| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
RAKBANK Personal Loan
|
Minimum Salary: AED 5,000 | Salary Transfer: Yes | Islamic Finance: No | Maximum Term: 4 Years | Flat Rate: 3.0% | Reducing Rate: 5.4% |
The RAKBANK Personal Loan is a loan granted to customers whose salaries are credited to RAKBANK. The maximum amount for a Personal Loan is 20x your salary (15x the salary for Armed Forces staff).
The loan is intended for personal use and is repaid by salary deductions.
Key Benefits:
- Benefit from swift approval.
- Move your loan from another bank.
- Top up your existing loan.
- Competitive interest rates.
More Product Benefits:
- Borrowing Limit: You can borrow up to 20 times your salary (up to 15 times for Armed Forces staff).
- Flexible Repayment: Choose a tenure from 6 to 48 months (up to 60 months for certain government/Armed Forces employees)
- A personalized cheque-book is subject to charges as per our Service & Price Guide and approval by the Bank.
- Quick and simple.
- High loan tenure.
- Preferential exchange rates.
Eligibility and Requirements:
- A minimum salary of AED 5,000.
- Minimum age 21.
- End-of-service benefits and salary transfer to RAKBANK is required until the repayment of your Personal Loan is completed.
- Minimum Al Etihad Credit Bureau (AECB) score of 541.
- Customer must be employed with a RAKBANK-approved employer.
Fees:
- Processing Fee: 1% Processing of loan amount (Minimum AED 500, maximum AED 2,500).
Documents Required:
- Completed application form.
- Copy of Emirates ID; Valid Passport & Residence Visa Copy.
- Address Proof.
- Bank Statements with Three Months Salary Credits.
- Salary transfer letter or salary certificate - required for salaried customers.
Terms and Conditions:
- Loans are issued at the sole discretion of RAKBANK and are subject to terms and conditions.
- The Bank may amend the features, fees, charges, terms and conditions of the Loan, prior to which, you will be given 60 days notice.
- The Bank may amend the interest rates for the Loan, prior to which, you will be given 30 days notice.
- Make sure you’re settling your loan instalments on time to avoid being charged with Late Payment Fees.
*Monthly installments are calculated based on a representative loan amount of AED 100,000.
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
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Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
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Calculated Annual Percentage Rate (%):
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Representative Example Calculator
