Minimum Salary Salary Transfer Early Settlement Fees Maximum Term Flat Rate Reducing Rate
RAKBANK - RAK Auto Loan RAKBANK - RAK Auto Loan Minimum Salary: AED 5,000 Salary Transfer: Yes Early Settlement Fees: 1% Maximum Term: 5 Years Flat Rate: 2.7% Reducing Rate: 4.98%
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RAKBANK Car Loans ensures minimum formalities and flexible repayment periods, that put you in the drivers seat quickly and conveniently.

Features & Benefits:
  • Minimum 20% down payment required for Salaried Customers, and from 0% Down Payment for All Business & Self Employed Customers
  • No salary transfer needed for salaried customers
  • No hidden charges
  • Finance available up to AED 3,000,000 for business customers and up to AED 500,000 for salaried customers
  • Finance available for new companies with Length of Business from 6 months onwards
Additional Benefits:
  • First installment after 60 days.
  • Finance available for Insurance, Rust proofing, service and maintenance contracts, and GAP if required
FEES AND OTHER CHARGES:

SALARIED:

Cheque Presentation:
  • Cheques presented through clearing - Free
  • Cheques presented through collection - Free
  • Cheque return charges - AED 200
  • Security Cheque return (on maturity of the loan) - AED 100
Late Payment Of Instalments:
  • 1st instalment - AED 300
  • 2nd instalment - AED 400
  • 3rd instalment - AED 550
  • 4th instalment - AED 550
Instalment Deferment:
  • Each request - AED 100*
  • Early settlement of loan (on outstanding balance) - 1%
  • Part settlement charges (per instalment) - 1% of advance payment
  • Interest deferment (up to 60 days) - As per applied interest rate
Other Charges:
  • Liability Certificate - AED 100
  • Change of post dated cheques (each occasion) - Free
  • Cash Payment (Cheque requested by customer) - AED 25
  • Change of number plate/colour/registration/ownership** - AED 200 (with a refundable security deposit from AED 1000 up to full outstanding amount)
  • Release letter (valid for 45 days) - Free
  • Duplicate release letter - AED 200
  • Temporary release letter - AED 200
  • Loan cancellation fees - AED 1000
  • Post-approval amendment request - AED 100
  • Processing fees for Salaried Individuals - 1% (min. AED 500, max. AED 2500/-)
BUSINESS: Cheque Presentation:
  • Cheques presented through clearing - Free
  • Cheques presented through collection - AEd 55
  • Cheque return charges - AED 200
  • Security Cheque return (on maturity of the loan) - AED 100
Late Payment Of Instalments:
  • 1st instalment - AED 300
  • 2nd instalment - AED 400
  • 3rd instalment - AED 550
  • 4th instalment - AED 550
Instalment Deferment:
  • Each request - AED 200*
  • Early settlement of loan (on outstanding balance) - 5%
  • Part settlement charges (per instalment) - AED 100
  • Interest deferment (up to 60 days)* - As per applied interest rate
Other Charges:
  • Liability Certificate - AED 250
  • Change of post dated cheques (each occasion) - AED 200
  • Cash Payment (Cheque requested by customer) - AED 25
  • Change of number plate/colour/registration/ownership* - AED 200 (with a refundable security deposit from AED 1000 up to full outstanding amount)
  • Release letter (valid for 45 days) - AED 50
  • Duplicate release letter - AED 200
  • Temporary release letter - AED 200
  • Loan cancellation fees - AED 1000
  • Post-approval amendment request - AED 100
  • Processing fees for Salaried Individuals - 1% (min. AED 500, max. AED 5000/-)
Eligibility:
  • RAKauto Loans are offered to all UAE nationals, GCC nationals and expatriates holding a valid UAE residence visa. It is available for individuals as well as company purchases
  • Minimum age requirements are 18 years and six months for registration and 20 years and six months for cheque payers
Documents Required:
  • Driver's license
  • Salary certificate
  • Bank statement
  • Vehicle quotation
  • Security cheque
  • Passport and visa copy
** Calculator Definitions
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.
Representative Example Calculator
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