Who can apply for the Rakbank Personal Loans
How to Apply for the Rakbank Personal Loans – The loan is available for both UAE nationals and expatriates. To be eligible, you must be currently employed with a salary transferred to a UAE bank account—preferably with RAKBANK, but not mandatory in all cases.
Most applicants will need to meet a minimum income requirement, generally starting at AED 3,000 to AED 5,000 per month. Your employer must also be listed or approved by RAKBANK. Age is another factor: you must be at least 21 years old at the time of application and not older than 60 (or 65 for UAE nationals) at the time of final repayment.
A stable employment history—typically six months or more with your current employer—improves your chances. Self-employed individuals may be eligible under specific loan products but require additional documentation. A clean credit history and satisfactory score with AECB (Al Etihad Credit Bureau) is essential. Keep in mind, final eligibility may vary depending on your personal profile and the bank’s internal credit assessment.
Required documentation
To apply for the Rakbank Personal Loan, you’ll need to provide a valid Emirates ID along with a copy of your passport, including the residence visa page. A recent salary certificate or any valid proof of income is essential to confirm your employment and earnings.
The bank typically requires bank statements from the last three to six months to assess your financial activity and consistency. In some cases, an employment confirmation letter may be requested to verify job stability. You’ll also need to submit post-dated cheques or authorize a direct debit from your salary account. Completing the official loan application form and signing the AECB consent form for your credit history check are mandatory steps. Keep reading to learn how to apply for the Rakbank Personal Loans!
If you’re self-employed, you must also include a copy of your valid trade license. Proof of residence—such as a utility bill or rental contract—is required to confirm your address.
A tip for your wallet!
Before applying, use Rakbank’s personal loan calculator to simulate your monthly payments based on the amount and term you need. This helps you visualize how your budget will change and prevents surprises later. Always compare loan offers not just by the interest rate, but also by fees, early settlement penalties, and flexibility in repayment. Keep reading to learn how to apply for the Rakbank Personal Loans!
If your goal is to refinance an existing loan, confirm whether your current bank charges exit fees—and how much Rakbank will cover, if any. Planning ahead gives you stronger negotiating power and more peace of mind.
How to Apply for the Rakbank Personal Loans?
How to Apply for the Rakbank Personal Loans – gather your documents and review the eligibility checklist. The application process can be completed online through the RAKBANK app or website, or at any local branch.