Personal Loan up to 8 times your Salary
Get personal loan at lowest interest rate
RAKBANK or National Bank of Ras Al Khaimah is a Joint Stock Company which is amongst the most dynamic and oldest banks in UAE. It has its headquarters in the Ras Al Khaimah emirate of the UAE. These days, RAKBANK offers a huge range of business and personal banking services across its 36 branches. It also provides Sharia-compliant banking services via its Islamic Banking Unit called RAKislamic.
The RAKBANK offers a number of banking services in the UAE which also include Personal loans. The RAKBANK Personal Loan offers high amounts of the loan at low rates of interest to both UAE Nationals as well as expatriates. It comes with a flexible repayment tenure of maximum 48 months (60 months for Staff of Armed Forces). With simple documentation, you can easily avail this personal loan at a low rate of interest starting from 5.99 percent.
You can enjoy various benefits on this RAKBANK Personal Loan which include quick approvals, simple documentation, and more. Here are a few benefits and features offered on this personal loan.
In order to be eligible to apply for this personal loan, there is a criterion which you need to meet so as to be eligible for the same. Following are the factors a bank considers to consider you eligible to apply for the loan.
A lot of banks in the UAE make it compulsory for the applicant of the personal loan to transfer their salary to their accounts with the respective bank. In the case of RAKBANK, if you are an applicant, it is mandatory for you to transfer your salary to RAKBANK every month.
In the UAE, the minimum age to apply for a personal loan is 21 years and the maximum age for the same is 65 years at the time of maturity of the loan.
The banks also consider the tenure of employment of the applicant with the current employer. The employer should be listed on the approved list of companies with the bank. In the case of RAKBANK Personal Loan, if you have just joined the company, then your employer should send a letter to the bank confirming your employment.
Your credit score defines your credibility. The bank takes into consideration your credit ratings for checking your eligibility for the loan. The bank can check your debts and the number of credit cards you own through your credit history.
The applicant needs to have a certain amount of salary every month in order to be eligible for the personal loan. The RAKBANK salary requirement is decided on the discretion of the bank.
The Final Word!
A personal loan helps you in covering your need for funds. However, in order to be able to apply for RAKBANK personal loan, you should fulfill the eligibility criteria as pre-determined by the bank. Your personal loan application is approved only when you meet this criterion and with the discretion of the bank.