| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
RAKBANK - RAK Auto Loan
|
Minimum Salary: AED 5,000 | Salary Transfer: Yes | Early Settlement Fees: 1% | Maximum Term: 5 Years | Flat Rate: 2.35% | Reducing Rate: 3.79% |
RAKBANK Car Loans ensures minimum formalities and flexible repayment periods, that put you in the drivers seat quickly and conveniently.
Features & Benefits:
- Minimum 20% down payment required for Salaried Customers, and from 0% Down Payment for All Business & Self Employed Customers
- No salary transfer needed for salaried customers
- No hidden charges
- Finance available up to AED 3,000,000 for business customers and up to AED 500,000 for salaried customers
- Finance available for new companies with Length of Business from 6 months onwards
- First installment after 60 days.
- Finance available for Insurance, Rust proofing, service and maintenance contracts, and GAP if required
- RAKauto Loans are offered to all UAE nationals, GCC nationals and expatriates holding a valid UAE residence visa. It is available for individuals as well as company purchases
- Minimum age requirements are 18 years and six months for registration and 20 years and six months for cheque payers
- Driver's license
- Salary certificate
- Bank statement
- Vehicle quotation
- Security cheque
- Passport and visa copy
** 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
