Personal Finance

Help Centre - Personal Finance Terms | RAKislamic UAE

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<ul>
<li> If you pay off the Loan prior to the due date, you will pay prepayment charges at the rates described below.&nbsp;</li>
</ul>
&nbsp;If you are late in payment or fail to make a payment on the due date, you will pay default interest at the rates described below.
<ul>
<li> If you fail to make a payment or otherwise breach the Loan terms, this will be a default and the Bank will be entitled, among other things, to:&nbsp;</li>
</ul>
(a) Cancel the Loan and demand full repayment immediately.
(b) 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.&nbsp;
(c) Bring legal proceedings against you and repossess the mortgaged vehicle.
&nbsp;
KYC Updates
The Bank may close the Account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request from regulatory / judiciary entities.

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