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Frequently Asked Questions

Cash Loans

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.

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.

Cash loan proceeds will be credited to your account with RAKBANK. 

Yes you can, an early settlement fee is applicable as per the Bank’s. Click here for more details.

No, for cash Loan it is not mandatory for the borrower to transfer their salary to RAKBANK.

The minimum age requirements is 21 years.

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.

 Maximum 60 years at the time of loan maturity 

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

No, the minimum length of service requirement is 6 months.

Maximum repayment period of up to 48 months.

Maximum cash loan amount is AED 150,000.