| Minimum Revenue | Maximum Loan Amount | Equity Required | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
.png){kind=logo}
RAKBANK - RAKbusiness Loan
|
Minimum Revenue: AED 600,000 | Maximum Loan Amount: AED 3,000,000 | Equity Required: No | Maximum Term: 5 Years | Flat Rate: 11.67% | Reducing Rate: 21.0% |
Top reasons to choose:
Collateral free loan
Product USP:
1) Collateral free loan
2) Express service available
3) Low interest rate
Detailed Features:
1) Collateral Free
2) High loan amounts of up to AED 3 million*
3) Flexible repayment periods of up to 60 months*
4) Minimum documentation
Reducing Rate:
21% to 25%
Eligibility
1) Length of Business should be 1 year
2) 12 months turnover required >=AED 600K
Documents Required:
1) Valid Trade Licence
2) MOA/AOA
3) Tenancy Contract and Ejari office & Warehouse
4) Labour list
5) One year bank statement
6) WPS recent 3 months
7) Passport copies of signatories and shareholders
8) Valid Emirates ID
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to 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.
Representative Example Calculator
