Profit rates starting from

Auto Finance

Own the roads with RAKislamic Auto Finance

 Putting you in the driver's seat sooner


RAKislamic Auto Finance

Eligibility

Deferral not allowed

RAKIslamic finance - Call me back option

Submit your details and we'll be in touch soon

Call me back

Auto Finance - Wrapper - Feature card

2.70% (salaried) to 3.55% (business)
 flat rate p.a.

Green Auto Finance

Go green and switch to an electric or hybrid car

Question (6)

Competitive Profit Rates

Low profit rates ranging between 2.70% to 3.65% for salaried customers and 2.99% to 3.59% (flat rate p.a.) for self employed customers. 

Preferential profit rates for new and used electric vehicles starting from 2.70% for salaried customers, 2.99% for self-employed customers, and 3.55% for business customers (flat rate p.a.)

<ul>
<li style="font-weight: 400;" aria-level="1">18 years old and above</li>
</ul>

Salaried individuals

Auto Laon - How much will my loan cost?

Indicative Auto Finance Calculator

Flexible payment options

We understand that everyone has different needs when it comes to financing. 
That’s why we offer flexible payment periods of up to 60 months, meaning you can choose an option that works best with your budget and lifestyle.

Scan the QR code to download the app from the Apple App Store

Download the RAKBANK Mobile app!

Discover the RAKBANK App and enjoy cutting-edge Digital Banking services at your fingertips. Seamlessly manage your accounts, conduct secure transactions, and enjoy a range of innovative features – all in one user-friendly platform.

Scan the QR code to download the app from the Google Play Store

Standard Current Account - RakMobile

Bank on the go anytime, anywhere

Question (3)

Terms And Conditions

Terms & Conditions

Question (5)

Open to National and Expat Residents

Use our branch and ATM machine locator to find the nearest RAKBANK facility to you within the Middle East, in just a few clicks. Timings are available too.


RAKBANK Branches And ATM Machines Near Me In UAE |RAKBANK UAE

Branches & ATMs

Islamic Auto Finance Calculator

Note, installment amount is divided by repayment and interest. Towards the beginning of your Auto Loan, the majority of the payment is interest.

Auto Finance - Hero Item

Min downpayment of 20%

Application Form & Terms and Conditions

Key Fact Statement

Service and Price Guide

Auto Finance - Relevant links

In Page Floating Menu

Auto Finance - Help Card

Auto Finance - Hero Banner

<ul>
<li style="font-weight: 400;" aria-level="1">The Bank may amend the features, fees, charges, terms and conditions of the Finance with prior notice of 60 days to you.</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>
</ul>
 Risks and Limitations
<ul>
<li style="font-weight: 400;" aria-level="1">Only 2 deferrals are allowed in a year one month at a time subject to minimum 6 instalments repaid since the Finance was availed. </li>
<li style="font-weight: 400;" aria-level="1">Instalment deferral cannot be given if payments are irregular, or if there are 4 cheques / 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>
<li style="font-weight: 400;" aria-level="1">If you fail to make any payment due under the Finance or otherwise breach our terms, you will lose the vehicle mortgaged to the Bank as a result of the mortgage enforcement proceedings that we may take.</li>
</ul>

Key Terms and Conditions

Auto Finance - Down payment

 Max tenor: 60 months

Islamic

AED 50,000-above

Drive now, pay later

Drive away in your dream car sooner than you think. 
With our Auto Finance, your first instalment is not until after 60 days, with flexible payment periods of up to 60 months. What's more, for our salaried customers, there’s no need for a salary transfer.

Personal - Apply From RakMobile

Download the RAKBANK App and apply instantly

Apply through the RAKBANK App

Service Finance - feature card container(2)

Profit rate as low as 2.70% flat rate p.a.

Profit rate as low as 2.85% flat rate p.a.

*minimum AED 500, maximum AED 2,500
Valuation fees are applicable for used cars
For full details of our Auto Finance fees and charges, please refer to our <a title="RAKislamic Auto Finance Service and Price Guide" href="/globalassets/rakbank/all-pdfs/002---islamic---service-and-price-guides/bilingual/011-j00807-sp-vat-autofinance-murabaha-islamic.pdf" target="_blank" rel="noopener">Service and Price Guide</a>.

Fees

Auto Finance - Wrapper - Tabbed box

<ul>
<li style="font-weight: 400;" aria-level="1">Salaried individuals: A minimum monthly salary of AED 5,000&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Self-employed individuals: A minimum monthly turnover of AED 150,000</li>
</ul>

Other requirements

Auto Finance - Divider Title Feature Card

Finance Features

A fully equipped finance with minimum formalities

Minimum monthly salary / income AED 5,000 

Min monthly salary/income AED 5,000 or above

App.png

Auto Finance - Cross Sell

Looking to switch your personal finance with another bank in UAE? Easily apply for personal finance with RAKislamic and get the special offers in UAE.


Apply for Amal Personal Finance in UAE | RAKislamic

Personal Finance (Salary Transfer)

Personal Finance

Question (1)

Affordable finance options

We offer convenient and affordable financing options to fit any budget. 

Individual customers will enjoy a 1% due diligence, documentation and processing fee, with a minimum fee of AED 500 and a maximum of AED 2,500. 

Business customers will enjoy an even better deal — a 1.5% due diligence, documentation and processing fee, with a minimum of AED 2,500 and a maximum of AED 7,500.

1% – 1.5% Processing Fee

Auto Finance - FAQ's

AED 5,000-19,999

AED 20,000-49,999

No valuation fee

Auto Finance - Upgrade your experience

Upgrade your experience

Terms and Conditions Notification

Eligibility & Fees

Get your Auto Finance in just a few steps

Divider title with apply now - You’re a few minutes 

You need to:
<ul>
<li style="font-weight: 400;" aria-level="1">Pay all instalments and other amounts due on the 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 application form in detail.</li>
<li style="font-weight: 400;" aria-level="1">Regularly check our website <a href="http://www.rakbank.ae/">www.rakbank.ae</a> for updates.</li>
<li style="font-weight: 400;" aria-level="1">Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form.</li>
<li style="font-weight: 400;" aria-level="1">Notify the Bank in writing if you wish to prepay your Finance prior to its maturity.</li>
</ul>
 Warnings
<ul>
<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 below.</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 default profit at the rates described below.</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 a default and the Bank will be entitled, among other things, to:</li>
</ul>
(a) Cancel the Finance and demand full payment immediately;
(b) Report the default to the appropriate regulatory authorities&nbsp; and credit rating agencies, which will affect your credit rating; and 
(c) Bring legal proceedings against you and repossess the mortgaged vehicle.
&nbsp;

Customer Obligations

Fully loaded with options

Your car isn’t the only thing that has options, a RAKislamic Auto Finance has, too! 
We provide Finances for a wide variety of vehicle categories: new and used cars, sports and luxury cars, light commercial vehicles, such as buses, pick ups, and trucks, and motorbikes. 
Whatever vehicle you need, we’ve got your wheels!

Auto Finance - We’re here to help

FAQ Accordion Items

RAKIslamic-Auto-Finance.jpg

Islamic Auto Finance

Non-payment penalty charges

Terms and Conditions

Benefits

Tabbed Box

Maximum finance amount of up to AED 750,000

Max loan amount: Up to AED 750,000

Maximum finance amount at 50% DBR

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

FAQ’s Help Card - Islamic

FAQs

<ul>
<li>UAE nationals and expat residents</li>
</ul>

Self-employed individuals

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

Auto Finance - Processing Fees: 

Question (2)

Google Recaptcha Config

Minimal formalities

Now you can drive away with your dream car faster than ever before. 
RAKislamic Auto Finance ensures minimum formalities and flexible payment periods that will put you in the driver’s seat quickly and conveniently.

<ol>
<li>Your Emirates ID</li>
<li>Your Passport with valid residency visa</li>
<li>Any of the following proof of income</li>
</ol>
<ul>
<li>Salary Certificate</li>
<li>Bank Statements</li>
<li>Payslips</li>
<li>Labour Contract</li>
</ul>