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Limited Time Offer!
Easy and Quick Salary Transfer Personal Loans for all your financial needs with Interest Rates starting from 5.24%, attractive discount on the Life Insurance, and the option to pay your first installment in up to 120 days.
It gets even better:
- Loans available for salaried UAE National customers with salary starting from AED 3,000
- Interest Rates starting from 5.24% to 19.99% reducing rate p.a.
- Loan Amount up to 20 times your salary
- Option to combine all your existing loans into one loan, under one monthly payment for ease of payment
- Option to avail Salary Advance which allows you instant access to funds via digital banking. Please click here to know more.
- Option to defer your installment twice per year
- Convenient Top-up loan after 1 year
- Apply now and avail an Auto Loan at 2.85% p.a. flat rate (for customers with AECB Score >=651)
- Free RAKBANK Debit Card and personalized cheque book
- Free RAKBANK Credit Card with no annual fee ever and low interest rates
- Easy documentation
- Customers with Salaries of AED 50,000+ will be qualified to RAKBANK Elite and enjoy unmatched benefits.
Special Offer - For UAE Nationals in their first job
- Personal loan starting from 5.44% (Reducing) for Youth UAE Nationals with salary >= 10,000.
Offer is valid until further notice
Apply now! SMS UAEPL to 7011
Risks & Limitations
- 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.
Customer Obligations
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.
Key Terms & 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.
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 our Service and Price Guide.
- A personalized cheque book 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.
- 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.
