RAKBANK Personal Loan

RAKBANK Bank

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Personal Loan

minimun salary

Minimum Salary

AED 3K

flat rate

Flat Rate

3.3%

reducing rate

Reducing Rate

5.99%

max loan

Loan Amount

AED 1500K

early settlement fee

Early Settlement Fee

1%

arrangement fee

Arrangement Fee

1%

Advantages

  • Free credit card on 0 annual fees
  • Free debit card & cheque book
  • Low minimum salary requirement
Apply Now
minimum salary

AED 3K

Minimum Salary

flat rate

3.3%

Flat Rate

reducing rate

5.99%

Reducing Rate

max finance

AED 1500K

Loan Amount

early settlement fee

1%

Early Settlement Fee

arrangement fee

1%

Arrangement Fee

Advantages

  • Free credit card on 0 annual fees
  • Free debit card & cheque book
  • Low minimum salary requirement
Apply Now

View details on bank page

Features

  • Repayment period is up to 4 years
  • The loan is provided for a interest rate of 5.99%
  • Minimum salary of AED 3,000 is required
  • The reduction rate and the flat rate is 5.99% and 3.3%. This denotes that the computation done was a division of the reduction rate by 1.815
  • 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

Benefits

  • 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

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. Credit card provided with the approval of personal loan is free of annual fees.

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.

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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