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RAKislamic Green Finances initiative

Invest in future generations with our sustainable choice of our all new Green Finance options. Whether it’s your dream Electric car, a house you always wanted, or if you are simply short on some cash to get those energy efficient appliances up and running, RAKislamic Green Finances got you covered!

If you are in Ras Al Khaimah and – like us – working towards a greener planet, you can now pick your favorite ride from a variety of Electric and Hybrid vehicles available with any of the dealerships in the Emirate. 

Benefits include (Offers are valid until further notice not applicable post 31st July 2022):

  • Competitive profits starting from 2.27% to 3.89% per annum (fixed)*
  • Exclusive discounts on Takaful rates
  • Quick processing 
  • Easy documentation
  • 1% financing processing fee* will be applied (minimum AED 500 and maximum AED 2,500)

Risks & Limitations

  • Only 2 deferrals are allowed in a year one month at a time subject to minimum 6 installments repaid since the finance or last deferral 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.

Customer Obligations

You are required 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 & Conditions

  • The Bank may amend the features, fees, charges, terms & conditions of the Finance with prior notice of 60 days to you.
  • The Bank may amend the profit rates for the Finance on 30 days’ notice to you in advance.

Warnings

  • If you pay off the Finance prior to the due date, you will pay prepayment charges at the rates described below.
  • If you are late in payment or fail to make a payment on the due date, you will pay default profit at the rates described below.
  • 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 and repossess the mortgaged vehicle.

To Go Green is a decision, and we made it easier for you with our Green Mortgage Finances available exclusively to salaried and self-employed customers who wish to buy a ‘BARJEEL’ certified home within the Emirate of Ras Al Khaimah.

 Benefits include (Offers are valid until further notice not applicable post 31st July 2022): 

  • Variable Rate from Day 1 starting 3M EIBOR + 1.69% to 3M EIBOR + 1.99% p.a. (reducing rate)
  • Attractive option of 1, 3, 5, 7 and 10 Years Fixed Rate for Salaried and Self-employed customers starting from 3.79% p.a. to 6.69% reducing rate p.a. Follow on rates after expiring the fixed rate period starting from 3 Months EIBOR + 1.79% to 3 Months EIBOR +2.19%
  • Nil In Principle Approvals (IPA) fees
  • 0% Processing Fee for Handover and Buyouts
  • Processing fee of 0.25% for Salaried customers and 0.50% for Self Employed customers
  • Reduced Evaluation fee
  • Attractive discounts on Life Takaful

Risks & Limitations

  • No deferrals of instalments are allowed on this Finance .
  • If you fail to make any payment due under the Finance or otherwise breach our terms, you will lose the property mortgaged to the
    Bank as a result of the mortgage enforcement proceedings that we may take.

Customer Obligations

You are required 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 & Conditions

  • The Bank may amend the features, fees, charges, terms & conditions of the Finance with prior notice of 60 days to you.
  • The Bank may amend the profit rates for the Finance on 30 days’ notice to you in advance.

Warnings

  • If you pay off the Finance prior to the due date, you will pay prepayment charges at the rates described below.
  • If you are late in payment or fail to make a payment on the due date, you will pay default profit at the rates described below.
  • 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 and repossess the mortgaged property.

Pave your way towards huge energy savings and costs! 

Easy finance options for environmentally friendly purchases like Solar panel and energy efficient products and appliances for your home.

 Benefits include (Offers are valid until further notice not applicable post 31st July 2022):

  • Exclusive profit rate starting from 4.74% to 16.00% annually (reducing)*
  • Flexible repayment period of up to 48 months
  • Discounted Processing fees* and Takaful fees offered to UAE national customers
  • Ease of paperwork and procedures
  • 1% Processing fee* will apply (minimum AED 500, maximum AED 2500).

Risks & Limitations

  • Only 2 deferrals are allowed in a year one month at a time subject to minimum 6 installments repaid since the finance or last deferral 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.

Customer Obligations

You are required 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 & Conditions

  • The Bank may amend the features, fees, charges, terms & conditions of the Finance with prior notice of 60 days to you.
  • 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 below.
  • If you are late in payment or fail to make a payment on the due date, you will pay default profit at the rates described below.
  • 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.
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