Personal Loan - Non Salary Transfer (Expats)
| 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 | No |
| Employment Criteria | Must have a minimum AECB score of 541, be employed by a RAKBANK-approved employer, and have at least 3 months in the current job. |
| Minimum Loan Amount | AED 20,000.00 |
| Maximum Loan Amount | AED 200,000.00 |
| Minimum Loan Tenure | 12 months |
| Maximum Loan Tenure | 48 months |
| Flat Interest Rate: | N/A - Fixed interest rate available; alternative product for expats not transferring salary. |
| 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 loan amount, capped at AED 10,000. |
| Late Payment Fee: | 200.00% - AED 200 per late payment. |
| Insurance Fee: | N/A - Calculated as 0.01902% x loan tenure (months) x loan amount. |
Required Documents
Passport, Emirates ID, salary certificate, and bank statements.
Additional Benefits
For expats who prefer not to transfer their salary; competitive terms.
Features:
Simplified product without mandatory salary transfer; available in both conventional and Islamic variants.
General Notes
Subject to credit and document verification. Processing time within 7 business days.
