Who can apply for the Rakbank Auto Loans
Before learning how to apply for the Rakbank Auto Loans, check your eligibility! UAE Nationals, Residents, and Expatriates who are looking to purchase a new or pre-owned vehicle. Applicants must be at least 21 years old and employed with a stable income, typically with a minimum monthly salary of AED 5,000. The employment should be backed by at least six months of tenure or, for self-employed individuals, a valid trade license and business history.
Salaried employees should ideally have their salary transferred to a UAE bank, with preference given to those transferring to Rakbank. Loan approval is also contingent on a good credit score and acceptable debt-to-burden ratio (DBR), assessed via AECB.
The loan amount is typically tied to the vehicle’s invoice value, with a required down payment of 20%. Rakbank may approve up to 80% of the car’s cost, with a maximum repayment period of 60 months.
Required documentation
To apply for a Rakbank Auto Loan, applicants need to provide a valid Emirates ID and passport copy with visa page for expatriates. A recent salary certificate is required for salaried applicants, along with bank statements from the last three to six months. Self-employed individuals will need to present a valid trade license, audited financial statements, and proof of business operation. Keep reading to learn how to apply for the Rakbank Auto Loans!
A completed application form must be submitted along with signed consent for a credit check through Al Etihad Credit Bureau. The bank will also request a vehicle quotation or invoice from an approved dealership or car seller. In the case of used cars, a valuation report may be required.
A tip for your wallet!
Before signing up for the Rakbank Auto Loan, make sure you shop around for the best deals on both new and used cars. Compare offers not only based on car price, but also on long-term ownership costs such as insurance, fuel efficiency, and maintenance. Keep reading to learn how to apply for the Rakbank Auto Loans!
Use Rakbank’s online loan calculator to estimate your monthly repayments and make sure your DBR remains within range. If you’re considering switching from a high-interest car loan, Rakbank’s low flat rate and quick approval process can help you save significantly. Financing through Rakbank may also qualify you for exclusive deals with partner dealerships.
How to Apply for the Rakbank Auto Loans?
How to Apply for the Rakbank Auto Loans – The Rakbank Auto Loan is the vehicle to your next adventure, applying is easier than ever. Start by gathering the necessary documents and confirming your eligibility based on income, employment, and the type of car you’re purchasing.