Profit rates starting from

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.


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Personal Finance (Salary Transfer)

Personal Finance

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Eligibility & Fees

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Conventional Personal Loan

Note, installment amount is divided by payment and profit rate. Towards the beginning of your personal finance, the majority of the payment is profit.

Processing fee: 1% of finance amount (min AED 500, max AED 2,500)

Benefit from our competitive rates on your existing finance

Personal Finance (Salary Transfer) - Hassle-free finance transfers

You can benefit from the exceptional RAKislamic terms even on your existing finance from other providers. We’ll close your existing finance and top up your RAKislamic Personal Finance amount. No minimum balance required. 
You can benefit from this service after 6 months of regular payments.

Hassle-free finance transfers

Application Form and Terms & Conditions 

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AECB Enquiry Form

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Agent Details

Service and Price Guide

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<ul>
<li>Minimum monthly salary of AED 5,000 with a minimum six months of employment</li>
</ul>

Personal Finance (Salary Transfer)  - Salaried individuals

Personal Finance (Salary Transfer) - Eligibility

Profit rates starting from 5.49% reducing rate p.a.

Starting profit rate at 5.49% reducing rate p.a.

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.


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Branches & ATMs

Personal Finance (Salary Transfer) - Flexible payment periods

Take control over your settlement terms. You can split your monthly payments over a period ranging from 6 to 48 months depending on what matches your financial plans and affordability.

Flexible payment periods

*minimum AED 500, maximum AED 2,500

Personal Finance (Salary Transfer)  - Fees

Fees

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Minimum monthly salary / income: AED 5,000 or above

Min monthly salary/income AED 3,000 or above

AED 50,000-above

Personal Finance (Salary Transfer) - Fees

Non-payment penalty charges

Max loan amount: Up to AED 2,250,000

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No valuation fee

Personal Finance (Salary Transfer) - Low documentation fees

We keep our documentation, due diligence and processing fees at a low rate of 1% of the finance amount (minimum AED 500 and maximum AED 2,500), payable when the finance is issued.

Low documentation and processing fees

Low documentation fees

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Personal Finance (Salary Transfer) - Terms and Conditions Notification

Important Information

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Personal Finance (Salary Transfer) - Competitive profit rates

Profit rates range from 5.49% to 19.99% reducing rate p.a. depending on the finance amount. Check out our finance calculator tool to find out your expected settlement amounts.

Competitive profit rates

Personal Finance (Salary Transfer)  - Terms And Conditions

Terms and Conditions

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Personal Finance (Salary Transfer) - Cross Sell

<ul dir="ltr">
<li>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>The Bank may amend the profit rates for the Finance with 30 days&rsquo; notice to you in advance.</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 as per the Service and Price Guide.</li>
<li style="font-weight: 400;" aria-level="1">If you are late in payment or fail to make a delivery on the due date, you will pay donation amount at the rates described in the Service and Price Guide.&nbsp;</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 and credit rating agencies, which will affect your credit rating;
(c) Bring legal proceedings against you.

Personal Finance (Salary Transfer) - Important Information

AED 5,000-19,999

AED 20,000-49,999

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Upgrade your experience

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Max tenor: 48 months

Deferral allowed

<ul>
<li>UAE residents and resident expats</li>
</ul>

Residency

<ul>
<li>21 years or over</li>
</ul>

Personal Finance (Salary Transfer) - Terms and Conditions

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

Personal Finance (Salary Transfer) - Processing Fees

Benefits

<ul>
<li>As the Personal Finance is being repaid in equal monthly instalments, customers need to ensure that they are financially capable of paying the Finance each month through the Finance tenure.</li>
<li>No more than 2 instalment deferrals are allowed in a year.</li>
<li>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>
</ul>
&nbsp;
Customer Obligations
You need to:&nbsp;
<ul>
<li> Pay all instalments and other amounts due on the due dates without delay.</li>
<li> Review this document and all other terms and conditions set out in the application form in detail.</li>
<li> Regularly check our website (www.rakbank.ae) for updates.</li>
<li> 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> Notify the Bank in writing if you wish to prepay your Finance prior to its maturity.</li>
</ul>

Personal Finance (Salary Transfer) - Risks and Limitations 

Eligibility

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

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FAQs

Based on the contract of Service Ijarah, service finance from RAKislamic provides you with the funds you need for big expenses. Easily apply and get benefits.


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Service Finance

Auto Finance

Own the roads with RAKislamic Auto Finance

 Putting you in the driver's seat sooner


RAKislamic Auto Finance

Personal Finance (Salary Transfer) - With Salary Transfer

 With Salary Transfer

Maximum finance amount up to 20 times the gross income

Max finance amount up to 20x gross income

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No downpayment required

<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>

Visit A Branch

A specialist will be able to assist you with the process

Visit a branch

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Indicative Personal Finance Calculator

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Finance Features

Based on the contract of Salam, RAKislamic Personal Finance gives you the convenience you need with flexible payment options for expats, UAE Nationals and Armed Forces staff.

Sharia-compliant Personal Finance

Open to expats, UAE nationals and Armed Forces staff

Open to Expat Residents only

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

Download the RAKBANK 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

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Bank on the go anytime, anywhere

Personal Finance (Salary Transfer) - Quick approvals 

Benefit from a swift approval for your Personal Finance. You’ll have your finance issued within days of submitting your request, subject to conditions.
 
Plus, you'll also receive a free RAKislamic Debit Card and personalised chequebook upon registration.

Quick approvals and easy documentation

Quick approvals 

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