Auto Finance

• Low profit rate ranging between 2.85% to 3.55%  for salaried customers and 2.95% to 4.99% (flat rate p.a) for self employed customers
• Preferential Profit rates for new and used electric vehicles starting from 2.79% for salaried customers, 2.99 %for self-employed customers, and 3.65% for business customers (flat rate per annum)
• No salary transfer needed for salaried customers
• First installment after 60 days
• Flexible repayment periods up to 60 months


• No hidden charges
• Offer is valid until further notice


• We provide auto finance for the following vehicle categories:
   
  1. New and used cars
  2. Sports and luxury cars
  3. Light commercial vehicles such as buses, pickups and trucks
• 1% Due Diligence, Documentation and Processing Fees for individual customers (Minimum of AED 500 and maximum of AED 2500)
• 1.5% Due Diligence, Documentation and Processing Fees for business customers (Minimum of AED 2500 and maximum of AED 7500)

• Only 2 deferrals are allowed in a year one month at a time subject to minimum 6 installments repaid since the finance was availed 
• 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.
• If you fail to make any payment due under the Finance or otherwise breach our terms, you will lose the vehicle mortgaged to the Bank as a result of the mortgage enforcement proceedings that we may take.

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.