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RAKBANK Amal Personal Finance

    Min SalaryAED 3,000
    Salary TransferYes
    Max Finance AmountAED 1,250,000
    Arrangement Fee1%
    Reducing/FlatFlat
    Flat Rate (As Advertised)3.3% p.a.
    Reducing Rate (est. equivalent)5.99% p.a.
    Early Settlement Fee1%

     

    MAIN BENEFITS

    • All Amal Personal Finance Customers benefit from free takaful up to the value.

    OVERVIEW OF FEATURES

    • This finance is sharia-compliant.
    • Finance repayment period is up to 48 months [60 months for Armed Forces employees]; Up to AED 1,250,000 based on salary and length of services for Expats. For all customers Maximum loan amount is subject to 20 multiples of salary, up to 50% Debt Burden ratio.
    • You require a minimum salary of AED 3,000 per month to be eligible.
    • It is a requirement to transfer your salary to apply
    • The processing fee is 1% of finance amount [Min AED 500; Max AED 2,500].
    • The early settlement fee for this finance is 1% of the outstanding amount (principal + profit) to date. All other outstanding profit is waived.
    • You get Takaful free of charge.
    • The rate starts from 5.99% per annum based on reducing balance.
    • The reducing rate of this finance is 5.99% and the equivalent flat rate is 3.30%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.
    • This rate is calculated on a reducing balance


    RAKBANK Amal Personal Finance
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    RAKBANK, also known as the National Bank of Ras Al Khaimah (P.J.S.C), is one of the oldest and most dynamic banks in the UAE. Founded in 1976, the Bank underwent a major transformation … see more..

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