Frequently Asked Questions

RAKloan is a personal loan granted to salaried individuals whose salaries are credited to RAKBANK. The maximum amount for a RAKloan is 20 times the salary (15 times the salary for Armed Forces Staff). The loan is intended for personal use and to be repaid by deductions from the borrower’s salary.

Yes. For a personal loan it is mandatory that your monthly salary is transferred to RAKBANK.

The minimum age requirements for UAE nationals are 20 years and 6 months, and 21 years for expatriates.

The method for repaying a RAKloan is by debiting the repayment amount from your monthly salary when it is transferred to your RAKBANK bank account.

UAE Nationals: 65 years or retirement age, whichever is earlier on loan maturity. Expatriates: 60 years or retirement age, whichever is earlier on 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.

Yes, subject to RAKBANK receiving a letter from your employer confirming your appointment and subject to credit approval.

Repayment period of up to 48 months for expatriates and UAE nationals (60 months for Armed Forces Staff).