RAKBANK Personal Loan
RAKBANK or National Bank of Ras Al Khaimah is a ‘public joint stock company’ and is amongst the most dynamic and oldest banks in the UAE. The bank offers a host of business and personal banking services throughout its 36 branches. It has a portfolio of electronic banking solutions that include Digital and Telephone Banking.
Headquartered in the emirate of Ras Al Khaimah, this bank also offers business and personal services in compliance with Sharia through the Islamic banking unit called RAKislamic. Amongst the various banking services offered by RAKBANK, personal loan is one of its best products. The borrower can get a high amount of personal loan at competitive rate of interest. These loans can be availed at flexible repayment tenure of up to 4 years for both UAE nationals and expatriates (5 years for the staff of Armed Forces).
RAKBANK Personal Loan Interest Rates
RAKBANK offers attractive rate of interest on personal loan that can help the borrower to repay the monthly installments of 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 percent.
RAKBANK Personal Loan Eligibility Criteria
Following are the eligibility criteria to apply for RAKBANK personal loan.
|Category||For Expats||For UAE Nationals|
|Other Requirement||Monthly salary should be transferred to RAKBANK.|
RAKBANK Personal Loan Documents Requirement
Proof of Identity/Address
Features & Benefits of RAKBANK Personal Loan
Here are a few features and benefits of RAKBANK Personal Loan for expats & UAE Nationals:
The RAKBANK provides quick approvals on personal loans so that the applicants can easily and quickly avail this loan.
Attractive Interest Rate
The RAKBANK Personal Loan interest rate is very competitive. The interest rate starts from 5.99 percent.
The borrower can make the repayment in the form of monthly installments in a maximum of 48 months’ flexible repayment tenure.
The applicant can use the loan takeover facility for transferring their loan that is pre-existing with some other bank to the RAKBANK without any hassle.
Debit/Credit Card Facility
The borrower can avail 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.
The requirement for RAKBANK Personal Loan Documents 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.
After six months of regular repayments on RAKloan, the borrower can apply for deferred payment for a month.
The borrower can top-up their RAKBANK personal loan to the original amount after 1 year of making regular repayments.
24x7 Phone Banking Services
The borrower can enjoy round the clock phone banking services.
RAKBANK Personal Loan - FAQs
Q.1. What is meant by RAKloan?
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 twenty times your salary (fifteen times 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 consumer finance.
Q.3. What is the use of RAKBANK personal loan interest 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 for your loan every month.
Q.4. What should be the RAKBANK personal loan requirements in terms of minimum age?
Ans: The applicant should have a minimum age of 20 years & six months for UAE nationals, & 21 years in case of expatriates.
Q.5. How should I make repayment on my RAKloan?
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. What should be the RAKBANK 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. Do I get any insurance cover for my RAKloan?
Ans: Yes, you will get life insurance which is available at a nominal cost. In case of death, the loan amount outstanding is covered in this insurance scheme.
Q.8. Will I be eligible for RAKloan if I have just joined the company I am working in?
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 tool will use the information given by you, run it against the formula & provide you the installment amount that you will have to pay on a monthly basis.
Q.10. What can be the maximum repayment tenure for RAKloan?
Ans: The UAE nationals and expatriates can enjoy therepayment 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 the high loan amount at attractive rate of interest. Thus, it helps you to meet your various financial requirements since there is no restriction on the use of the finance amount.
Q.12. Can I make early settlement on my loan?
Ans: Yes. You can make an early settlement or partial settlement of your RAKBANK Personal Loan. However, you will have to pay a part or early settlement charge of one percent of the value outstanding or 10,000 AED (whicheverlower).
Q.13. Can I reschedule or cancel my loan?
Ans: Yes. You can re-schedule 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 finance eligibility and also help you to calculate the loan amount that you will be eligible to borrow from the bank.
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