Personal Loan - Expat Offer
| Islamic Finance | No |
| Minimum Salary | AED 5,000 |
| Minimum Age | 21 years |
| Maximum Age | N/A years |
| UAE Nationals Eligible | No |
| Expatriates Eligible | Yes |
| Salaried Eligible | Yes |
| Self-Employed Eligible | No |
| Salary Transfer Required | Yes |
| Employment Criteria | Must be employed by a RAKBANK-approved employer with a minimum of 3 months in the current job and a minimum AECB score of 541. |
| Minimum Loan Amount | AED 20,000.00 |
| Maximum Loan Amount | AED 1,000,000.00 |
| Minimum Loan Tenure | 12 months |
| Maximum Loan Tenure | 48 months |
| Flat Interest Rate: | N/A - Fixed rate option available; conventional or Islamic variants offered. |
| Reducing Interest Rate: | N/A |
| Processing Fee: | 1.00% - 1% of loan amount, with minimum AED 500 and maximum AED 2500. |
| Early Settlement Fee: | 1.00% - 1% of outstanding balance, capped at AED 10,000. |
| Late Payment Fee: | 200.00% - AED 200 per late payment. |
| Insurance Fee: | N/A - Life insurance fee calculated as 0.01902% x tenure (months) x loan amount. |
Required Documents
Passport copy, Emirates ID, salary certificate, and bank statements.
Additional Benefits
Competitive interest rates with flexible repayment options.
Features:
Available in both conventional and Islamic variants; mandatory salary transfer.
General Notes
Offer subject to credit assessment and submission of all required documents. Processing within 7 business days.
