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
• Interest Rate:
• 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
Account required
No
Finance type
No
Insurance/takaful
No
Loan Type
Islamic
Max. finance amount
2.5 million
Maximum Tenure
6 Years
Minimum Annual turnover
AED 250,000
Min Finance amount
AED 2,500,000
Processing fee
3%
Fixed rate
14.44%
Reducing rate
26.00%
Settlement Fee
2%
Time in business
6 Months
Top-up
No
Key Man Insurance
No
Processing time
No
Entity Required
Yes
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