RAK Bank Personal Loan

RAKBANK, also known as the National Bank of Ras Al Khaimah, is a leading retail and business bank headquartered in the UAE. Established in 1976, RAKBANK has emerged as a prominent financial institution known for its customer-centric approach and innovative banking solutions.

RAK Bank Personal Loan
RAKBANK Bank Personal Loan
Personal Loan Starting from 2.63%* Interest rate
  • Minimum Salary 5000 AED
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

Get personal loan at Lowest Interest Rate

  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

The bank offers a wide range of financial products and services tailored to the needs of individuals, SMEs, and corporations. We will exclusively focus on the RAKBANK Personal Loan curated for UAE expatriates.  

Features and Benefits of RAKBANK Personal Loan

Mentioned below are the primary features and benefits of this RAKBANK personal loan in the UAE -

  • The loan is available in both Islamic and conventional variants.
  • For new loans, you can avail of an amount of up to AED 2 million.
  • For top-up loans, the bank offers you a loan amount of up to AED 2.5 million.
  • You can get this personal loan at attractive interest rates ranging from 5.49% to 19.99% per annum. However, it must be noted that interest rates are subject to change at the bank’s discretion.
  • You get a flexible tenure to repay the loan, with the tenure ranging from 6 to 48 months.
  • Quick approvals and easy documentation
  • You get a free RAKBANK debit card with a personalised chequebook.
  • The bank provides you with a RAKBANK credit card with low interest rates and zero annual fees.
  • You can enjoy up to 2 monthly instalment deferrals per year. These are subject to 6 instalments being repaid against the loan.
  • You can avail of hassle-free loan takeovers from other financial institutions.
  • By availing of this personal loan, you can also take an auto loan at a 2.85% per annum flat rate. Note that this is applicable to individuals with a credit Score of 651 or more.

What are the Eligibility Criteria for RAKBANK Personal Loan?

In order to be eligible for the RAKBANK Personal Loan, you must meet certain requirements as follows -

  • You must be a UAE expatriate.
  • You must be at least 21 years old.
  • You must have a monthly salary of at least AED 5,000.
  • It is mandatory to be employed by a RAKBANK-approved employer.
  • You must have a minimum credit score of 541.
  • You are required to transfer your monthly salary and end-of-service benefits (if applicable) to your RAKBANK account.

RAKBANK Personal Loan: Fees and Charges

Here are the fees and charges associated with the RAKBANK Personal Loan -

Type of Fees Charges
Processing Fees 1.05% (inclusive of VAT) of the loan amount payable at the time of disbursement (minimum AED 525, maximum AED 2,625)
Early Settlement Charges For full settlement - 1.05% (inclusive of VAT) of the outstanding loan or a maximum of AED 10,500 (inclusive of VAT), whichever is lower
Late Payment Fee AED 210 per delay in the payable instalment payable until paid
Insurance Charges 1.05% of the loan amount payable at the time of disbursement - provides a life cover on the loan outstanding (inclusive of VAT)
Issuance of Liability/ No Liability Certificate AED 105 per certificate

Note: VAT is charged on the bank’s fees and charges at the current rate of 5% as applicable under UAE law. 

How to Apply for RAKBANK Personal Loan?

We, at policybazaar.ae, offer you the convenience of an easy loan application process. Once you are on our website, go to the ‘Personal Loan’ section and fill out the lead form to view the personal loan quotes page.

Use relevant filters to locate the RAKBANK Personal Loan from the displayed list and apply for it. After you successfully submit the form, one of our representatives will get in touch with you for further steps.

As an alternate option, you can apply for a personal loan through the bank’s official website or visit your nearest bank branch in person.

RAKBANK Personal Loan Calculator

You can easily access the RAKBANK personal loan calculator through its official website. All you need to do is go to the calculator section and enter the loan amount, tentative first repayment date, interest rate, loan tenure, and other details. The result will be auto-generated within seconds! 

With this online free calculator, it becomes easy to get an estimate of your monthly instalments as you won’t have to make any manual calculations. Note that the actual instalment amount and other details may be different from what the calculator displays due to variations in interest rates.

Alternatively, you can use our online calculator available on the official website - policybazaar.ae. This calculator is pretty easy to use and provides you with the desired results in just a second or two! You can even reset and enter new values multiple times to compare the instalments of various loan products.

RAKBANK Personal Loan: Terms and Conditions

The terms and conditions of the RAKBANK Personal Loan are as follows:

  • Charges would apply as outlined in the bank’s Service & Price Guide if you apply for a personalised chequebook. Note that approval from the bank would be required as well.
  • The bank will provide you with a 30-day advance notice in case of any changes to the loan's interest rates.
  • RAKBANK reserves the exclusive right to approve loans, which are subject to the specified Terms and Conditions.
  • With a 60-day advance notice, the Bank has the authority to modify the features, fees, charges, and terms & conditions associated with the Loan. 

The final section of the article answers some of the most frequently asked questions by UAE residents!

Apply for RAKBANK Credit Card Loan

FAQs for RAK BANK Personal Loan

Q1. How long does RAKBANK take to process a personal loan application?

Ans: The bank usually takes up to 7 working days to process your application.

Q2. Am I eligible for a RAKBANK personal loan if I have a credit score of 452?

Ans. No, as per the bank guidelines, you must have a credit score of at least 541 to avail of the bank’s personal loan.

Q3. What will happen if I pay my personal loan monthly instalment before the due date?

Ans. You will have to make prepayment charges if you pay your monthly instalment prior to the due date.

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