RAKBANK is a popular banking entity in UAE. The banks offers great personal finance products to both UAE nationals as well as expats. Here are a few eligibility requirements that need to be met to avail personal loan from RAKBANK.
- Applicant should be aged either 21 years or above
- Minimum monthly salary of borrower should be AED 5000
- Loan applicant should be a UAE national or an expat staying in UAE
Factors affecting RAKBANK Personal Loan Eligibility
There are several factors that feed in to determining your personal loan eligibility. Some of these are mentioned below.
- Age of the loan applicant
- Job type of the loan borrower
- Monthly income of the personal loan borrower
- Existing debt liabilities of the loan applicant
- Number of years with current employer
- Whether the applicant is an existing RAKBANK customer
- Credit history of the loan borrower
How to increase RAKBANK Personal Loan Eligibility?
There are times when personal finance applications get rejected by RAKBANK. This happens when the applications do not meet the set eligibility criteria of the bank. In order to enhance your eligibility, steps mentioned below can be taken by customers.
- Try to avail both secured and unsecured loans in order to maintain a good credit history
- Avoid making too many personal loan applications with various banks
- A stable job with a steady regular monthly income increases your chances of availing personal finance from RAKBANK
- Maintain a good credit history and credit score
- Existing debt liabilities with other banks or loans
FAQs on RAKBANK Personal Loan Eligibility
- Am I required to make a salary transfer to the bank?
- Does this personal loan scheme require a security to be deposited?
- What is the maximum loan amount that can be availed under the RAKBANK Personal Loan scheme?
Yes. A salary transfer is required to avail personal loan from RAKBANK.
No. There are no collaterals to be submitted as security against this personal loan.
The maximum permissible personal loan amount is AED 6,50,000.