• RAKBANK Personal Loan

    RAKBANK Personal Loan

    RAKBANK personal loans are generally flexible and easy-to-avail, enabling you to cross all monetary hurdles while you proceed towards meeting your financial requirements. Personal loan for UAE nationals is an ideal loan which offers you a flexible repayment tenure ranging from 12 to 48 months. The processing fee for this personal loan is minimum and there is no hassle of a loan guarantor. The approval is fast and simple. The interest rates are competitive and vary with the salary of the applicant.

    An early settlement fee of 1% of the outstanding loan amount is charged in case of pre-closure of the loan. A nominal processing fee is levied while processing the personal loan. The maximum loan amount that can be availed is AED 650,000 which however, depends upon the applicant’s salary and other financial liabilities too. Applicant is required to transfer his salary to the bank account in order to avail this loan from RAKBANK.

    You’re probably eligible for Rakbank Personal Loan if you are

    Rakbank Personal Loan Minimum Age

    At least 21 years old

    Rakbank Personal Loan Maximum Age

    Less than 65 Years old

    Rakbank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Rakbank Personal Loan Minimum Income

    Earn more than the minimum income required

    Your Rakbank Personal Loan amount eligibility is based on these factors

    Rakbank Personal Loan Minimum Salary

    Minimum income required
    AED 15,000 per month

    Rakbank Personal Loan Maximum Loan Funded

    No Info

    Rakbank Personal Loan EMI

    EMIs of other loans lower your eligibility

    Increase your eligible Rakbank Personal Loan amount by these steps

    Rakbank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Rakbank Personal Loan Tenure

    Choose longer tenure loan up to 4 Years

    Documentation needed to apply for Rakbank Personal Loan

    • 1. Original Passport
    • 2. Salary Certificate
    • 3. Bank Statements for last 3 months
    • 4. Post-dated cheques for payment of installments

    Rakbank Personal Loan Interest RatesUpdated on 17 Jan 2019

    Rakbank Personal Loan Details
    Interest Rate (Monthly reducing balance) No Info
    Processing Fees 1% of the loan amount
    Loan Tenure 4 Years

    About RAKBANK

    Established in the year 1976, RAKBANK is known as the most dynamic and fastest growing banks of the UAE. The bank went a major overhaul in the year 2001 when it shifted its focus from corporate banking to other retail and small business.

    This placed the bank as a credible and trusted financial entity among several strata of customers. Over the years RAKBANK has progressed towards the use of new and innovative technology to yield competitive and satisfactory services to the customers. The bank offers a wide range of services through its 34 branches in the UAE. RAKBANK also specializes in Sharia compliant banking solutions and offers Islamic financial products through its Islamic banking unit called the RAKBANK Amal.

    With a good network of branches across the UAE, the bank provides products and services in the field of private banking, corporate banking, wealth management, investment banking and so on.

    RAKBANK UAE is headquartered in Ras Al-Khaimah and is jointly owned by the local government of Ras Al-Khaimah and public shares.

    What is the eligibility criteria for RAKBANK Personal Loan?

    A UAE national or an expat aged between 21 and 65 years of age. Minimum monthly income needs to be AED 5,000.

    What are the documents required?

    • Original Passport
    • Salary Certificate
    • Bank Statements for last 3 months
    • Post-dated cheques for payment of installments

    RAKBANK Personal Loan FAQ's

    1. Are there any pre-payment charges?
    2. In case the customer is paying the loan by himself then 1% of the outstanding amount is charged as the pre-closure fee.

    3. Is there a processing fee charged?
    4. A processing fee of 1% of the loan amount is levied.

    5. Is a life insurance scheme required to avail this loan?
    6. Yes. But it is optional.

    7. Am I required to transfer my salary to the bank?
    8. Yes. A salary transfer is required to avail this loan.

    9. Does this personal loan scheme require a security to be deposited?
    10. No. There are no collaterals to be submitted as security against this personal loan.

    Other Products from RAKBANK

    RAKBANK Credit cards

    RAKBANK Car Loan

    RAKBANK Home Loan

    RAKBANK Fixed Deposit

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