RAK Bank Car Loan
RAKBANK is one of the biggest market leaders in providing high-standard banking services across the UAE. Established in 1976, it offers a wide range of banking solutions for individuals and businesses. Additionally, the bank is committed to providing an exceptional banking experience to its ...read more
Get Car loan at Lowest Interest Rate
RAK Bank car loan is one of the bank's most popular services, helping you own your dream car. It provides you a convenient way to buy a car by breaking the upfront cost into manageable monthly payments. You can get this loan at affordable interest rates with no hidden charges.
If you are ready to hit the road in your dream car, discover all the features, eligibility criteria and more of the RAK bank auto loan to make an informed decision.
Top Car Loan Plans in Dubai
RAK Bank Car Loan: Overview
RAK Bank auto loan enables you to accumulate funds for buying a car in the UAE. This loan typically offers an easy application process, competitive interest rates, flexible tenure, and more. Transparency is their top priority, ensuring that you make an informed decision.
A major advantage of applying for this loan is that you can get immediate ownership of the car. It also prevents you from financial burdens, as it requires you to pay a low down payment. The rest of the car cost can be paid on a monthly basis with an easy EMI option.
Key Features of RAK Bank Auto Loan
The key features of RAK Bank auto finance are discussed below:
- Enjoy a competitive interest rate, starting from 2.7%
- Low-cost car loan option without any hidden charges
- Flexible repayment tenure of up to 60 months
- Get up to 2 deferrals in a year
- Lower down payment
- No salary transfer is required
- Car finance available for companies
- Easy and hassle-free application process
Eligibility Criteria to Apply for RAKBANK Car Loan
You need to meet the following RAK Bank car loan requirements:
| Criteria | Requirements |
|---|---|
| Minimum Salary | AED 5,000/month |
| Nationality | UAE Nationals, GCC Nationals and Expats |
| Documents | UAE residence visa |
✍️Note: You may need to submit additional documents if requested by the bank.
RAK Bank Auto Loan Calculator
When applying for a car loan, it’s important to calculate the monthly installments. This is where the RAK auto loan calculator helps you compute the EMI. With this, you can plan your future disbursements and make an informed decision.
It’s easy to use the tool by simply putting in some inputs, such as car value, down payment, and interest rate, and you can get an estimated amount of car EMI.
How to Apply for a RAK Bank Car Loan?
Getting a RAK bank auto loan is effortless with Paisabazaar.ae. Here is how you can simply apply:
- Click on ‘Car Loans,’ visiting the homepage of Paisabazaar.ae
- Fill out the lead form with the required information
- A quote page will be displayed on your screen; explore various car loan options
- Choose the best one by comparing their features, interest rates, benefits, and more
- Click on the “Apply” button
It’s done! Our representative will get in touch with you and guide you through the further steps.
Frequently Asked Questions
The minimum salary requirement for a car loan at the RAK Bank is AED 5,000.
In the UAE, you need to make a down payment of at least 20% of the loan amount for an auto loan. To know the specific requirement in your case, it’s advisable to connect with RAK Bank directly.
The RAK Bank charges a small amount as processing fees, which is around 1.05% for individual applicants and 1.575% for businesses.
Yes, the bank offers auto finance options for used cars, even if you don’t have a salary account in the RAK Bank.
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