Amal Business Finance provides small and medium sized companies the freedom to soar to greater heights.
RAK BANK Amal Business Finance Features:
- Collateral Free.
- Low Profit rates.
- Minimum documentation.
- Quick approvals.
- Minimum age of business – 6 Months
- Administrative Charges in respect of Early Settlement – Up to 5% of the value of the outstanding Commodity (i.e. early delivery of the Salam Commodity)
- Flexible repayment periods of up to 72 months.
- It could go up to 3 to 5 years or maximum 6 years depending on the eligibility.
- High Finance amounts of up to AED 2.5 million
- A fee up to a maximum of 3% of the Salam purchase Price
- Free for life Amal Business Titanium Credit Card with an additional credit limit of up to AED 200,000
- Islamic Finance
- If Business is less than 3 years – 26%
- If Business is more than 3 years – 21.6%
Fees and Charges:
Administrative Charges in respect of Partial Settlement – Up to 2% of the value of the outstanding Commodity
(i.e. early delivery of part of the Salam Commodity)
Late Payment Fee:
- 1st Installment – AED 150
- 2nd Installment – AED 400
- Subsequent Installment – AED 500
- Finance Statement – AED 500
- Clearance letter – AED 100
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The calculated Annual Percentage Rate(APR) is determined using the annual interest rate on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.