RAKislamic offers business equipment finances for commercial vehicles. Get a wide range of advantages on finance for a broad range of assets. Visit RAKBANK.


Business Equipment Finance for Commercial Vehicles | RAKislamic

Commercial Vehicles

Drive business growth with our Commercial Vehicle Finance

Commercial Vehicles Finance

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Terms and Conditions Notification

Important Information 

Other fees: up to 1% of finance amount (maximum AED 5000)

Other fees: up to 1% of finance amount, max AED 5,000

<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.</li>
<li style="font-weight: 400;" aria-level="1">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 Service &amp; Price Guide.</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>
<li style="font-weight: 400;" aria-level="2">(a) Charge a donation amount as defined in the offer letter for non-compliance to Finance sanction terms;</li>
<li style="font-weight: 400;" aria-level="2">(b) Cancel the Finance and demand and demand full payment immediately;</li>
<li style="font-weight: 400;" aria-level="2">(c) Report the default to the appropriate regulatory authorities and credit rating agencies, which will affect your credit rating;</li>
<li style="font-weight: 400;" aria-level="2">(d) Bring legal proceedings against you.</li>
</ul>
</ul>

Warnings

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Islamic

Maximum finance amount of up to AED 35 Million

Max finance amount up to AED 35 Million. Higher for specific profiles and requirements

With Salary Transfer

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Finance Features

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Will your business benefit from expanding its range of commercial vehicles?
Take advantage of our highly competitive rates on Commercial Vehicle Finance and&nbsp; start looking for the perfect vehicle for your next project.
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Drive your way to success

• Other banking or financing documentation

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Commercial Vehicles - Cross Sell

Of up to AED 5 million

Business Finance

Expand your business with a flexible, collateral-free financing



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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

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For full details of applicable fees and charges for Commercial Vehicles Finance, please refer to our <a title="Commercial Vehicles Finance Service and Price Guide" href="/globalassets/rakbank/all-pdfs/002---islamic---service-and-price-guides/bilingual/015-sp-vat-businessequipmentassetsfinance-islamic.pdf">Service and Price Guide</a>.

Fees

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Key Fact Statement

Service and Price Guide

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Profit rate: 4% to ~4.75% flat (not exceeding 8.75% reducing p.a.)

Profit rate: 4% to ~4.75% flat, not exceeding 8.75% reducing. Approved finances disburse at reducing rates

Speedy approvals

Sometimes you need equipment fast, especially if it is dependent on an upcoming project.
 
This is why we offer quick approvals with minimum documentation for companies operating 2 years or longer.

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Deferral allowed, at Bank's discretion 

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Terms And Conditions

Terms and Conditions

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<li style="font-weight: 400;" aria-level="1">Minimum 21 years old</li>
<li style="font-weight: 400;" aria-level="1">Maximum 65 years old</li>
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Flexible Payments

You want the time and opportunity to make a return on your new commercial vehicle, so we offer up to 48 months of flexible payments to assist you with your new investment.

Flexible payments

Equated Monthly Instalment

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Eligibility

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<li style="font-weight: 400;" aria-level="1">Minimum turnover AED 1M</li>
<li style="font-weight: 400;" aria-level="1">Minimum 3 years in business</li>
</ul>

Other Requirements

RAKBANK offers FD accounts in the UAE with higher interest rates up to 3.25% and 10% cumulative over 3 years. Apply for a fixed deposit account online now.


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Fixed Deposit

Want great interest rates and returns? You've come to the right place 

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<ul>
<li style="font-weight: 400;" aria-level="1">The Bank may amend the features, fees, charges, terms and conditions of the Finance with 60 days&rsquo; notice to you in advance.</li>
<li style="font-weight: 400;" aria-level="1">If a flat rate is quoted at the stage of disbursal, the Bank will convert the same to a reducing rate to draw out the payment schedule.</li>
<li style="font-weight: 400;" aria-level="1">Profit will be calculated daily as: Principal outstanding x profit rate x 1 day / 360 days. The accumulated amount of this profit for one monthly commitment date will be charged on the next monthly commitment date.</li>
<li style="font-weight: 400;" aria-level="1">The residual monthly commitment amount after profit allocation will be allocated towards principal recovery.</li>
</ul>

Up to AED 35 Million

Financing amount is up to AED 35 million. However, higher amounts can be considered depending on the customer profile and requirement.

Up to AED 35 million

Benefits

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Islamic Commercial Vehicles

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<ul>
<li style="font-weight: 400;" aria-level="1">All types of vehicles / equipment to be financed under the Finance have to be part of the Bank&rsquo;s approved list of vehicles / manufacturer / 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 monthly commitment deferrals sought from the Bank, payment delays and pricing variation.</li>
<li style="font-weight: 400;" aria-level="1">If you fail to make any payments due under the Finance or otherwise breach our terms, we reserve the right to repossess the assets and liquidate / sell the same 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>

Risks and Limitations 

Commercial Vehicles - FAQ's

• Provide business documents such as Memorandum of Articles & Power of Attorney

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Funding up to 90% FTV

Our Commercial Vehicle Finance is a Sharia-compliant product and can be structured in 2 different Sharia concepts, Murabaha or Ijarah, depending on the purpose of the finance. 

The Finance can be used to purchase new or second-hand vehicles.

Funding up to 90% Finance to Value (FTV)

Flexible payment periods of up to 48 months

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