Imagine having the funds you need right when you need them, whether for a dream vacation, a home renovation, or handling unexpected expenses. RAKBANK, the National Bank of Ras Al Khaimah, is one of the oldest and most established banks in the UAE. It offers different financial products and services, including personal loans that cater to various financial needs. It provides flexible and competitive personal loan options to suit your needs. This comprehensive guide explores everything you need about RAKBANK personal loan, including the application process, eligibility, benefits, and more.
Here are the Top Personal Loan From RAKBANK in 2024
Mentioned below are the top RAKBANK personal loan that you should check out right away:
RAKBANK Personal Loan for UAE Nationals
Features:
- Loan Amount: Up to 20 times your salary.
- Interest Rate: Starting from 4.99% reducing rate per annum.
- Repayment Term: 12 to 48 months.
- First Installment: Payable up to 180 days after loan disbursement.
- Additional Benefits: Low rates, high loan amounts, easy loan transfers, and flexible payments.
Eligibility:
- Available to UAE nationals.
- Minimum salary: AED 3000 and a minimum of 3 months employment in the current job.
- Employer should be on RAKBANK approved list.
- Salary transfer required.
Required Documents:
- Valid passport, Emirates ID, salary certificate, and bank statements.
How to Apply?
- Go to this website. (Get the application form here)
- Click on “Apply Now”.
- Fill in the details such as your name, email address, mobile number and salary.
- Click “Submit”.
- The respective authorities will contact you shortly.
RAKBANK UAE Youth National Loan
Features:
- Interest Rate: Starting from 5.19%, reducing rate per annum.
- Loan Amount: Up to 20 times your salary.
- Repayment Term: 12 to 48 months.
- First Installment: Payable up to 180 days after loan disbursement.
- Additional Benefits: High loan amounts, loan top-up option available.
Eligibility:
- Age: 21 years and above
- Minimum monthly salary: AED 10,000
- 3 months employment in the current job
- Minimum AL Etihad Credit Bureau (AECB) score of 500
- Salary transfer required
Required Documents:
- Valid passport, Emirates ID, and proof of employment.
How to Apply?
- Go to this website. (Get the application form here)
- Click on “Apply Now”.
- Fill in the details such as your name, email address, mobile number and salary.
- Click “Submit”.
- The respective authorities will contact you shortly.
RAKBANK Cash Loan
Features:
- Interest Rate: Starting from 14.99% reducing rate per annum.
- Loan Amount: AED 500,000 for UAE Nationals and AED 200,000 for Expats.
- Repayment Term: 12 to 48 months.
- No Salary Transfer: No need to transfer your salary to RAKBAN; affordable interest rates and easy application.
Eligibility:
- Age: 21 years years and above
- Minimum monthly salary: AED 5,000
- UAE nationals and expat residents
- Should be in the current job for at least 6 months
- Minimum AL Etihad Credit Bureau (AECB) score of 541
Required Documents:
- Valid passport, Emirates ID, and proof of income.
How to Apply?
- Go to this website.
- Click on “Apply Now”.
- Fill in the details such as your name, email address, mobile number and salary.
- Click “Submit”.
- The respective authorities will contact you shortly.
RAKBANK Islamic Personal Finance:
Features:
- Profit Rates: Starting from 14.99% reducing rate per annum.
- Repayment Term: 6 to 48 months.
- Approval: Quick approvals with low documentation fees (1% of the finance amount).
- Additional Benefits: Hassle-free finance transfers with competitive rates.
Eligibility:
- Age: 21 years and above
- Minimum monthly salary: AED 5,000
- UAE nationals and expat residents
Required Documents:
- Valid passport, Emirates ID, salary certificate, and bank statements.
How to Apply?
- Go to this website.
- Click on “Apply Now”.
- Fill in the details such as your name, email address, mobile number and salary.
- Click “Submit”.
- The respective authorities will contact you shortly.
RAKBANK Personal Loan For Expats:
Features:
- Interest Rate: Starting from 5.49%, reducing rate per annum.
- Repayment Term: 12 to 48 months for expatriates.
- Approval: Swift approval process.
- Benefits: Move your loan from other banks, top up existing loans, competitive interest rates, etc.
Eligibility:
- Age: 21 years and above
- Salaried ex-pats residing in the UAE
- Customers should be employed by RAKBANK approved employer
Required Documents:
- Valid passport and Emirates ID.
- Salary certificate and bank statements.
How to Apply?
- Go to this website.
- Click on “Apply Now”.
- Fill in the details such as your name, email address, mobile number and salary.
- Click “Submit”.
- The respective authorities will contact you shortly.
RAKBANK Personal Loan Fees:
Given below are the fees associated with the different personal loans from the RAKBANK;
| Loan Type | Fees |
| RAKBANK Personal Loan for UAE Nationals | AED 525 to AED 2,625 (incl. VAT) |
| RAKBANK UAE Youth National Loans | AED 525 to AED 2,625 (incl. VAT) |
| RAKBANK Cash Loan | AED 525 to AED 2,625 (incl. VAT) |
| RAKBANK Islamic Personal Finance | AED 500, to AED 2,500 |
| RAKBANK Personal loan for Expats | AED 500, to AED 2,500 |
RAKBANK Personal Loan Requirements:
Before you apply for a personal loan from RAKBANK, you need the documents required. Here’s a simple breakdown:
- Emirates ID
- Passport copy with visa page (for expatriates)
- Salary certificate or employment letter
- Bank statements for the last 3-6 months
- A good AL Etihad Credit Bureau
- Has to be in the employment for 3 – 6 months
Note: These are the basic requirements you may need. This may vary depending on the bank and the loan type.
RAKBANK Personal Loan Eligibility:
Meeting the eligibility criteria is very important to get a RAKBANK personal loan. These criteria ensure that borrowers can manage their loan payments. Here are the key factors:
Age and Employment
- Age: You need to be between 21 and 60 years old.
- Employment: You should have a stable job with a company listed with RAKBANK or a government/semi-government entity.
Credit History
Having a good credit history and score is important for getting loan approval. This shows that you handle your finances well and increases your chances of getting a loan with good terms.
Note: These are the general eligibility criteria you may need to fulfil. This may vary depending on the bank and the loan type.
RAKBANK Personal Loan Minimum Salary:
To get a personal loan from RAKBANK, you need to have a minimum monthly salary of AED 5,000 – 10,000. This rule helps ensure that you can comfortably repay the loan.
Why Salary Matters
A minimum salary requirement allows RAKBANK to check if you can repay the loan. It also helps decide how much money you can borrow, making sure you only take on what you can manage.
RAKBANK Personal Loan EMI Calculator
The EMI (Equated Monthly Installment) calculator is handy for those considering a personal loan. RAKBANK offers an easy-to-use EMI calculator on its website to help you find the estimate of your monthly payments.
How to Use the EMI Calculator?
- Visit the RAKBANK Website: Go to the personal loans section.
- Enter Loan Details: Fill in the loan amount, interest rate, and tenure.
- Calculate EMI: Click on the calculate button to see your estimated EMI.
Benefits of the EMI Calculator
- Budget Planning: This helps you plan your monthly budget by showing your loan repayment schedule.
- Loan Comparison: This lets you compare different loan amounts and durations to find the best option.
- Informed Decision Making: Provides accurate financial projections, helping you make well-informed decisions about your loan.
RAKBANK Personal Loan Apply Online:
You can apply for the RAKBANK personal loan by clicking “Apply Now”.
| Loan Name | Click to apply |
| RAKBANK UAE National Loan | Apply Now |
| RAKBANK UAE Youth National Loans | Apply Now |
| RAKBANK Cash Loan | Apply Now |
| RAKBANK Islamic Personal Finance | Apply Now |
RAKBANK Personal Loan Contact Number:
For urgent matters or immediate assistance, please contact our customer support hotline from 9:00 am to 6:00 pm GST, including public and national holidays:
- Conventional Banking: 600544049
- Islamic Banking: 600540044
Final Takeaway:
So that was all about the RAKBANK personal loan. They are a flexible and easy way to meet various financial needs. They provide the lowest interest rates, flexible repayment options, and a simple application process, making RAKBANK a great choice for personal loans in the UAE. Check if you qualify, gather the required documents, and follow the application steps to get the funds you need.
For more details and to apply for a personal loan, visit the RAKBANK official website.
Using RAKBANK personal loans, you can manage your financial needs easily and confidently.
Are you looking for a RAKBANK credit card as well? Well, look no further; here’s our complete guide on everything you need to know about RAKBANK credit cards before you apply for one.
Frequently Asked Questions (FAQs):
Q. What is the Minimum Salary for a RAKBANK Personal Loan?
The minimum monthly salary required for a RAKBANK personal loan is AED 5,000. Additionally, you need to have been employed for at least 6 months.
Q. Can I Get a Loan with a 3000 AED Salary?
It’s challenging but not impossible. While many banks have higher minimum salary requirements, some institutions, like Dubai Islamic Bank and RAKBANK, offer personal loans starting from 3000 AED.
Check out our guide to know where to get a personal loan for AED 3,000 salary in UAE.
Q. I’ve Just Joined a New Company. Am I Eligible for a Personal Loan?
Yes, you can still be eligible for a personal loan, but it depends on credit approval. Your employer will need to send a letter confirming your employment.
