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 - Dubaisavers

    More on RAKBANK 

    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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