RAKBANK offers a wide array of financial products and services tailor made to suit different needs of the customers in UAE. RAKBANK is also known for its Islamic financial products and services which are based on the principles of Sharia. The bank offers personal finance under its Islamic product division called RAKBANK Amal Personal Finance. The personal finance comes at a low cost and flexible repayment terms.
Features and benefits of RAKBANK Amal Personal Finance
Listed below are the features and benefits of RAKBANK Amal Personal Finance.
- Personal finance designed based on the principles of Sharia of the Islamic law
- Competitive profit rate
- Flexible repayment periods up to 48 months
- Lower minimum salary requirement
- Quick approval
- Hassle free application process
- Free takaful with cover up to the value of your finance
- Free Amal debit card
- Free Amal credit card
- Salary transfer is mandatory
- Free mobile banking service and online banking service
- No minimum balance required in the account
Eligibility criteria for RAKBANK Amal Personal Finance
Listed below is the eligibility criteria for RAKBANK Amal Personal Finance.
- Minimum age- 21 years
- Minimum balance in account- No requirement of minimum balance
- Should be a resident of UAE
- Salary transfer- Mandatory
Fees and charges applicable on RAKBANK Amal Personal Finance
Listed below are the fees and charges applicable on RAKBANK Amal Personal Finance.
- Processing fee- 1% of Salam purchase price
- Liability certificate- AED 100
- Early settlement administrative charges- 1% of the outstanding loan amount
- Late payment fee- AED 300
- Partial payment charge- Up to 1% of the settled outstanding value
How to apply for RAKBANK Amal Personal Finance?
The applicant interested in applying for RAKBANK Amal Personal Finance can apply for it either online or offline. The loan can be applied for online by applying through the bank’s official website or through a third party financial website. The loan can also be applied for at one of the bank’s branches located in UAE.