|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|RAK Bank - Cash Loan||Minimum Salary: AED 5,000||Salary Transfer: No||Islamic Finance: No||Maximum Term: 4 Years||Flat Rate: 3.85%||Reducing Rate: 5.99%|
- No salary transfer required
- High loan amount up to AED 150,000
- Easy repayment via Direct Debit from your salary account
- Quick approvals
- Competitive interest rates
- Flexible repayment periods of up to 48 months
- 24-hour, 7-day Phone Banking services
- Easy and hassle free documentation
Additional InformationLoans are issued at the sole discretion of RAKBANK and are subject to the non-Salary Transfer Personal Loans Terms and Conditions.
Insurance is offered by RAKInsurance.
** 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.