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
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
Business vehicle finance
Yes
Only for listed companies
No
Down Payment
20%
Heavy vehicle finance
No
Insurance/takaful
No
Max. finance amount
AED 3,000,000 for business customers and 500,000 for salaried customers
Maximum Tenure
5 Years
Minimum Salary
AED 5000
Auto type
New Cars
Fixed rate
1.25%
Settlement Fee
1%
Processing Fee
No
Working Status
Both
Reducing rate
3.79%
Salary Transfer
Yes
Monthly Payment
AED 1376
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