Frequently Asked Questions
Cash Loans
1. What is cash Loan?
Cash Loan is a non-salary transfer personal loan granted to salaried individuals. The loan is intended for personal use; to be repaid by Direct Debit from borrower’s salary account with any other bank.
2. What are the documents that I should provide as part of my cash loan application?
To apply for this product you will need to submit the below:
- Account Opening Form.
- Non-salary transfer loan application form duly signed by the applicant along with EID copy, passport copies with valid Visa page.
- Standard income documents such as salary certificate or payslip accepted for personal loan other than salary transfer letter.
- Security cheque issued from your salary account.
- Any other document as mandated from time to time.
3. How will I receive the loan proceeds?
Cash loan proceeds will be credited to your account with RAKBANK.
4. Can I early settle the Cash Loan if I require to and are there any early settlement fees applicable?
Yes you can, an early settlement fee is applicable as per the Bank’s. Click here for more details.
5. Is salary transfer to RAKBANK mandatory?
No, for cash Loan it is not mandatory for the borrower to transfer their salary to RAKBANK.
6. What is the minimum age requirement for Cash Loan?
The minimum age requirements is 21 years.
7. How do I repay my Cash Loan?
Repayment of the loan should be done via direct debit from your salary account with any other bank. You will be required to fill a Direct Debit Authority form which will initiate the deduction of your cash loan monthly installment from your salary account.
8. What is the maximum age at a loan maturity?
Maximum 60 years at the time of loan maturity
9. Is there any insurance cover available for a Cash Loan?
Life insurance is available at a nominal cost. In the event of death, the outstanding loan amount will be covered under this insurance scheme*.
*Terms and Conditions apply.
Insurance is offered by RAK Insurance Company
10. I have just joined my company. Am I eligible for a Cash Loan?
No, the minimum length of service requirement is 6 months.
11. What is the maximum repayment period for a Cash Loan?
Maximum repayment period of up to 48 months.
12. What is the maximum amount that the Cash Loan offers?
Maximum cash loan amount is AED 150,000.