Flexible and low-cost
Be it a wedding, a holiday, unexpected expenses or switching your loan from another bank, our Personal Loan provides high loan amounts at low interest rates, with flexible repayments of up to 48 months for expatriates.
Interest rates starting from 5.69% reducing rate p.a
| Benefit from swift approval Benefit from swift approval of your Personal Loan application. You’ll have your loan issued within 7 days of submitting your request, subject to submitting all required documents as per the product requirements. |
| Move your loan from another bank If you already have a Personal Loan with another bank in the UAE, you can switch it to RAKBANK quickly and easily. |
| Top up your existing loan After one year of regular repayments on your Personal Loan, you can apply to top it up to the original amount. |
| Competitive interest rates Interest rates range from 5.24% to 19.99% reducing rate p.a., depending on the loan amount. Check out our loan calculator tool to find out your monthly loan instalment. |
You’re closer to your ideal loan than you think
You’re closer to your ideal loan than you think
| Eligibility | Fees | Terms & Conditions |
|---|---|---|
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Age: 21 years or older Residency: Salaried expatriate, residing and living in the UAE Other Requirements: – End-of-service benefits and salary transfer to RAKBANK is required until the repayment of your Personal Loan is completed – Minimum Al Etihad Credit Bureau (AECB) score of 541 – Customer must be employed with a RAKBANK-approved employer |
Processing fee (% of loan amount) 1%* (* minimum AED 500, maximum AED 2,500) For more details about our Personal Loan fees and charges, please refer to our Service and Price Guide. |
Terms & Conditions – A personalized chequebook is subject to charges as per our Service & Price Guide and approval by the Bank. – Loans are issued at the sole discretion of RAKBANK and are subject to terms and conditions. – The Bank may amend the features, fees, charges, terms and conditions of the Loan, prior to which, you will be given 60 days notice. – The Bank may amend the interest rates for the Loan, prior to which, you will be given 30 days notice. Important Information Make sure you’re settling your loan instalments on time to avoid being charged with Late Payment Fees. Risks & Limitations As the Personal Loan is being repaid in equal monthly instalments, customers need to ensure that they are financially capable of repaying the Loan each month through the Loan tenure. |
