‘Retailers’ in UAE who seek to boost their working capital and expand their business can now avail a Loan against Point of Sale receivable through RAKBANK. Additionally we can acquire existing POS loan customers with satisfactory track record from other banks through a POS Takeover.
Features & Benefits:
- Higher loan eligibility for businesses with repayment option up to 60 months
- Collateral free loan with competitive interest rates
- POS receivable of any POS service provider can be assigned
- Bank Policy to apply
- Minimum Annual Revenue: 300K in 6 months
Early Settlement Fees:
- 5% of the Outstanding
- Minimum age of business: 1 Year
- Constitutional Documents
- POS assignment Letter
- Bank statements
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.