Expand your business through RAKfinance cash loans. RAKfinance loans are offered to the small and medium sized companies to meet their short to medium term business requirements with minimal and hassle free documentation.
Features & Benefits:
- High loan amounts up to AED 3 Million
- Flexible repayment periods up to 60 month
- Early settlement fee - 5%
- Collateral fee
- One time processing fee 3%
- 5% of the Outstanding
- Application form, valid license trade,
- Valid pp copy of owners/partners + valid residence visa for expats, emirates ID copy, valid UAE national sponsor passport copy,
- Share certificate/certificate of incorporation,
- Notarized power of attorney of expat mentioning the borrowing clause clearly,
- 2 years financials, memorandum of assosciated mentioning the borrowing clause clearly,
- Utility bill/tenancy contract, 6 months bank statements + sales & purchase invoices
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.