All You Need to Know About RAKBANK Personal Loan!

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  | Published: 25 April 2020 | Last Updated On: 29 December 2020

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Personal finance is amongst the most flexible and convenient forms of credit. Due to its rising popularity, most of the banks in the UAE have started to offer this finance option to their customers in order to provide financial aid to them. The National Bank of Ras Al Khaimah or RAKBANK is one of them.

Being amongst the oldest banks in the Emirates, this bank offers an array of personal and business products and services that are in compliance with the Sharia principles and governed by Islamic laws.

The RAKBANK personal loan one of the popular finance products in the UAE market. You can enjoy a high loan amount at an affordable interest rate and a flexible tenure of repayment. Other than this, you can use the RAKBANK personal loan calculator to get an estimate of the loan amount before applying for the same. Is there anything else you can ask for?

Let us see what all is involved in this personal finance by RAKBANK.

What are the Benefits of having this RAKBANK Personal Finance?

The best part about this loan is that it can be availed by both UAE Nationals as well as expats. Here are some other benefits of this loan.

1.      Quick Approvals

The bank offers speedy approvals on the loans such that the loan applicants can get their hands on the funds as soon as possible.

2.      Low-Interest Rates

These loans are not just flexible, but also very economical. You can enjoy a competitive rate of interest starting from 5.99% on these loans.

3.      Repayment Tenure

You must have heard of EMIs right? If you have not, then EMIs are Equal Monthly Installments in which you can repay your loan amount easily. Personal loans by RAKBANK can be repaid conveniently within a flexible tenure of up to 48 months.

4.      Easy Documentation

The eligibility criteria for availing these loans is as simple as it can get. Even the documentation involved is very simple. Hence, you can obtain the loan without any complications. You can use the RAKBANK personal loan eligibility calculator for checking the requirements for the loan.

5.      Facility of Loan Takeover

You can make use of this facility for transferring your pre-existing loan with another bank to RAKBANK hassle-free.

6.      Facility of Cards

This personal finance comes with an array of facilities and benefits, debit card and credit card being amongst them. You can get a complimentary debit card as well as a cheque book from the bank, which you can personalize, along with this loan. This is not it, you also get a free credit card that does not charge any annual fee and has a low rate of interest.

7.      Loan Top-up Facility

After making timely payments for one year, you can opt for the loan top-up facility in which you can top-up your loan to its original amount.

8.      Early Settlement of Loan

You also have the option of making an early settlement or partial settlement of your loan amount. This option can be availed by paying an early or partial settlement fee of 1 percent of the amount outstanding or 10,000 dirhams (whichever is less).

9.      Re-scheduling the Finance

RAKBANK also gives you the option of-re-scheduling your personal finance. However, the bank will charge a rescheduling fee of 25 dirhams and a cancellation fee of 100 dirhams.  

10.  Eligibility Calculator

The bank offers you with a RAKBANK personal loan eligibility calculator, which is a tool that helps you in checking whether you meet the eligibility required to obtain this personal loan or not. 

Over to You!

If you are living in the Emirates, you must know that there are a plethora of personal loan options available for you in the market. Skimming through these different options and selecting the most suitable one is up to you.

The personal loan by RAKBANK is amongst the top loan options in the UAE. This loan comes with a number of amazing personal loan benefits and features for both expats as well as Emiratis. And all of these facilities can be availed at a competitive rate of interest and a flexible tenure for making repayment.