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The Hospital Cash Benefit policy provides you with a daily cash benefit if you're hospitalised for a minimum period of 24 hours due to sickness, an accident or maternity.
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RAKauto is a loan granted solely for the purchase of a motor vehicle. It is an asset secured loan mortgaged to RAKBANK over a vehicle registered with the UAE Traffic Department.
In what currency is this loan available?
RAKauto Loans are available in UAE Dirhams only.
Who is eligible for a RAKauto Loan?
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.
What is the criteria for RAKauto finance?
RAKauto Loan is a finance facility for new and used vehicles.
New vehicles are defined as first hand vehicles which are manufactured and sold during the same year through an authorized dealer in the country, and sold occasionally by reputed car dealerships and supported with proper documentation.
Used cars are second hand and above cars that exclude commercial vehicles, and must be evaluated from dealers as per RAKBANK’s approved list of dealers.
What vehicles will RAKBANK finance?
Standard vehicles, namely saloon cars and 4 wheel drives (passenger vehicles) and non-standard vehicles, namely sports and commercial vehicles up to 4.5 tons and luxury cars.
Can the car financed be registered in any Emirate?
Yes, the car can be registered anywhere in the UAE subject to the approval of both RAKBANK and the Traffic Department.
Is salary transfer mandatory to RAKBANK?
No, salary transfer to RAKBANK is not mandatory to obtain vehicle financing.
What is the minimum salary for RAKauto finance?
The minimum gross monthly salary is AED 5,000 for specific vehicle models.
Is a down payment required?
Down payments are not required by customers, subject to profile. Certain approvals may be given with a specific percentage of down payment required from the customer.
What is the minimum age for a RAKauto Loan customer?
Minimum age requirements are 18 years and six months for registration and 20 years and six months for cheque payers.
