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. Amongst the various banking services offered by RAKBANK, personal loan is one of its best products. The borrowers can get a high amount of personal loans at a competitive rate of interest 5.99% per annum. 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

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 percent.  

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 percent (reducing rate). 

Repayment Period

The borrower can make the repayment in the form of monthly installments in a maximum of 48 months’ flexible repayment tenure. 

Loan Takeover

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 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 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. 

Deferred Payment

After six months of regular repayments on RAK loan, the borrower can apply for deferred payment for a month. 

Top-up Loan

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:

  1. The loan amount
  2. Tenor period (in months)
  3. 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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