RAK Bank Personal Loan

Understanding RAK BANK loan eligibility is crucial before applying for a personal loan. Meeting basic criteria such as age, income, and documentation ensures quicker approval and smoother processing. Let’s explore the detailed eligibility requirements to know exactly what’s needed to successfully qualify for a RAKBANK personal loan.

RAK Bank Personal Loan Eligibility Criteria

Candidates must meet the conditions outlined by the bank to qualify for a personal loan from RAKBANK. These conditions assure that loans are granted to individuals who are able to repay them and who are financially secure.

• Age Requirement: 21 is the minimum age, while the maximum age at loan maturity can differ according to the type of employment
• Nationality: Individuals of any nationality are welcome, both UAE citizens and non-citizens
• Minimum Income: The minimum income for a RAK Bank personal loan typically starts at AED 5,000, depending on the type of loan
• Employment Status: Either self-employed or salaried employees of a listed (or approved) company
• Credit History: It is important to have a positive repayment history and a strong credit Score
• Salary Transfer: Certain loan products at RAKBANK require that salaries also be transferred to the bank in order to qualify

By meeting these RAKBANK loan requirements, you can increase the chances of approval and securing a higher loan amount and favourable conditions.

RAK Bank Personal Loan Minimum Salary

Typically, to qualify for a RAKBANK Personal Loan, candidates must fit into the RAK Bank personal loan minimum salary criteria. As per the guidelines, your monthly income should be at least AED 5,000. 

RAK Bank Personal Loan Documents Requirements

To accelerate the processing of your application, make sure that you submit the right documents. Here is a list of the documents needed to obtain a RAK Bank personal loan

• Valid Emirates ID 
• Copy of your passport and a page from your residence visa (for expats)
• Employer salary certificate (for applicants who are salaried)
• Copy of trade license (for applicants who are self-employed) 
• Recent bank statement covering three to six months 
• Completed application

Who Should Apply for RAK Bank Personal Loan?

In the UAE, both salaried employees and self-employed individuals may apply, subject to RAK Bank personal loan eligibility requirements. Applicants with a stable monthly income who meet the minimum salary requirement benefit the most. The loan’s flexibility allows it to be used for various financial obligations, such as debt clearance, medical emergencies, travel, and education. 
Because of the straightforward RAK Bank personal loan document requirements and quick processing, it is ideal for individuals who need rapid access to funds. This loan is a safe financial option for those seeking competitive interest rates and transparent RAKBANK loan terms.

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