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RAKBANK 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 and Easy Documentation
  • Competitive interest rates from 5.69% to 19.99% reducing rate p.a. 
  • Apply now and avail an Auto Loan at 2.85% 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 from 6 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
  • Enjoy up to 2 monthly instalment deferrals per year subject to 6 instalment being repaid against the loan
  • Offer is valid until further notice
  • Interest Rates starting from 5.24% to 19.99% reducing rate p.a. 
  • Enjoy up to 120 days deferral period on your 1st EMI deferral period.
  • Apply now and avail an Auto Loan at 2.85% p.a. flat rate (for customers with AECB Score >=651) 
  • Flexible repayment periods of up to 60 months for Ministry of Defense employees and 48 months for other customers
  • Personal Loans at 5.44% reducing rate p.a. for salary >= AED 10,000 
  • Not more than 2 installment deferrals are allowed in a year.
  • 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.
  • For a period of consecutive 3 months, if the salary credited to your salary account is less than 75% of the salary or if salary is not credited for consecutive 3 months, you will be obliged to pay 2% per annum above the rate of interest originally agreed until completion/settlement of the Loan.

You need 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.
  • A personalized cheque book subject to charges as per our Service & Price Guide and approval by the Bank. 
  • Loans are issued at the sole discretion of RAKBANK and are subject to Terms and Conditions.
  • The Bank may amend the features, fees, charges, terms & conditions of the Loan on 60 days’ notice to you in advance.
  • The Bank may amend the interest rates for the Loan on 30 days’ notice to you in advance.



  • 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.
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This application is for salaried individuals with a minimum salary of AED 5,000.

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