Rakbank Personal Loan provides conventional interest-based financing for UAE expatriate residents for various personal needs including weddings, holidays, unexpected expenses, or consolidating existing debt from other banks.
Interest rates range from 5.49% to 19.99% per annum (reducing rate, fixed) with repayment terms up to 48 months. Swift approval with disbursement within 7 days of complete documentation submission enables quick access to funds for eligible customers.
Is Rakbank a good bank?
The National Bank of Ras Al-Khaimah (P.S.C.) is licensed and regulated by the Central Bank of the UAE, ensuring full compliance with UAE banking regulations and consumer protection standards.
Rakbank operates a comprehensive network of branches and digital banking channels across the UAE. All loan products are subject to Central Bank regulations including debt burden ratio limits and responsible lending practices.
Main characteristics of Rakbank Personal Loan
- Interest rates from 5.49% to 19.99% per annum (reducing rate, fixed throughout loan term)
- Repayment terms up to 48 months (available to expatriates only, not UAE nationals)
- Swift approval with disbursement within 7 days of complete documentation submission
- Processing fee 1.05% of loan amount (minimum AED 525, maximum AED 2,625 including VAT)
- Loan switching facility from other UAE banks and top-up option after one year of regular repayments
Disadvantages
- Available only to expatriates; UAE nationals not eligible for this product
- Mandatory salary transfer to Rakbank until full loan repayment completion
- End-of-service benefits must be assigned to Rakbank as security requirement
Here is advice for you
Before applying, verify your Al Etihad Credit Bureau (AECB) score meets the minimum requirement of 541. Check that your employer is on Rakbank’s approved employer list, as employment with approved companies is mandatory for eligibility.
Calculate your current debt burden ratio to ensure the new loan instalment complies with Central Bank limits.
Requirements to apply for this loan
- Age 21 years or older
- Salaried expatriate residing and living in UAE
- Minimum monthly salary AED 5,000
- Employment with Rakbank-approved employer
- Minimum Al Etihad Credit Bureau (AECB) score of 541
- Salary transfer to Rakbank required until full loan repayment
- End-of-service benefits assignment to Rakbank required
المتطلبات للتقديم على هذا القرض
- العمر 21 سنة أو أكثر
- وافد بأجر يقيم ويعيش في دولة الإمارات العربية المتحدة
- الحد الأدنى للراتب الشهري 5,000 درهم
- التوظيف مع صاحب عمل معتمد من بنك رأس الخيمة
- الحد الأدنى لدرجة مكتب الاتحاد الائتماني 541
- تحويل الراتب إلى بنك رأس الخيمة مطلوب حتى السداد الكامل للقرض
- تنازل عن مكافأة نهاية الخدمة لبنك رأس الخيمة مطلوب
How to apply for the loan
- Check eligibility requirements (age 21+, expatriate status, minimum salary AED 5,000, approved employer)
- Verify Al Etihad Credit Bureau score meets minimum 541 requirement
- Use Rakbank online loan calculator to estimate monthly instalment for desired amount and term
- Gather required documentation (passport, Emirates ID, residence visa, salary certificate, bank statements)
- Submit application online via www.rakbank.ae or visit any Rakbank branch
- Undergo credit assessment and AECB score verification by bank
- Receive personalized loan offer with specific interest rate and repayment terms
- Complete salary transfer arrangement to Rakbank account
- Sign loan agreement and end-of-service benefits assignment documents
- Receive loan disbursement to your designated bank account within 7 days
- Begin monthly repayments as per agreed schedule
Apply for your Loan
This is a conventional banking product where interest is charged using a reducing balance method. It is not Sharia-compliant.
Salary transfer to Rakbank and assignment of end-of-service benefits are mandatory conditions that must remain in place until full loan repayment.
Disclaimer
This content is for informational purposes only and is not issued or endorsed by The National Bank of Ras Al-Khaimah (P.S.C.). 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 يصدر أو يعتمد من قبل البنك الوطني لرأس الخيمة (شركة مساهمة عامة). جميع الشروط والأسعار عرضة للتغيير والموافقة التنظيمية. يرجى الرجوع إلى الموقع الرسمي للبنك وبيان الحقائق الرئيسية للحصول على أدق المعلومات وأحدثها.