| Minimum Revenue | Maximum Loan Amount | Equity Required | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
RAKBANK - Term and Working Capital Finance
|
Minimum Revenue: AED 2,500,000 | Maximum Loan Amount: AED 15,000,000 | Equity Required: No | Maximum Term: 1 Years | Flat Rate: 10.5% | Reducing Rate: 5.83% |
Top reasons to choose:
Quick and easy trade finance solutions that provide with a range of products (Purchase procurement and post sales financing) with Conventional and Islamic options that are truly in a class of their own to cater to all business requirements
Product USP:
Dedicated Trade Finance Relationship Manager
Detailed Features:
1) Working capital finance solutions, including loans and overdrafts
2) Trade finance products including letters of credit, trust receipts and guarantees
3) Foreign Exchange solutions including spots and forwards
4) Fast and hassle-free service
Eligibility:
1) Length of Business should be 1 year
2) 6 months turnover required >=AED 2.5 million
Documents Required:
1) Valid Trade License
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
Reducing Rate:
10% to 15%
** 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
