Personal Loan

Get high Personal Loan amounts at low interest rates, with flexible repayment of up to 48 months for expatriates and UAE nationals (60 months for Armed Forces Staff).
 
Already have a Personal Loan with another bank in the UAE? Switch it to RAKBANK quickly and easily. After just six months of regular RAKloan repayments, you can apply for a one month deferred payment and after one year of regular RAKloan repayments you can top up your RAKloan to the original amount. Keep it simple! You don’t have to maintain a minimum balance in your RAKloan account. Life insurance is available at a nominal cost.

• Quick approvals & Easy Documentation
• Competitive interest rates from 4.49% to 16% reducing rate p.a. 
• Apply now and avail an Auto Loan at 1.89% p.a. flat rate (for customers with AECB Score >=651) 
• Loan Processing Fees 1% of Loan Amount (Min AED 500 and Max AED 2,500)
• Flexible repayment period of up to 48 months
• Easy does it ! Hassle-free loan takeovers from other banks
• FREE RAKBANK Debit Card and personalized cheque book
• FREE RAKBANK Credit Card with no annual fee ever and low interest rates
• 24-hour, 7-day Contact Centre 
• Enjoy up to 2 monthly instalment deferrals per year subject to 6 instalment being repaid against the loan

*A personalized chequebook subject to charges as per our Service & Price Guide. Loans are issued at the sole discretion of RAKBANK and are subject to Terms and Conditions.

Insurance is offered by RAK Insurance. 

• 0% Processing Fees 
• Offer is valid until 30^th June 2022

• Interest Rates starting from 3.74% to 6.24% reducing rate p.a. 
• No Processing Fees for takeover loans from other banks 
• 50% discount on Loan Processing Fees for New and Top-up loans 
• Enjoy up to 120 days deferral period on your 1st EMI deferral period.
• Discounted Life Insurance Fees & Loan Processing Fees; 0.45% for 48 months loan tenor and 0.55% for 60 months loan tenor
• Apply now and avail an Auto Loan at 1.89% p.a. flat rate (for customers with AECB Score >=500) 
• Flexible repayment periods of up to 60 months for Ministry of Defense employees and 48 months for other customers

• Personal Loans at 4.59% reducing rate p.a. for salary >= AED 10,000 
• Apply now and avail an Auto Loan at 1.89% p.a. flat rate

Offer is valid till 30^th June 2022.

• If you do not keep up your repayments/payments, the bank may cancel the loan and demand full repayment immediately
• You may have to pay penalties if you pay off a loan/financing early. 
• If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future.