RAKBANK Amal Personal Finance

  •   July 17, 2017


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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