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RAKBANK personal loans and other financing products are among the most popular choices for those seeking loans in the UAE. While these loans are known for attractive interest rates, affordable instalments, high loan amounts, and more, another notable aspect is the RAKBANK loan deferment option.
If you have taken an auto loan, home loan, or personal loan in UAE from the bank, you can request the lending bank to defer your loan in case you are unable to make payments towards your loan, whether due to COVID-19 or any other legitimate reason.
To apply for a loan deferment with RAKBANK, you would be required to contact the bank, obtain and fill out the RAKBANK loan deferment application form, and explain your financial situation as to why you want to apply for the loan deferment.
After at least 6 months of making regular loan repayments for a RAKBANK personal loan, you can apply for a one-month loan deferment. Keep in mind that you can make up to 2 loan deferments (for a month each) in a year.
For auto loan deferments, the conditions are similar, i.e., you can avail of up to 2 deferments per year and must have made at least the first 6 monthly repayments on time. As far as home loans are concerned, the bank doesn’t allow deferments in usual cases unless you are facing any financial issues due to COVID-19.
When you apply for a RAKBANK loan deferment, you are, in effect, applying for a loan EMI deferment. When you apply for loan deferment, you effectively apply for the instalments to be paused for a certain period. These instalments are to be paid later, which leads to an increase in your loan repayment tenure.
When RAKBANK defers your loan, it does not mean you are absolved of making the payment for the stipulated period. It simply means that the bank has delayed the repayment of the loan until a later date.
When the bank approves your request for deferring the personal loan payment, it also means you are delaying the payment without violating the loan agreement. In addition to RAKBANK, several banks in the UAE have extended loan deferment programs, especially amidst the financial crises propelled by the pandemic.
The RAKBANK loan deferment process is fairly straightforward. You have to first inform the bank about the same and your conditions. Once you submit your application and the required documents (if any), the bank would go through your application. It would also examine whether you qualify the eligibility criteria, i.e., whether you have paid at least 6 monthly instalments on time and more.
If your application is approved, you would be informed regarding the same by the bank.
Listed below are the primary benefits and features of RAKBANK loan deferment –
Here’s how the fees and charges are applied –
Short answer – no!
An approved personal loan deferment wouldn’t negatively impact your credit score as your bank would not report it as a missed or skipped payment to the Al Etihad Credit Bureau (AECB), which calculates your credit score in UAE.
However, if you miss an instalment without approval from the bank, it would be reported as a missed or skipped instalment. This would be reported as it is to the AECB, which can bring down your credit score.
RAKBANK UAE has an excellent feature to help you repay your loans easily in the form of loan deferment. With this, you can defer payments for the repayment of your loan if you are facing any major financial hurdles, whether due to the pandemic or any other reason.
The primary benefit of this deferment is that you can continue repaying your loan after a brief pause, during which you can sort out your financial situation. Additionally, you can be assured that your credit score won’t be impacted by such a deferment.
|Top UAE Banks Loan Deferment Process|
|Standard Chartered Loan Deferment||ADCB Loan Deferment|
|Dubai Islamic Bank Loan Deferment||Emirates NBD Loan Deferment|
|HSBC Loan Deferment||Mashreq Bank Loan Deferment|
|FAB Loan Deferment|