Personal Loan - UAE Nationals
| Islamic Finance | No |
| Minimum Salary | AED 3,000 |
| Minimum Age | 18 years |
| Maximum Age | N/A years |
| UAE Nationals Eligible | Yes |
| Expatriates Eligible | No |
| Salaried Eligible | Yes |
| Self-Employed Eligible | No |
| Salary Transfer Required | Yes |
| Employment Criteria | Must be employed by a RAKBANK-approved employer, with at least 3 months in the current job and a minimum AECB score; salary and EOSB must be transferred to RAKBANK. |
| Minimum Loan Amount | AED 20,000.00 |
| Maximum Loan Amount | AED 500,000.00 |
| Minimum Loan Tenure | 12 months |
| Maximum Loan Tenure | 48 months |
| Flat Interest Rate: | N/A - Fixed interest rate option available; conventional or Islamic variants offered. |
| Reducing Interest Rate: | N/A |
| Processing Fee: | 1.00% - 1% of loan amount, minimum AED 500, maximum AED 2500. Differential pricing may apply. |
| 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 - Life insurance is mandatory; fee is calculated as 0.01902% x loan tenure (months) x loan amount. |
Required Documents
Emirates ID, salary certificate, bank statements, and employment confirmation.
Additional Benefits
Flexible repayment terms; extended tenure (up to 60 months for Armed Forces staff).
Features:
Available in both conventional and Islamic variants; salary transfer required.
General Notes
Offer subject to credit approval and full documentation. Processing time is within 7 business days.
