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Best Business Equipment Finances | RAKislamic

Construction Equipment Finance

Build business growth with our Construction Equipment Finance

Flexible payment periods of up to 48 months

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Due diligence, documentation and processing fees (% of Finance amount)

Due diligence, documentation and processing fees

Maximum finance amount of up to AED 35 Million

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

FAQ's Item (4)

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Construction Equipment - Cross Sell

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Construction Equipment - 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.

Speedy approvals

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*maximum of AED 5,000
Other fees:
Donation amount fee will be charged if the monthly instalments are not paid on time.
For more details, please refer to the<a href="/globalassets/rakbank/all-pdfs/islamic-construction-finance-sp_015-sp-vat-businessequipmentassetsfinance-islamic-24062022.pdf?MOD=AJPERES&amp;CVID=o6WQ0DW" target="_blank" rel="noopener"> Service and Price Guide.</a>

Fees

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

FAQ's Item (3)

Construction Equipment - Hero Small

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

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

Construction Equipment - Up to AED 35 Million

Get financing up to AED 35 million. However, higher amounts can be considered depending on the customer profile and requirement. 
Financing is also available for existing mortgage free assets.

Up to AED 35 million

Construction Equipment - Funding up to 90% FTV

This 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

Deferral allowed, at Bank's discretion 

Construction Equipment - Flexible payments

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

Flexible payments

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Al Etihad Credit Bureau check 

Islamic

<ul>
<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>
</ul>

Eligibility

FAQ's Item (5)

Terms and Conditions Notification

Terms and Conditions

FAQ's Item (2)

<ul>
<li style="font-weight: 400;" aria-level="1">Customer contribution towards equipment procurement is to be confirmed in order to proceed with the approval.</li>
<li style="font-weight: 400;" aria-level="1">Once the Finance is disbursed, the Bank will pay the asset supplier directly, or alternatively, place the disbursed funds under lien until such time the details to pay the supplier are in order. However, profit will continue to apply on the full Finance outstanding even if part or all of the Finance proceeds are under lien.</li>
<li style="font-weight: 400;" aria-level="1">No more than 2 deferrals of instalments are allowed per year.</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 4 cheque / Direct Debit System (DDS) returns in the last 12 months, or if the request does not meet the Banks internal risk policy requirements.</li>
</ul>

Important Information

EMI return charges - Cheque / Standing Instruction (for each instalment):

EMI return charges - Cheque/Standing Instruction (for each instalment):

Of up to AED 3 million

Business Finance

Expand your business with a flexible, collateral-free financing



Equated Monthly Instalment

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

Construction Equipment - FAQ's

With Salary Transfer

Documentation

<ul>
<li>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>Last monthly commitment amount may vary depending on moratorium period, changes in floating rate indices, and payment delays.</li>
<li>Finance tenure may vary post sanction depending monthly commitment deferrals sought from the Bank, payment delays and pricing variation.</li>
<li>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>The Bank may reject requests for monthly commitment deferral if payments are irregular, or if there are cheque / Direct Debit System 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 

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Real Estate Finance

Time to buy or finance your own property



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<ul>
<li style="font-weight: 400;" aria-level="1">Finance offered based on identification of equipment, evaluation of business model and payment capability.</li>
<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">The Bank may amend the profit rates for the Finance with 30 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>

Eligibility & Fees

Secure your Construction Equipment Finance today

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Terms And Conditions

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Benefits

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Not sure about something? Check our frequently asked questions to find what you’re looking for.

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FAQs

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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>
<li style="font-weight: 400;" aria-level="1">Valid Trade License</li>
<li style="font-weight: 400;" aria-level="1">Provide business documents such as Memorandum of Articles &amp; Power of Attorney (if applicable)</li>
<li style="font-weight: 400;" aria-level="1">Provide details pertaining to assets</li>
<li style="font-weight: 400;" aria-level="1">Other banking or financing documentation such as VAT returns &amp; bank statements.</li>
</ul>

Other Requirements

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Finance Features

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New projects can require new equipment and that is where our Construction Equipment Finance comes into play.
Don&rsquo;t knock back work because you don&rsquo;t have the right equipment. Apply for finance today so you can keep growing your business and expanding your network.
 
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Giving you the capacity to take on more

Prepayment charges (% of outstanding amount being settled)

Prepayment charges

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Finance Features

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Eligibility & Fees

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