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RAKBANK auto Loans

RAKBANK Car Loans ensure minimum formalities and flexible repayment periods that will put you in the driver’s seat quickly and conveniently.

  • Low Interest rate ranging between 2.65% to 3.55%  for salaried customers and 2.80% to 4.25% (flat rate p.a) for self employed customers
  • No salary transfer needed for salaried customers
  • First installment after 60 days
  • Flexible repayment periods up to 60 months
  • Finance available for companies with 1 Year or more Length of Business
  • Finance available for Insurance, Rustproofing, service and maintenance contracts, and GAP if required
  • No hidden charges
  • Offer is valid until further notice
  • We provide auto loans for the following vehicle categories:
    • a. New and used cars
    • b. Sports and luxury cars
    • c. Light commercial vehicles such as buses, pickups and trucks
    • d. Motorbikes
  • 1% processing fee for individual customers (Minimum of AED 500 and maximum of AED 2500)
  • 1.5% processing fee for business customers  (Minimum of AED 2500 and maximum of AED 7500)

Click here to find the nearest RAKBANK branch.

Loans are issued at the sole discretion of RAKBANK and are subject to Terms and Conditions.

  • Only 2 deferrals are allowed in a year one month at a time subject to minimum 6 installments repaid since the loan 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.
  • The Bank may amend the features, fees, charges, terms and 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.

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.

 

      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 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.
       
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