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Get high Personal Loan amounts at low interest rates, with flexible repayment of up to 48 months for expatriates and UAE nationals (60 months for Armed Forces Staff).
Major Advantage: High finance amount, Low salary requirement
Points to Consider: There is a processing fees
Major Feature: Free RAK BANK Credit Card free for life
Minimum Salary Requirement: AED 5,000
Reducing Rate (as advertised): 5.99% p.a.
Flat Rate: 3.18% p.a. (as per 4 years calculation)
Processing Fees: 1% of the finance amount (Min AED 500, Max AED 2,500)
Maximum Finance Amount: AED 1,250,000 (up to 20 times of salary)
Islamic Finance: Yes
Maximum Term: 48 Months; 60 Months for Armed forces employees
Salary Transfer: Compulsory
Early Settlement Fees: 1% of outstanding amount
Insurance: Yes, a nominal amount will be charged
Holiday Period: Yes, Client can apply for one-month deferment after 6 months payments
Salaried/Self Employed: Only Salaried can apply
Minimum Salary: 7,000 AED
Reducing Rate 4.99%
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