Compare and find the best personal loan rates in UAE. We'll show you everything you need to know about getting the best rates on a 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.
Get personal loan at Lowest Interest Rate
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.
Mentioned below are the primary features and benefits of this RAKBANK personal loan in the UAE -
In order to be eligible for the RAKBANK Personal Loan, you must meet certain requirements as follows -
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.
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.
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.
The terms and conditions of the RAKBANK Personal Loan are as follows:
The final section of the article answers some of the most frequently asked questions by UAE residents!
|Apply for RAKBANK Credit Card Loan|
Ans: The bank usually takes up to 7 working days to process your application.
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.
Ans. You will have to make prepayment charges if you pay your monthly instalment prior to the due date.