RAKBANK Credit Card Loan

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RAKBANK, also known as the National Bank of Ras al Khaimah, is one of the oldest banks in the United Arab Emirates providing a host of financial services. In the year 2001, the institution took a call and decided to shift from only servicing corporate institutions to serving personal customers and small businesses as well. RAKBANK has a wide range of conventional as well as Islamic retail, and commercial banking products. In this article, we seek to discuss some of the options that you have regarding the RAKBANK credit card loan offers.

What is a RAKBANK Credit Card Loan?

Customers of RAKBANK have several options in terms of common loans including car loans, home loans and personal loans. However, a few more options open up if you have one or multiple credit cards that RAKBANK offers. One of these options is a credit card loan. Credit card loans are designed to facilitate usage by the cardholder. RAKBANK offers a multitude of credit card loan options that can be used for RAKBANK credit card deferred payment. In this article, we seek to discuss the different types of RAKBANK credit card loans available.

Types of RAKBANK Credit Card Loan 

There are two kinds of RAKBANK credit card loans a customer can access – o% easy payment plan or the balance transfer facility. Given below is an overview of the same:

0% Easy Payment Plan 

The RAKBANK Easy Payment Plan is designed with the ideal combination of benefits and plans, to ensure that you get a seamless experience for your travel, lifestyle benefits, and shopping experiences. 0% EPP plan is available on all RAKBANK credit cards except for the RAKIslamic Credit Cards.

The 0% Easy Payment Plan is a good option since it allows you to convert your credit card dues, especially those which are substantial, into equated monthly payments. Since it is a 0% EMI plan, the installments do not incur any additional interest. This is a rather useful policy since it effectively allows you to distribute your dues within a couple of months, without accruing any additional dues on the amount that is already outstanding. Loan tenures are also quite flexible with options varying from 3, to 6, to 9, to 12 months.

The details of the Easy Payment Plan are shown separately in a box in the statement of your credit card, under the title ‘Installment Summary’. The details will duly include the original amount in the card, the tenure of the plan, and the remaining period and balance of the installment. RAKBANK undertakes that you shall be duly notified by SMS, sent on the phone registered as your official RAKBANK credit card contact number.

You can fill out a cancellation for your RAKBANK credit card loan Easy Payment Plan as and when you like. This will ensure that your future transactions do not get converted to EPP as well. All you need to do is contact the bank executives. The necessary fines and charges shall be applicable. Simply make the due payments and apply for a cancellation for the EPP service. Pre-closure service is also available for the same. The request for pre-closure is liable to be treated as a cancellation, and the relevant charges as mentioned in the service and price guide shall be levied. 

Particulars

RAKBANK Credit Card Loan Details

Eligibility

21 years of age. Applicant must be a citizen of the UAE. Minimum monthly salary of AED 25000.

Documents Required

Passport, Emirates ID, Bank statement with salary credit of last 3 months, trade license for private businessmen, Residence proof.

Cash Advance Charges

3.45%

Loan Tenure

3,6,9 or 12 months

Balance Transfer

1.50%

Processing Fee

1%

Loan Disbursal Time

The conversion should be done within 10 days of the transaction.

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RAKBANK Balance Transfer

This RAKBANK credit card loan scheme allows you to enjoy instant relief by shifting your outstanding credit card amount to another credit card account. The interest amount due on your outstanding credit card amount is removed for the duration of the past three months. RAKBANK credit card interest rate of 3.45% shall be applicable hereafter. A nominal transaction fee of 1.95% is applied on the transfers Even with this rate, it might be considered that the loan interest rate is relatively low, and you may continue to take advantage of this plan without having to worry about accumulating substantial interest on the liable repayment. It may be noted that the option of a RAKBANK credit card loan balance transfer facility is available only on select few RAKBANK credit cards.

Particulars

RAKBANK Credit Card Loan Details

Eligibility

21 years of age. Applicant must be a citizen of the UAE. Minimum monthly salary of AED 25000.

Documents Required

Passport, Emirates ID, Bank statement with salary credit of last 3 months, trade license for private businessmen, Residence proof.

Loan Amount

Variable based on the card.

Loan Tenure

Variable.

Interest Rate

3.45% after the first 3 months.

Processing Fee

1.95%

RAKBANK Credit Card Cash Loan

The RAKBANK credit card cash loan is just the business term for cash withdrawals allowed on your credit card. Instead of making direct purchases using the card, you can choose to borrow money as cash. The cash withdrawal limit is pre-decided for all RAKBANK credit cards. The money you withdraw is debited on your credit card to be paid later, like any normal credit card transaction. There are no specific eligibility requirements for RAKBANK credit card cash loans. 

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How to Apply for RAKBANK Credit Card Loan Facilities?

In the case of the RAKBANK credit card loan scheme of Easy Payment Plan, you may make the application through your phone. Place a call on the Banking service number of RAKBANK. The service is available throughout the day 24 x 7, and the RAKBANK credit card contact number is 042130000. 

For the RAKBANK Credit Card Balance Transfer facility, you can place a request using the RAKBANK Digital Banking service. This can be done through the dedicated portal which is available on the Google Play store as well as Apple App Store. You can also send an SMS specifying the initials ‘BT’ as in Balance Transfer to the number 7010.

Mode of Disbursal of RAKBANK Credit Card Loan

In the case of the Easy Payment Plan, the loan stands are for the delayed payment on the deferred payment regarding the purchase. This means that the outstanding amount stays on the same RAKBANK credit card but you can pay it back in installments. In the case of the balance transfer facility, the outstanding loan is shifted from one card to another credit card, as per the requirements of the cardholder.

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How to Repay your RAKBANK Credit Card Loan?

For the Easy Payment Plan, the repayment of the loan would be initiated with a minimum amount due of 3% or AED 100. The higher of either of the two sums shall be levied.

For the RAKBANK credit card Balance Transfer loan option, the users might transfer the outstanding credit card limit on other cards. They have the option of repaying it later at a zero percent interest rate.

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FAQ's on RAKBANK Credit Card Loan

Under the Easy Payment Plan, is it possible to modify the loan tenure once I have zeroed down upon one?

As mentioned before, a choice of 4 loan tenures is available to you ranging from a period of 3 to 12 months. However, once the choice has been made, there is no option to alter.

In case I am already availing of an Easy Payment Plan option, is it possible to convert more transactions into EPP?

Yes, it is possible to have more than one Easy Payment Plan simultaneously when availing of your RAKBANK Credit Card Loan. The underlying condition is that the transaction should have been made at one of the retail outlets that are in a partnership and recognised by the RAKBANK credit card loan scheme. In case a high-value transaction has been done, you may call the bank’s executives and have the transaction converted into an EPP.

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