RAK Bank Personal Loan

With quick approvals and minimal documentation, a RAK personal loan can greatly simplify the borrowing process for you. Let’s find out more about this loan in the UAE.

RAKBANK Personal Loan — Key Features

The primary benefits that you can enjoy with a RAK personal loan are as follows —

• Competitive interest rates starting from 5.49% per annum (reducing rate)
• Quick loan approval within 7 days of applying
• Easily transfer existing loan from any bank to RAKBANK
• Option to top-up the existing loan after one year of regular payments
• A flexible loan repayment tenure of 48 months

RAKBANK Loan Eligibility — Personal Loan

To apply for a personal loan with RAKBANK, you must meet the following eligibility criteria —

Eligibility Type	Criteria
Minimum Age	21 years
Minimum Salary	AED 5,000
Residency	UAE residents
Employment Status	Salaried
Applicant Type	Must be employed with a RAKBANK-approved employer
Minimum Credit Score	541

Apply for a RAKBANK Personal Loan Via Paisabazaar.ae

Paisabazaar.ae offers you the convenience of applying for a personal loan online.

Follow these simple steps to apply —

STEP 1: Submit the lead form by entering the correct details

STEP 2: Choose RAKBANK’s loan and apply

STEP 3: Wait for the ‘Successfully Applied’ message on the next page

Here’s why Paisabazaar.ae is the right platform for you —

• Our partnership with top banks allows you to choose from a wide range of loan options
• Compare the best options from multiple providers on the same platform
• Our customer support team is always ready to assist you
• Access our website’s ‘Articles’ section for free and get all the key loan-related details

RAK Personal Loan — Fees & Charges

Tabled below are the fees and charges related to the personal loan from RAKBANK —

Type of Fee	Charges
Processing Fees for Nationals and Expatriates	1.05% of the loan amount Min: AED 525 Max: AED 2,625
Early Settlement Fee	1.05% of the outstanding amount or AED 10,500 (whichever is lower)
Partial Settlement Fee	1.05% of the paid amount or AED 10,500 (whichever is lower)
Liability Certificate	AED 105
Instalment Deferment Fee	AED 105
Loan Cancellation Fee	AED 105
Loan Re-scheduling Fee	AED 262.5

Personal Loan From RAKBANK — Use the Calculator Before Applying!

Managing finances effectively is essential, especially when considering a loan. An online personal loan calculator is a user-friendly tool that helps you estimate your monthly repayments, total interest costs, and loan affordability. By entering details such as loan amount, tenure, and interest rate, you can quickly assess their financial commitments before applying.

These calculators offer instant and accurate results, allowing you to compare different loan options and choose one that fits your budget. Whether you are planning to consolidate debt, finance a major purchase, or cover emergency expenses, a personal loan calculator helps you make informed decisions.

Using an online personal loan calculator in the UAE can save time, reduce financial uncertainty, and help borrowers manage their loan obligations effectively.

You can use our personal loan calculator for free and get your estimation of monthly instalments in seconds!

RAKBANK Personal Loan — Terms and Conditions

Given below are the major terms and conditions of the personal loan offered by RAKBANK —

• The loan amount can go up to 20 times your salary
• Flexible repayment periods of up to 48 months for expatriates
• Repayments are structured in equal monthly instalments over the agreed loan tenure — borrowers have the flexibility to repay the loan over a period ranging from 12 to 48 months
• Borrowers have the option to settle their loans before the end of the agreed tenure
  • Note that an early settlement fee, as specified in the bank's Service and Price Guide, will apply in this case
• RAKBANK may offer instalment deferral options to selected customers, allowing them to defer certain instalments
  • Such deferrals are subject to specific terms and conditions, and eligibility is determined at the bank's discretion
• In line with the UAE's VAT implementation from January 1, 2018, a VAT rate of 5% is levied on RAKBANK's fees and charges, wherever applicable and as per UAE law
• RAKBANK reserves the right to modify the terms and conditions of the loan agreement
  • Such changes will be communicated to borrowers
  • Continued use of the loan facilities after amendments implies acceptance of the revised terms

Note: Refer to the bank’s website for detailed terms and conditions.

RAKBANK Personal Loan Contact Number

You can contact the bank at 600544049.

For any queries or issues, you can also reach out to us at 800 728 4647.

Frequently Asked Questions