Living in UAE can be an expensive business for many, considering how extravagantly people can live there. Not just that, but according to Mercer Cost of Living 2023, Dubai and Abu Dhabi are the 18th and 43rd priciest places to live in.
But this does not mean only the wealthy reside here; many people come from an ordinary background whose salary might amount to 3000 AED.
In that case, questions like whether the renowned Rakbank gives a personal loan in UAE with a 3000 salary come around very often. Read on to find out the answer to that.
Does Rakbank give a personal loan in UAE with a 3000 salary?
The answer is yes. Rakbank gives out loans to UAE National customers with a salary of AED 3,000.
Rakbank Personal Loan Specifications
The specialized personal loan scheme comes with many attractive specifications. They are –
- They give loans to salaried UAE National customers with a salary of AED 3,000.
- Interest Rates start from 4.99% to 19.99% with a reducing rate p.a.
- The loan can amount to up to 20 times your salary.
- You can combine all your previous loans under one to pay the dues hassle-free.
- You can also avail of Salary Advance, allowing easy access to your funds via digital banking.
- You can defer your installment twice a year.
- You get the ability to get a Top-up loan only after a year.
- Get a free RAKBANK Debit Card and a checkbook.
- Avail your RAKBANK Credit Card with no annual fee ever and low-interest rates.
- For applying instantly, they even offer customers with AECB Score >=651 to avail of an Auto Loan at a 2.85% p.a. flat rate.
What are the Risks & Limitations of this personal loan?
Every loan comes with its fair share of risks and limitations. Here is also certain clauses that you must keep in mind before applying for the loan.
- You will not have more than two installment deferrals in one year.
- You will also not get installment deferrals if the payments are irregular, if there are (DDS) returns in the last 12 months, or if your request does not follow the risk policies of the bank.
- If your salary is less than 75% of what you usually earn for three months in a row, or if you don’t receive your salary for three months continuously, you will have to pay an additional 2% interest per year on top of the original rate until the loan is settled.
Frequently Asked Questions
1. What is the minimum salary for a RAKBANK loan?
Normally, all the major banks in UAE do not provide loans to someone with a salary of less than AED 5,000. But due to excessive demands, a few banks like Rakbank give loans to people with a minimum wage of AED 3,000 as well.
2. Can I get a loan with a 2000 AED salary?
No, banks in UAE do not give personal loans to anyone with a salary of 2000 AED.
3. How can I get a loan in Dubai with a 4000 salary?
Very few banks give out loans with 4000 salaries in Dubai, but as the demands are increasing, some banks offer loans at this amount nowadays.
To apply for it, you need some documents. They are –
- You will have to submit the loan application form after carefully assessing it.
- Essential documents like a passport, VISA, etc, to confirm your identity.
- A passport and UAE Residence Visa for expatriates.
- A salary certificate or a salary transfer letter.
- Bank account statements.
- Trade license for self-employed people.
5. What is the limit of a RAKBANK loan?
The maximum limit of a Rakbank personal loan is 20 times the salary of the individual applying for the loan. The limit becomes 15 times the salary for Armed Forces Staff.
Wrapping It Up
Rakbank is one of the oldest banks in the UAE, and it has many schemes to help people in need.
Thankfully, it is also one of the few organizations that provide personal loans to low-income individuals at decent interest rates.
So, if you need a loan with a salary of AED 3,000 in UAE, they are the ones to look for.