RAKBANK Credit Card Loan

Top RAKBANK Credit Cards in UAE

What is a RAKBANK Credit Card Loan?

A RAK BANK loan on credit card offers you a simple way to access cash instantly. Instead of traditional, lengthy loan applications, you can move your available credit limit into a loan with convenient repayment options.

The process is seamless and requires minimal documentation. In fact, the loan disbursal is quick and transferred to your account in no time. Whether it’s for medical needs, education, travel, or managing unexpected expenses, this loan on RAKBANK credit card can financially support you in such scenarios without any hassle.

Types of RAK Bank Loan on Credit Card

With RAKBANK, you can get three types of loans on cards. Let’s understand each type in more detail —

Instant Money

This facility activates your loan in 3 days, all without needing you to transfer your salary. The bank lets you take a loan above your existing credit card limit, depending on your current salary. A few charges apply, including a one-time processing fee of 1% of the loan amount and 2% interest rate per month (reducing rate). Note that the RAK BANK credit card loan interest rate is estimated on your daily average balance.

One of the standout features of the Instant Money feature is that you have the option to top up your loan if required. This helps you access additional funds without any hassle. For salaried expats, the bank offers a flexible repayment tenure of up to 48 months.

Balance Transfer

Easily move your high-interest card balance to your RAKBANK credit card at 0% interest rate. Just note that a low processing fee applies. This facility allows you to use up to 95% of your credit limit. The minimum amount that can be transferred remains AED 1,000 with a flexible repayment tenure. Choose between 3, 6, or 12 months and manage your finances without any hassle.

0% Easy Payment Plan

RAKBANK’s 0% Easy Payment Plan (EPP) is exclusively designed for shopping purposes. You can conveniently make big purchases and repay the amount in multiple instalments. This 0% EPP is available for 3, 6, 9, and 12 months.

Once you opt for the plan, the transaction will be converted and displayed on your monthly card statement. Note that this plan applies to all RAKBANK cardholders except RAKislamic card customers.

How to Apply for a RAK BANK Loan on Credit Card?

You can easily apply for a credit card loan with RAKBANK through the following channels —

Instant Money

Send an SMS, ‘IM’ to 7010 from your registered mobile number OR
Drop an email to instantmoney@rakbank.ae

Make sure to attach the following documents while applying —

Valid copy of passport (including the visa page)
Undated security cheque
Latest 3 months’ bank statements
Income statement proof
Completed and signed application form

0% Easy Payment Plan

Use the phone banking service by dialling 042130000 OR
Use the 24/7 chat service — just do the same within 40 days of your purchase

Balance Transfer Facility

The application process is quite simplified as no documentation is required.

Call RAKBANK at 600544049 OR
Send an SMS, “BT” to 7010 from your registered mobile number

How to Repay RAKBANK Credit Card Loan?

You can easily make the payment through internet banking. Alternatively, you can use the mobile app banking facility for the same. Just make sure to pay off your RAKBANK credit card loan amount within the payment due date.

FAQ's on RAKBANK Credit Card Loan

Ans: The Balance Transfer facility lets you move the outstanding balances from other banks’ cards onto your RAKBANK credit card at lower interest rates.

Ans: You can convert large purchases made at partner outlets into affordable monthly instalments without paying interest. The repayment tenures vary from 3 to 12 months.

Ans: Yes, fees and eligibility may apply depending on the facility. Balance Transfers and Instant Money facility usually carry a nominal processing fee, while the Easy Payment Plan may require a minimum transaction amount. Eligibility depends on your available credit limit and bank policies.