finance is provided
- Life insurance is provided
- 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
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. Credit card provided with the approval of personal loan is free of annual fees.
⭐ 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 Rak Bank?
A. Yes, you can transfer your existing personal loan to RAK Bank.
⭐ 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.
Get in touch with RAKBANK Customer Care