RAKBANK RAKIslamic Personal Finance

Minimum Salary
5.000,00 د.إ

Flat Rate
AED 3.18%

Reducing Rate
5.99 %

Maximum Term
4 Years

Monthly Payment
AED 1,932

Description

Based on the contract of Salam, the Sharia Compliant Personal Finance can help you live the life you want, while at the same time ensuring you can afford it.

Major Advantage: High finance amount, Low salary requirement

Points to Consider: There is a processing fees

Features

Major Feature: Free RAK BANK Credit Card free for life

Minimum Salary Requirement: AED 5,000

Reducing Rate (as advertised): 5.99% p.a.

Flat Rate: 3.18% p.a. (as per 4 years calculation)

Processing Fees: 1% of the finance amount (Min AED 500, Max AED 2,500)

Maximum Finance Amount: AED 1,250,000 (up to 20 times of salary)

Islamic Finance: Yes

Maximum Term: 48 Months; 60 Months for Armed forces employees

Salary Transfer: Compulsory

Early Settlement Fees: 1% of outstanding amount

Takaful: Yes, a nominal amount will be charged

Holiday Period: Yes, Client can apply for one-month deferment after 6 months payments

Salaried/Self Employed: Only Salaried can apply

Documents Required

Salary transfer certificate in favor of RAKBANK.
Last 6 months Salary bank statements.
Valid Passport, Visa and Emirates ID copy.

Additional Info

All info mentioned can change at any point of time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
Reducing rate is converted into Flat rate as per 4 years calculation.
Terms and conditions apply.