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
At least 21 years old
Less than 65 Years old
Salaried / Self – Employed
with regular income
Earn more than the minimum income required
Your Rakbank Personal Loan amount eligibility is based on these factors
Minimum income required
AED 15,000 per month
EMIs of other loans lower your eligibility
Increase your eligible Rakbank Personal Loan amount by these steps
Pay off your credit card bills
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 23 May 2018
|Interest Rate (Monthly reducing balance)||No Info|
|Processing Fees||1% of the loan amount|
|Loan Tenure||4 Years|
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
- Are there any pre-payment charges?
- Is there a processing fee charged?
- Is a life insurance scheme required to avail this loan?
- Am I required to transfer my salary to the bank?
- Does this personal loan scheme require a security to be deposited?
In case the customer is paying the loan by himself then 1% of the outstanding amount is charged as the pre-closure fee.
A processing fee of 1% of the loan amount is levied.
Yes. But it is optional.
Yes. A salary transfer is required to avail this loan.
No. There are no collaterals to be submitted as security against this personal loan.
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