Interest Rate

RAKBANK's Commercial Vehicle Loan in the UAE helps you finance your business fleet. Get flexible terms and competitive rates to grow your business with world-class vehicles. Apply now!

Commercial Vehicle Loan for Business Auto Financing | RAKBANK UAE

Commercial Vehicle Loan

Drive business growth with our Commercial Vehicle Loans

Commercial Vehicles

Commercial Vehicles - Tabbed Box

Commercial Vehicles - FAQs

Commercial Vehicles - Terms and Conditions Notification

Important Information 

Commercial Vehicles - Processing fees

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Which account is best for you?

Commercial Vehicles - High loan amounts

We offer up to AED 35 Million to businesses seeking to procure vehicles. Higher amounts can be considered depending on the client’s profile and requirements.

High loan amounts at competitive rates

High loan amounts 

<ul>
<li style="font-weight: 400;" aria-level="1">Pay all monthly commitments and other amounts on their due dates without delay;</li>
<li style="font-weight: 400;" aria-level="1">Review this document and all other terms &amp; conditions set out in the facility documents / application form in detail;</li>
<li style="font-weight: 400;" aria-level="1">Regularly check our website www.rakbank.ae for updates;</li>
<li style="font-weight: 400;" aria-level="1">Notify the Bank in writing if there is a change in your business income details, contact details, postal or location address, financial details or any other material information as declared in the facility documents / application form or otherwise conveyed to the Bank;</li>
<li style="font-weight: 400;" aria-level="1">Notify the Bank in writing prior to making any changes to ownership or management of the company as was declared during the application process and seek consent; and</li>
<li aria-level="1">Notify the Bank in writing if you wish to prepay your Finance prior to its maturity.</li>
</ul>

Commercial Vehicles - Customer Obligations

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Commercial Vehicles - Hero Item

Commercial Vehicles - Drive your way to success

Loan Features

SMEs looking to expand their business by procuring RTA registrable, new or used commercial assets, such as commercial vehicles, can now benefit from a loan of up to AED 35 million with RAKBANK.

Drive your way to success

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Commercial Vehicles Emirates Integrated Registries Company(3)

Account

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<ul>
<li aria-level="1">Valid trade licence</li>
<li aria-level="1">Valid passport, Emirates ID, visa (for all signatories and shareholders)</li>
<li aria-level="1">Bank statements, VAT filings</li>
<li>Other business documents, such as constitutional documents &amp; account mandates viz memorandums, shareholders resolution, etc.</li>
<li>Company location documents such as Ejari, lease agreement, etc. (as applicable)</li>
<li>Other banking or lending assessment information / documentation (if and as applicable)</li>
<li>Capacity to meet the Bank&rsquo;s lending criteria</li>
</ul>

Commercial Vehicles - Other Requirements

Commercial Vehicles - Takeover option

Do you want a better financing deal for your existing assets? We’ll offer a takeover option at competitive rates. This gives you the flexibility to switch your financing to us, allowing you to enjoy our beneficial terms and conditions.

Takeover option

Take-over option

Segment - Business

6 months turnover >=AED 500K

Commercial Vehicles - feature card container

Travel

EMI return charges - Cheque/standing instructions (for each installment)

Commercial Vehicles - EMI return charges

Interest rate: 5.5% to 8%

Floating Rate

Get a collateral-free business loan with RAKBANK UAE, offering up to AED 5 million and flexible repayment options of up to 60 months. Support your business expansion with ease. Apply now!

Business Loan in UAE - Get up to AED 5 Million With Flexible Repayments | RAKBANK UAE

Business Loan

Get a collateral-free business loan with RAKBANK UAE, offering up to AED 3 million and flexible repayment options of up to 60 months. Support your business expansion with ease. Apply now!

Business Loan in UAE - Get up to AED 3 Million With Flexible Repayments | RAKBANK UAE

Expand your business with a flexible, collateral-free loan

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Commercial Vehicles - Easy eligibility

We believe in your business. If your company has been operating for at least 2 years, you're eligible for our Commercial Vehicles Finance. With our quick approvals and minimum documentation, getting the finance you need is easier than ever.

Easy eligibility

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Commercial Vehicles - As An Example(2)

Minimum loan AED 100K

Construction Equipment - With Salary Transfer

Fees

Conventional

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Which account is the best one?

Early settlement of loan (partial / full)

Commercial Vehicles - Early settlement of loan (partial/full)

Commercial Vehicles - Flexible repayment

We understand that the unexpected happens. To alleviate the pressure, we offer you the flexibility of repaying your loans within 48 months.

Flexible repayment

Commercial Vehicles - Eligibility

Eligibility

* Maximum of AED 5,000 + 5% VAT
** Per security document
*** Of the settled principal amount
&nbsp;
Late payment fee of AED 262.50 will be charged if the EMI due is not paid by the due date.
&nbsp;
For more details about our Construction Equipment Loan fees and charges, please refer to our <a title="Service and Price guide" href="/globalassets/rakbank/all-pdfs/001---service-and-price-guides/bilingual/008-sp-vat-businessequipmentassetsfinance.pdf" target="_blank" rel="noopener">Service and Price Guide</a>.
&nbsp;
Disclaimer:
VAT at the current of 5% will be levied on the Bank's fees and charges, as applicable under UAE law.

Construction Equipment - Fees

Up to 90% LTV funding

Max loan tenure 48 months

You can apply for this product using <a href="https://rakbankonline.ae/Digital/AuthenticationController?FORMSGROUP_ID__=AuthenticationFG&amp;__START_TRAN_FLAG__=Y&amp;__FG_BUTTONS__=LOAD&amp;ACTION.LOAD=Y&amp;AuthenticationFG.LOGIN_FLAG=1&amp;BANK_ID=RAK&amp;USER_TYPE=1" target="_blank" rel="noopener">RAKBANK Digital Banking</a>. Here are the steps: 1.Go to&nbsp;<a href="http://www.rakbank.ae/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=http://www.rakbank.ae&amp;source=gmail&amp;ust=1687508562826000&amp;usg=AOvVaw02TXDJiNUympHIWw84JK-0">www.rakbank.ae</a> 2.Select the &ldquo;Business&rdquo; from Digital Banking login type 3.Login using your Username &amp; Password 4.Click on "Discover &amp; Apply" 5.Select the desired product

Business - Apply through Digital Banking

Log in to RAKBANK Digital Banking and apply instantly

Apply through Digital Banking

Commercial Vehicles - As An Example(5)

Secure up to 90% funding for your construction equipment with flexible repayment terms and high loan amounts. Equip your business for growth with RAKBANK's tailored finance solutions.

Construction Equipment Finance - RAKBiz Equipment | RAKBANK UAE

Construction Equipment Loan

Build business growth with our construction equipment loans

Construction Equipment

<ul style="list-style-type: disc;">
<li style="font-weight: 400;" aria-level="1">All the types of vehicles / equipment to be financed have to be part of the Bank&rsquo;s approved list of vehicles / manufacturers / dealers.</li>
<li style="font-weight: 400;" aria-level="1">The Bank will pay the dealer directly.</li>
<li style="font-weight: 400;" aria-level="1">Last monthly commitment amount may vary depending on moratorium period, changes in floating rate indices, and payment delays.</li>
<li style="font-weight: 400;" aria-level="1">Finance tenure may vary post sanction depending on monthly commitment deferrals sought from the Bank, payment delays, and pricing variation.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">If you fail to settle any due payment or otherwise breach our terms, we reserve the right to repossess the asset(s), and liquidate / sell them to settle the outstanding amount.</li>
<li style="font-weight: 400;" aria-level="1">The Bank may reject requests for monthly commitment deferral if payments are irregular or if there are cheque / Direct Debit System (DDS) returns in the last 12 months or if the request does not meet the Bank&rsquo;s internal risk policy requirements.</li>
</ul>

Commercial Vehicles - Risks and Limitations

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Commercial Vehicles - Faq's Divider Title

FAQs

Commercial Vehicles - Issuance of Liability Certificate

Buyout from other banks

Asset refinance & takeover

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Commercial Vehicles - As An Example(4)

Commercial Vehicles - Help Card

Commercial Vehicles - We’re here to help

Collateral free loan

Commercial Vehicles - Would you like more?

Would you like more?

<ul>
<li style="font-weight: 400;" aria-level="1">The Bank may amend the features, fees, charges, terms &amp; conditions of the Loan with a 60-day notice.</li>
<li style="font-weight: 400;" aria-level="1">The Bank may amend the interest rates of the Loan with a 30-day notice.</li>
</ul>

Commercial Vehicles - Key Terms and Conditions

FAQ Accordion Items

Eligibility & Fees

Secure your loan today

Commercial Vehicles - D.t.w.a.n - You’re a few minutes away from your account!

Commercial Vehicles - High funding ratio

Our Commercial Vehicles Finance provides funding up to 90% Loan-to-Value (LTV) across a wide array of brands and vehicles. Whether you're purchasing a new vehicle or a used one, we've got you covered. 

High funding ratio

Commercial Vehicles - Al Etihad Credit Bureau check fee

Commercial Vehicles - As An Example

Chat with an agent

Find answers to our most commonly asked questions, all in one place.

FAQ’s Help Card

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Permanent Release Charges per asset (to be paid when mortgage release is requested)

Commercial Vehicles - Permanent Release Charges

Rewards

Commercial Vehicles - Wrapper - Tabbed box

Key Fact Statement

Service and Price Guide

Terms & Conditions

Commercial Vehicles - Relevant links

Benefits

Up to AED 35 million

Up to AED 35 M

Length of Business: 1 year

Commercial Vehicles - Terms And Conditions

Terms and Conditions

Commercial Vehicles - Cross Sell

<ul>
<li style="font-weight: 400;" aria-level="1">An approval for the Finance, once sanctioned, is only valid for 90 days from the date of approval, and the Finance disbursal must be completed before that so as not to lose time, failing which re-approvals need to be sought internally. Extension beyond 90 days is at the Bank&rsquo;s discretion and subject to internal approvals.</li>
<li style="font-weight: 400;" aria-level="1">If you pay off the Finance prior to the due date, you will pay prepayment charges at the rates described in the <a title="Service &amp; Price guide" href="/globalassets/rakbank/all-pdfs/001---archive/commercial-vehicles/commercial-vehicle-sp-vat-businessequipmentassetsfinance-24062022.pdf?MOD=AJPERES&amp;CVID=o6AJRrv" target="_blank" rel="noopener">Service &amp; Price Guide.</a></li>
<li style="font-weight: 400;" aria-level="1">If you are late in payment or fail to make a payment on the due date, you will pay donation amount charges at the rates described in the Service &amp; Price Guide; and profit will continue to apply on the aggregate finance outstanding (which will include the unpaid profit posted to the finance account).</li>
<li style="font-weight: 400;" aria-level="1">If you fail to make a payment, or otherwise breach the Finance terms, this will be considered a default and the Bank will be entitled, among other things, to:</li>
</ul>
(a) Charge a donation amount as defined in the Offer Letter for non-compliance to finance sanction terms;
(b) Cancel the Finance and demand and demand full payment immediately;
(c) Report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which will affect your credit rating;
(d) Bring legal proceedings against you.

Commercial Vehicles - Warnings

Commercial Vehicles - Terms and Conditions

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