RAKBANK personal loan is amongst the best products offered by RAKBANK in the UAE. The borrowers can get RAKBANK loan up to 20 times their salary at a competitive interest rate 5.99% per annum with a compulsory salary transfer. There is flexible repayment tenure of up to 4 years for both UAE nationals and expatriates.
RAKBANK personal loan offers benefits such as free debit and credit card, life insurance at a nominal rate, loan top-up facility, and more making it an attractive loan option for the applicants. The 24/7 phone banking facility makes banking easier to get a RAK personal loan.
RAKBANK Personal Loan Interest Rates
RAKBANK offers an attractive rate of interest on personal loans that can help the borrower to repay the monthly installments of the loan with ease. The lower the interest rate, lower would be the EMI (equated monthly installments). The RAK personal loan interest rate starts from 5.99%. The applicant can calculate the rate of interest before applying for the loan using the RAKBANK personal loan interest calculator.
RAKBANK Personal Loan Eligibility Criteria
The following are the eligibility criteria to apply for RAKBANK personal loan.
Category
For Expats
For UAE Nationals
Age Criteria
Minimum: 21 years
Maximum: 60 years or age of retirement (whichever comes earlier on loan maturity)
Minimum: 20 years & 6 months
Maximum: 65 years or age of retirement (whichever comes earlier on loan maturity)
Salary transfer
Monthly salary should be transferred to RAKBANK.
Minimum Salary
AED 5000
RAKBANK Personal Loan Documents Requirement
Type of Document
Document
Proof of Identity/Address
Passport Copy with resident Visa (for expats) Copy of the Emirates ID
Other Documents
Salary Transfer Letter
Bank Statement of last 3 Months
Features & Benefits of RAKBANK Personal Loan
The table below mentions all the major features and benefits of RAKBANK personal loan.
Feature
Availability
Early Settlement fee
Yes 1% of outstanding or AED 10000 whichever is lower
Flat Interest Rate
3.30%
Reducing Interest Rate
5.99%
Free Credit Card (No annual Fee)
Yes
Free Personalized Cheque Book
Yes
Free Insurance Coverage
Yes
Phone Banking
Yes
Here are a few features and benefits of RAKBANK Personal Loan for expats & UAE Nationals:
Fast Approvals
The RAKBANK provides quick approvals on personal loans so that the applicants can easily and quickly avail of this loan.
Attractive Interest Rate
The RAKBANK Personal Loan interest rate is very competitive. The interest rate starts from 5.99% (reducing rate).
Repayment Period
The borrowers can make the repayment in the form of monthly installments in a maximum of 48 months’ flexible repayment tenure.
Loan Takeover
The applicants can use the loan takeover facility for transferring their loan that is pre-existing with some other bank to the RAKBANK without any hassle.
Life Insurance
The borrowers will get life insurance, which is available at a nominal cost as per the discretion of the bank. In case of death, the loan amount outstanding is covered in this insurance scheme.
Debit/Credit Card Facility
The borrowers can avail of a free debit card from RAKBANK and a cheque book that can be personalized with this RAK personal loan. The loan also offers a free credit card with zero annual fees throughout its life along with low rates of interest.
Simple Documentation
The RAKBANK Personal Loan Documents requirement is minimum and simple with an easy application procedure. Hence, availing the RAKBANK personal loan for expats or UAE Nationals is quite easy and hassle-free.
Deferred Payment
After six months of regular repayments on RAK loan, the borrowers can apply for the option of RAKBANK personal loan deferment for a month.
Top-up Loan
The borrowers can top-up their RAKBANK personal loan to the original amount after 1 year of making regular repayments.
24x7 Phone Banking Services
The borrowers can enjoy round the clock phone banking services.
Ans: RAKloan refers to a personal loan that is granted to those salaried individuals who have their salaries credited to RAKBANK. The maximum RAKloan amount is 20 times your salary (15times the salary in case of staff of Armed Forces). The loan is taken for personal use and is to be paid back through deductions from the salary of the borrower.
Q.2. Can I avail RAKBANK personal loan without salary transfer?
Ans. No, you can’t avail RAKBANK personal loan without salary transfer since it is mandatory for the applicants that their monthly salary should be transferred to the RAKBANK to be eligible for this loan.
Q.3. What is the use of RAKBANK loan calculator?
Ans. RAKBANK personal loan calculator is a handy tool that helps you to calculate your monthly installments which you will be responsible to pay against your loan every month.
Q.4. WhatshouldbetheRAKBANK personal loan requirements in terms of minimum age?
Ans: The applicant should have a minimum age of 20 years & 6 months for UAE nationals, & 21 years in case of expatriates.
Q.5. How should I make repayment on myRAKloan?
Ans: The method of repayment of RAKloan is by debiting the amount of repayment from your salary every month once it has been transferred to your bank account with RAKBANK.
Q.6. WhatshouldbetheRAKBANK personal loan requirements in terms of maximum age?
Ans: In the case of UAE Nationals, the maximum age of the borrower should be 65 years or age of retirement, whichever comes earlier on the maturity of the loan. In the case of expats, this age is 60 years or age of retirement, whichever comes earlier on the maturity of the loan.
Q.7. DoIgetanyinsurancecoverformyRAKloan?
Ans: Yes, you will get life insurance which is available at a nominal cost as per the direction of the bank. In case of death, the loan amount outstanding is covered in this insurance scheme.
Ans: Yes, after receiving a letter from your current employer, that confirms your appointment and on the basis of credit approval, you can be eligible for RAKloan.
Q.9. How to use a RAKBANK personal loan EMI calculator?
Ans. Using RAKBANK personal loan calculator is very easy and simple. All you need to provide the following information:
The loan amount
Tenor period (in months)
Interest rate
This handy RAKBANK loan calculator will use the information given by you, run it against the formula & provide you with the instalment amount that you will have to pay on a monthly basis.
Q.10. What can bethe maximum repayment tenure for RAKloan?
Ans: The UAE nationals and expatriates can enjoy the repayment period of 48 months (maximum), while the staff of the Armed Forces has a repayment tenure of up to 60 months.
Q.11. What are the RAKBANK personal loan reviews?
Ans. RAKloan is one of the best personal loans in the UAE as the bank offers a high loan amount at an attractive rate of interest. Thus, it helps you to meet your various financial requirements since there is no restriction on the use of the loan amount.
Q.12. Can I make RAKBANK loan early settlement?
Ans: Yes. You can make an early settlement or partial settlement of your RAKBANK Personal Loan. However, you will have to pay a part of early settlement charge of 1% of the value outstanding or 10,000 AED (whichever lower).
Q.13. Can I reschedule or cancel myloan?
Ans: Yes, you can reschedule or cancel your loan, however, you will have to pay a loan re-scheduling charge of 250 AED and cancellation charge of 100 AED.
Q.14. How does RAKBANK personal loan eligibility calculator?
Ans. This calculator is an indicative tool that helps you to check your personal loan eligibility and also help you to calculate the loan amount that you will be eligible for borrowing from the bank.
Hassle-free documentation
EMI Tenure up to 48 Months
Lowest Interest Rates
The borrowers can get RAKBANK loan up to 20 times their salary at a competitive interest rate 5.99% per annum with a compulsory salary transfer. There is flexible repayment tenure of up to 4 years for both UAE nationals and expatriates.
