RAK Bank Salary Transfer Loan

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RAK Bank Salary Transfer Loan
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Description

Get high Personal Loan amounts at low interest rates, with flexible repayment of up to 48 months for expatriates and UAE nationals (60 months for Armed Forces Staff).

Eligibility and Criteria

Minimum Salary must be AED 3000 or Above.

Applicant should completed 6 months in the Company or should be a confirm Employee.

Applicant with Low Credit Score or if a defaulter will not be considered as eligible.

Rates and Fee

Interest rate starting from 5.99% Reducing.

Processing Fee is 1% (Min AED 500, Max AED 2,500).

Insurance Fee is at Bank’s Discretions.

Documents Require

KYC Documents Passport, Visa and Emirates Id Copy.

Salary Certificate.

Salary Transfer Letter.

Last 3 to 6 Month Bank Statement.

Payslips if applicable.

Other Details

Maximum Tenure of repayment is upto 48 Months.60 Months for Armed forces employees.

Maximum Loan amount can be availed upto 20 Multiples of salary  and max upto AED 1,250,000 for Expatriates.

Salary Transfer to RAK Bank is Mandatory.

Avail one-month deferment after 6 months payments.

 

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