What is the Eligibility Criteria to Apply for Personal Loan by RAK Bank?

What is the Eligibility Criteria to Apply for Personal Loan by RAK Bank?
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RAK Bank 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, RAK bank 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 RAK Bank offers a number of banking services in the UAE which also include Personal loans. The RAK Bank 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 RAK Bank Personal Loan which include quick approvals, simple documentation, and more. Here are a few benefits and features offered on this personal loan.

  1. You can avail the facility of top-up on your loan after the completion of one year.
  2. Loan take-overs from some other bank is also possible without any hassle.
  3. You have a flexible tenure for repayment which is up to 48 months.
  4. The RAK Bank also provides a complimentary RAK Bank Debit Card, personalized cheque book, and a free for life RAK Bank Credit Card at low rates of interest.
  5. After a period of 6 months of regular repayment of RAKloan, you have the facility to apply for deferred payment for one month.
  6. You can also avail a Life Insurance at a nominal cost.
  7. The application process is simple and the applications get approved quickly.

What is the Eligibility Criteria to Apply for RAK Bank 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.

Salary Transfer

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 RAK Bank, if you are an applicant, it is mandatory for you to transfer your salary to RAK Bank every month.

Age Criteria

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.

  1. The minimum age for UAE Nationals should be 20 years & six months and for expats its 21 years.
  2. The maximum age for UAE Nationals should either be 65 years or the age of retirement, whichever comes earlier at the time of loan maturity. In the case of expats, this age should either be 60 years or the age of retirement, whichever comes earlier at the time of loan maturity.

Employment Status

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 RAK Bank Personal Loan, if you have just joined the company, then your employer should send a letter to the bank confirming your employment.

Credit Score

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.

Minimum Salary

The applicant needs to have a certain amount of salary every month in order to be eligible for the personal loan. The RAK Bank 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 RAK Bank 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.

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