RAKBank, a bank regulated by the Central Bank of the UAE.
This article looks at its main features, who it may suit, and what to check before applying, based on information published by the bank.
Is the RAKBank Cash Loan reliable?
RAKBank is a long-established, CBUAE-licensed bank, so the Cash Loan is subject to the same consumer protection rules as other regulated lenders in the country.
That said, whether a loan is a good fit for a specific person depends mainly on whether its cost and terms match that person’s budget, not only on which bank offers it.
Main characteristics of RAKBank Cash Loan
- Loan amounts from AED 10,000 up to AED 2,250,000
- Repayment terms between 12 and 48 months
- Reducing-balance interest rate starting from 12.99% p.a. (indicative)
- No salary transfer required to apply
- Open to both UAE nationals and expatriate residents, subject to eligibility
Disadvantages
- The advertised rate is a starting point; the final rate depends on the bank’s individual assessment and may be higher
- As with most personal loans, additional fees may apply and should be confirmed directly with the bank before signing
No Salary Transfer Required
One feature that sets the RAKBank Cash Loan apart from many personal loans in the UAE market is that it does not require the applicant to transfer their salary to the bank.
This can matter for residents who already bank elsewhere and prefer to keep that arrangement while still applying for a personal loan online.
Requirements to apply for this loan
- UAE resident (national or expatriate) with a valid Emirates ID and residence visa
- Minimum monthly salary, as set by RAKBank for this product
- Salaried employees or self-employed applicants (self-employed applicants require a valid trade license)
- Minimum length of employment, as required by the bank’s credit policy
- Age within the bank’s eligible range at application and at loan maturity
متطلبات التقديم على هذا القرض
- الإقامة في دولة الإمارات (مواطن أو مقيم) مع بطاقة هوية إماراتية وتأشيرة إقامة سارية المفعول
- حد أدنى للراتب الشهري، وفق ما يحدده البنك لهذا المنتج
- موظف براتب أو صاحب عمل حر (يتطلب أصحاب الأعمال الحرة رخصة تجارية سارية المفعول)
- حد أدنى لمدة الخدمة الوظيفية، وفق سياسة الائتمان الخاصة بالبنك
- أن يكون العمر ضمن النطاق المؤهّل الذي يحدده البنك عند التقديم وعند استحقاق القرض
How to apply for the loan
- Check the loan amount, term and rate on RAKBank’s official website or through an authorized RAKBank channel
- Gather the required documents (Emirates ID, passport copy with visa page, salary certificate or trade license, and any other document requested)
- Submit the application form and documents to RAKBank for assessment
- Review the official quotation and Key Facts Statement provided by the bank before signing anything
- Complete the agreement directly with RAKBank once the final terms are confirmed
Apply for your RAKBank Cash Loan
Anyone who wants to get a personal loan through this product should apply directly with RAKBank, since only the bank can confirm the exact amount, rate and term for each applicant.
Comparing this offer with other personal loans available in the UAE can also help before making a final decision.
Disclaimer
This content is for informational purposes only and is not issued or endorsed by RAKBank. All terms and rates are subject to change and regulatory approval. Please refer to the bank’s official website and Key Facts Statement for the most accurate and updated information.
إخلاء المسؤولية
هذا المحتوى لأغراض إعلامية فقط ولم يتم إصداره أو اعتماده من قبل بنك رأس الخيمة الوطني (RAKBank). جميع الشروط والأسعار قابلة للتغيير وتتطلب موافقة الجهات التنظيمية. يُرجى الرجوع إلى الموقع الرسمي للبنك وبيان الحقائق الرئيسية للحصول على أحدث المعلومات وأكثرها دقة.