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RAKBANK Green Loans initiative

Invest in future generations with our sustainable choice of our all new Green Loan 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, RAKBANK Green Loans 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 October 2022):

  • Rates as low as 2.45% p.a. up to 4.00% (flat)*
  • Exclusive discounts on insurance rates
  • Quick processing 
  • Easy documentation.
  • 1% Loan Processing Fees (Min AED 500 Max AED 2,500) will be applicable 

For more details, please click here.
 

      Warnings:

  • If you pay off the Loan prior to the due date, you will pay prepayment charges at the rates described in the Service and Price Guide.
  • If you are late in payment or fail to make a payment on the due date, you will pay default interest at the rates described in the Service and Price Guide.
  • If you fail to make a payment or otherwise breach the Loan terms, this will be a default and the Bank will be entitled, among other things, to:
    • (a) Cancel the Loan 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.

Risks & Limitations:

  • Only 2 deferrals are allowed in a year one month at a time subject to minimum 6 installments repaid since the loan 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 Loan 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.

To Go Green is a decision, and we made it easier for you with our Green Mortgage Loans 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 October 2022): 

  • Variable Rate from Day 1 starting 3M EIBOR + 1.20% to 3M EIBOR + 1.99% p.a. (reducing rate)
  • Attractive option of 3 Years Fixed Rate for Salaried and Self-employed customers starting from 5.09% p.a. to 5.49% 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%
  • No In Principle Approvals (IPA) fees 
  • 0% Processing Fee for Buyouts loans
  • 0.50% Loan Processing Fee for Salaried Customers and 0.75% for Self Employed Customers
  • Special discounted evaluation fees of AED 1,850 
  • Attractive discounts on Life Insurance at 0.0242% p.m. + VAT as applicable
  • Bundled Emirates Skywards World Elite Credit Card offered with the loan*

*The bundled credit card will be offered subject to availability in your debt-burden ratio (DBR)

Option to avail Home In One and Standard Mortgages, Variable Rate from Day 1 can be availed via a Standard Mortgage Loan and HIO.

For more details, please click here.
 

      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 interest originally agreed until completion/ settlement of the Loan.
  • If you pay off the Loan prior to the due date, you will pay prepayment charges at the rates described in the Service and Price Guide.
  • If you are late in payment or fail to make a payment on the due date, you will pay default interest at the rates described the Service and Price Guide.
  • If you fail to make a payment or otherwise breach the Loan terms, this will be a default and the Bank will be entitled, among other things, to:
    • (a) Cancel the Loan 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.

Risks & Limitations:

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

Pave your way towards huge energy savings and costs!

Easy loan 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 October 2022):

  • Exclusive rates as low as 5.44% p.a. to 19.74% p.a. (reducing)
  • Flexible repayment periods of up to 48 months
  • Discounted Life Insurance Fees applicable to UAE National customers
  • Simple documentation.
  • 1% Loan Processing Fees (Min AED 500 Max AED 2,500) will be applicable.

For more details, please click here.

 

      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 interest originally agreed until completion/ settlement of the Loan.
  • If you pay off the Loan prior to the due date, you will pay prepayment charges at the rates described in the Service and Price Guide.
  • If you are late in payment or fail to make a payment on the due date, you will pay default interest at the rates described in the Service and Price Guide.
  • If you fail to make a payment or otherwise breach the Loan terms, this will be a default and the Bank will be entitled, among other things, to:
    • (a) Cancel the Loan 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.

Risks & Limitations:

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

You are required to:

  • Pay all installments and other amounts due on the due dates without delay.
  • Review 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 Loan prior to its maturity
  • The Bank may amend the features, fees, charges, terms & conditions of the Loan with prior notice of 60 days to you.
  • The Bank may amend the interest rates for the Loan on 30 days’ notice to you in advance.
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