One of RAKBANK’s top services in the UAE is the personal loan. With an obligatory salary transfer, the borrowers can obtain a loan from RAKBANK up to 20 times their salary at an attractive interest rate of 5.99% per annum. Both UAE nationals and foreigners can choose a flexible payback period of up to 4 years.
For applicants, the RAKBANK personal loan is a desirable loan option because it comes with features including a free debit and credit card, affordable life insurance, a facility for loan top-ups, and more.
Interest rates for personal loans from RAKBANK
Personal loans from RAKBANK come with enticing interest rates that make it simple for borrowers to make loan payments on time each month. The interest payment would be less the lower the interest rate (equated monthly installments). Starting at 5.99 percent, the personal loan interest rate in RAK. The RAKBANK personal loan interest calculator allows the borrower to estimate the rate of interest prior to submitting an application for a loan.
RAKBANK Personal Loan Qualifications
The requirements for applying for a loan from RAKBANK are as follows;
|
Category |
Expats |
UAE Nationals |
|
Age Requirements |
Minimum: 21 years Maximum: 60 years or age of retirement (whichever comes earlier on loan maturity) |
Minimum: 20 years & 6 months Maximum: 65 years or age of retirement (whichever comes earlier on loan maturity) |
|
Salary Transfer |
The monthly salary should be transferred to RAKBANK. |
|
|
Minimum Salary |
AED 5000 |
Requirements for RAKBANK Personal Loan Documents
Documents needed include;
- Income Tax Certificate (for salaried individuals)
- letter of salary transfer (for salaried individuals)
- Trade license and Emirates ID (for self-employed applicants)
- UAE Residence Permit
- 3-6 months’ worth of bank records
Read More: Emirates Islamic Bank Personal Loan For UAE Residents and Expats
Features & Advantages of a Personal Loan from RAKBANK
- Offers large loans with little need for collateral.
- RAKBANK provides a debt consolidation loan.
- There is a loan offered along with a free-for-life credit card with low-interest rates.
- One is given a free RAKBank debit card.
- You can get a free custom checkbook.
- Once a year of regular payments has passed, you can increase your loan to its original amount.
- After making timely loan payments for six months, you may delay one payment.
- Rapid approvals and straightforward documentation
RAKBANK Personal Loan Fees and Charges
- Loan Processing Fee: 1% of the Loan Amount (Minimum 500 AED and Maximum 2500 AED)
- Late Payment Fee: 2% of the amount that is past due (Minimum 50 AED and Maximum 200 AED)
- Fee for insurance: Depending on the loan
- Fee for loan rescheduling: 250 AED
- Early Loan Settlement: 1% of the Total Outstanding Loan Amount (Maximum 10000 AED)
- Fee for deferring payments: AED 100
How to Apply for RAKLOAN
BY VISITING THE WEBSITE:
- Go to the official page of the website using this link.
- Then enter your login details to access your account online.
- Choose the personal loan option on the website to start the application.
- Thereafter, tap on apply now to start the process. Answer the few questions required.
- Ensure that you have the required documents either as a UAE resident or a foreigner.
Read More: Mashreq Bank Personal Loan Interest Rates, Salary Requirements, Eligibility
FAQs On RAKBANK Personal Loan
Q: Can I apply for a personal loan from RAKBank without a salary transfer?
ANS: No, you will have to transfer your salary to be eligible for this type of loan in the UAE.
Q: What age minimum is required for RAKBANK personal loans?
ANS: The candidate must be at least 20 years old and six months old if they are an Emirati, or 21 years old if they are an ex-pat.
Q: If I recently began working at the company I currently work for, is I still eligible for a RAKloan?
ANS: Yes, you are qualified for a RAKloan if you have a letter from your present workplace confirming your appointment and your credit has been approved.