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Personal Finance
Based on the contract of Salam, the Sharia compliant Personal Finance can help you live the life you want, while at the same time ensuring you can afford it. Flexible payment option of up to 48 months for expatriates and UAE nationals (60 months for Armed Forces Staff).
Already have a Personal Finance with another bank in the UAE? Switch it to RAKislamic quickly and easily. After just six months of regular payments, you can apply for a one month deferred payment and after one year of regular payments you can rollover your personal finance to the original amount. Keep it simple! You don’t have to maintain a minimum balance in your RAKislamic account. Life takaful is available at a nominal cost
Easy to apply
- Quick approvals and Easy Documentation
- Competitive profit rates from 5.99% to 19.99% reducing rate p.a.
- Apply now and avail an Auto Finance at 2.55% p.a. flat rate (for customers with AECB Score >=651)
- Finance Processing Fees 1% of Finance Amount (Min AED 500 and Max AED 2,500)
- Flexible payment period from 6 to 48 months
- Hassle-free finance takeovers from other banks
- FREE RAKislamic Debit Card and personalized cheque book
- FREE RAKislamic Credit Card with no annual fee ever and low profit rates
- Enjoy up to 2 monthly instalment deferrals per year subject to 6 instalment being paid against the finance
- Offer is valid until further notice
Special offers for UAE National Customers (Offer is valid until further notice)
- Profit Rates starting from 5.69% to 19.99% reducing rate p.a.
- Enjoy up to 120 days deferral period on your 1st EMI deferral period.
- Apply now and avail an Auto Finance at 2.55% p.a. flat rate (for customers with AECB Score >=651)
- Flexible payment periods of up to 60 months for Ministry of Defense employees and 48 months for other customers
Special offers for New to first Job young UAE National Customers (Offer is valid until further notice)
- Personal Finances at 5.80% reducing rate p.a. for salary >= AED 10,000
Risks and Limitations
- Not more than 2 installment deferrals are allowed in a year.
- Installment deferral cannot be given if payments are irregular or if there are 4 cheques / Direct Debit > System (DDS) returns in the last 12 months or if the request does not meet the Bank’s internal risk policy requirements.
- For a period of consecutive 3 months, if the salary credited to your salary account is less than 75% of the salary or if salary is not credited for consecutive 3 months, you will be obliged to pay 2% per annum above the rate of profit originally agreed until completion/settlement of the Finance.
Customer Obligations
You need to:
- Pay all installments and other amounts due on the due dates without delay.
- Review this document and all other terms & conditions set out in the application form in detail.
- Regularly check our website (www.rakbank.ae) for updates.
- Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form.
- Notify the Bank in writing if you wish to prepay your Finance prior to its maturity.
Key Terms and Conditions
- The Bank may amend the features, fees, charges, terms & conditions of the Finance on 60 days’ notice to you in advance.
- The Bank may amend the profit rates for the Finance on 30 days’ notice to you in advance.
Warnings:
- For a period of 3 consecutive months, if the salary credited to your salary account is less than 75% of the declared salary or if salary is not regularly credited during these 3 months, you will be obliged to pay 2% per annum above the rate of profit originally agreed until completion/settlement of the Finance.
- If you pay off the Finance prior to the due date, you will pay prepayment charges at the rates described as per the Service and Price Guide.
- If you are late in payment or fail to make a delivery on the due date, you will pay donation amount at the rates described in the Service & Price Guide.
- If you fail to make a payment or otherwise breach the Finance terms, this will be a default and the Bank will be entitled, among other things, to:
- (a) Cancel the Finance and demand full repayment immediately;
- (b) Report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which will affect your credit rating;
- (c) Bring legal proceedings against you.
