RAKBANK Non-Salary Transfer Loan

Also known as the National Bank of Ras Al Khaimah, RAKBANK is the oldest and among the most reputed financial institutions in the UAE. It is known to offer impeccable products for personal, corporate, and Islamic banking. Due to its unparalleled banking products, RAKBANK has been honoured with several rewards. Some products offered by the bank include loans and finance, bank accounts, insurance and takaful, cards, and more.

This write-up will shed light on RAKBANK Non-Salary Transfer Loan, its features and benefits, eligibility criteria, and the documentation process.

Features and Benefits of RAKBANK Non-Salary Transfer Loan

RAKBANK offers non-salary transfer loans in both conventional and Islamic banking (RAKIslamic Non-Salary Transfer Personal Finance) segments. RAKBANK Non-Salary Transfer Loan is a personal loan available for UAE nationals and expats residing in the UAE. It has a flexible repayment tenure of 48 months and the repayment can be done in equated monthly instalments.

The following are the major features of this RAKBANK personal loan -

• Maximum Loan Amount - For UAE Nationals: up to 20 times the salary or up to AED 500,000; For Expats: up to 10 times the salary or up to AED 200,000
• Competitive Interest Rate
• Flexible Repayment Tenure - from 6 months to 48 months
• The first instalment is to be paid within 30 days from the date of disbursement.
• Quick loan process (usually within 7 days)
• Minimum Monthly Salary Required - AED 5,000
• No salary transfer required via the direct debit system
• The rate of interest is fixed and the interest has to be paid every month

The RAKIslamic Non-Salary Transfer Personal Finance complies with the Shariah principle of Salam, wherein the bank purchases a specific object at the value that the bank finances to the customer. This personal finance can be secured by UAE nationals and ex-pats and has a flexible repayment tenure of 48 months.

Given below are the salient features of this personal finance product -

• Maximum Finance Amount - For UAE Nationals: up to 20 times the salary or up to AED 500,000; For Expats: up to 10 times the salary or up to AED 200,000
• Competitive Profit Rate
• Flexible Repayment Tenure - from 6 months to 48 months
• Options of top-up or rollover available as per the bank’s guidelines
• Quick finance approval process (usually within 7 days)
• Minimum Monthly Salary Required - AED 5,000
• Finance amount directly sent to the current salary account
• The profit is calculated at a fixed rate and is payable monthly

Interest/Profit Rate Charged on RAKBANK Non-Salary Transfer Loan

In the case of RAKBANK Non-Salary Transfer Loan, the interest is to be paid monthly and is fixed. It is computed in the following manner -

(Remaining Principal x Interest Rate x No. of Days in a Month)/365 days

The interest rate range for this RAKBANK personal loan is depicted in the following table -

Salary Range	Interest Range
From AED 5,000 (minimum rate for AED 15,000 and above)	12.99% to 22.49%

In the case of RAKIslamic Non-Salary Transfer Personal Finance, the profit is to be paid monthly and is fixed. It is computed in the following manner -

(Remaining Principal x Profit Rate x No. of Days in a Month)/365 days

The profit range for this RAKIslamic personal finance is as follows -

Salary Range	Profit Range
From AED 5,000 (minimum rate for AED 15,000 and above)	12.99% to 22.49%

Fees and Charges Applicable for RAKBANK Non-Salary Transfer Loan

The charges applicable to RAKBANK Non-Salary Transfer Loan and RAKIslamic Non-Salary Transfer Personal Finance are similar and are listed in the table below:

Charges	Amount
Processing Fee	1% of the Loan/Finance Amount (minimum AED 500 and maximum AED 2,500)
Early Settlement Charges	1% of the Remaining Value or AED 10,000 (whichever is lower)
Liability Certificate	AED 100
Late Instalment Payment - 1st Instalment 2nd Instalment Any Subsequent Instalment	AED 200
Partial Settlement Charges	1% of the Paid Amount or AED 10,000 (whichever is lower)
Loan/Finance Cancellation Charges	AED 100
Loan/Finance Re-Scheduling Charges	AED 250
Instalment Deferement Charges	AED 100
Other Charges (loan/finance copy, audit confirmation, issuance of redemption statements)	AED 25

Documents Required to Apply for RAKBANK Non-Salary Transfer Loan

Here is the list of documents required to apply for RAKBANK Non-Salary Transfer Loan and RAKIslamic Non-Salary Transfer Personal Finance -

• A copy of Emirates ID
• A copy of Passport and UAE Resident Visa
• Salary Transfer Certificate (for salaried personnel)
• Salary Transfer Letter (for salaried personnel)
• Trade Licence (for self-employed individuals)
• Bank Statements of 3 to 6 months

Note that the bank can ask you for additional documents based on the requirement. 

Eligibility Criteria for RAKBANK Non-Salary Transfer Loan

Given below are the eligibility criteria for RAKBANK Non-Salary Transfer Loan and RAKIslamic Non-Salary Transfer Personal Finance -

• Minimum Age - 21 years (for expats) and 20 years and 6 months (for UAE nationals)
• Nationality - UAE nationals and expats residing in the UAE
• Minimum Monthly Income Required -  AED 5,000
• AECB Credit Score - at least 541 for expats and 630 for UAE nationals

RAKBANK Personal Loan Calculator

RAKBANK offers both a personal loan calculator and a personal finance calculator in the UAE. A RAKBANK personal loan calculator is an automated online tool that helps the loan/finance applicant to estimate the monthly instalment they would need to pay. It is important to note that the calculator only determines an approximate value.

In RAKBANK personal loan calculator, you can include the promo period available on their loan. This period is usually between the fund disbursement and the first repayment date.

The following is the information that you would need to provide -

• Loan amount
• Tenure (in months)
• Tentative first repayment date
• Interest rate (per annum).
• Frequency of the instalment 
• Promo period

In the case of RAKIslamic personal finance calculator, the applicant would need to mention the following information -

• Nationality 
• Salary per month
• Finance amount
• Finance repayment tenure
• Profit rate percentage

Terms and Conditions Associated with RAKBANK Non-Salary Transfer Loan

As a borrower, you would need to keep the following terms and conditions in mind when it comes to RAKBANK Non-Salary Transfer Loan and RAKIslamic Non-Salary Transfer Personal Finance -

• The bank can modify the features, charges, terms and conditions associated with the loan/finance after sending the customer a 60 days’ notice well in advance.
• The bank can modify the interest/profit rates applicable to the loan/finance by informing the customer 30 days in advance.
• The customer can cancel their loan/finance within 5 business days from the date of signing the documents/application.
• The customer also needs to -
  • Pay the instalments and amounts due on the due date.
  • Notify the bank in writing in case there are any changes in employment or income, contact information, identity information, residential status, and more. 
  • Notify the bank in writing if the customer wants to settle the loan/finance before its maturity.

For further information, the customer can refer to - https://rakbank.ae/wps/wcm/connect/34a4efe8-5327-4483-9f91-09f99881c588/RAK-Application000-02301-GeneralTerms-Conventional-03082022-NoSignature.pdf?MOD=AJPERES&CVID=odZAHu.

How to Apply for RAKBANK Non-Salary Transfer Loan?

You can effortlessly apply for RAKBANK Non-Salary Transfer Loan and RAKIslamic Non-Salary Transfer Personal Finance in the UAE through policybazaar.ae. This is a third-party aggregator website that is easy to use and helps you find the best personal finance services for yourself.

To apply for a personal loan in the UAE through policybazaar.ae, tap on the personal finance tab on our site. This will take you to the lead form page, where you would be required to provide necessary details such as your salary and nationality. Once the form is filled out, you will be able to see the quotes page.

You can browse through the features of the RAKBANK Non-Salary Transfer Loan or RAKIslamic Non-Salary Transfer Personal Finance and compare them with other loan options. Once through, click on the ‘apply’ tab to initiate the application process.

When you get a personal loan in the UAE through Policybazaar UAE, you gain access to -

• 24/7 customer care support
• Consultation from the industry experts
• Banking from the convenience of home or workplace
• Option to compare personal loan products from the leading financial institutions in the UAE
• Best personal loans at affordable rates

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