Emirates NBD Loan Deferment - Know Emirates NBD Personal Loan Deferment Process in UAE. Also check Loan Deferment Process, Fees & Charges, Features & Benefits, and more.
RAKBANK personal loans, among the most preferred products of the bank, are available for both UAE nationals and expatriates. Starting with interest rates as low as 5.99% per annum, RAKBANK personal loans can be repaid in easy monthly instalments. Furthermore, RAKBANK personal loan benefits include free debit & credit cards, a top-up loan facility, life insurance at a nominal rate, and a round-the-clock phone banking facility.read more
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Get personal loan at Lowest Interest Rate
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 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 calculator for calculating the interest.
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 |
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 |
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:
The RAKBANK provides quick approvals on personal loans so that the applicants can easily and quickly avail of this loan.
The RAKBANK Personal Loan interest rate is very competitive. The interest rate starts from 5.99% (reducing rate).
The borrowers can make the repayment in the form of monthly installments in a maximum of 48 months’ flexible repayment tenure.
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.
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.
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.
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.
After six months of regular repayments on RAK loan, the borrowers can apply for the option of RAKBANK personal loan deferment for a month.
The borrowers can top-up their RAKBANK personal loan to the original amount after 1 year of making regular repayments.
The borrowers can enjoy round the clock phone banking services.
Apply for RAKBANK Credit Card Loan |
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.
Ans. No, you can’t avail RAK BANK 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
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.
Ans: The applicant should have a minimum age of 20 years & 6 months for UAE nationals, & 21 years in case of expatriates.
Ans: The method of repayment of RAKloan is by debiting the amount of repayment from Youryour salary every month once it has been transferred to your bank account with RAKBANK.
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.
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.
Ans. Using RAKBANK personal loan calculator is very easy and simple. All you need to provide the following information:
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.
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.
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.
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).
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.
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.