RAK BANK Business Loans are like a helping hand for businesses. Whether you have a small or big business dream, RAK BANK Business Finance supports you financially. They offer loans that can be used for various business needs, like expanding your shop, buying new equipment, or managing your cash flow. The best part is that the RAK BANK loan procedure is simple. You can apply easily, and they consider your business's unique situation. So, if you're thinking about giving your business a boost, RAK BANK Business Loans could be the solution you're looking for.
Documents Needed
Grow your business with RAK BANK Business Loans! These loans are designed for small and medium-sized companies to meet their short- to medium-term needs easily. The best part? The application process is straightforward, and you only need minimal documentation.
The required documents are:
A current trading license
Valid visa, passport, and EID (for all shareholders and signatures)
VAT filings and bank statements
Business documents, including shareholder resolutions, memorandums, and account directives; these include constitutional documents.
Documents pertaining to the company's location, such as lease agreements and Ejaris, if relevant
Information and paperwork related to banking or lending assessments (if and as relevant)
Ability to fulfil the lending requirements of the Bank
Requirements
The fundamental eligibility criteria for obtaining a RAK BANK business loan include:
Key Features
The main factors for opting for RAK BANK business financing include:
No collateral loan
Express service is also available.
low interest rate (from 21% to 25% reduction)
Excessive loan amounts up to AED 3,000,000*
Repayment terms that are adjustable, up to 60 months*
Minimal record-keeping
Important Terms and Conditions
When selecting a RAK BANK business loan, it is crucial to bear in mind the following key considerations:
With 60 Days' notice, the Bank may change the terms and conditions, fees, charges, and loan features.
The Bank may change the loan's interest rate with 30 days notice to you.
Client Responsibilities
You must have one for the payment or EMI to be paid from your bank account. The Terms and Conditions Governing Business Accounts, available online, shall regulate how the current account is used.
Make prompt payments of all installments and other amounts owed on the due dates.
Examine this document carefully and all other terms and conditions included in the facility documents and application form.
If your business income data, contact information, postal or physical address, financial information, business activity changes, or any other material information disclosed in the facility documents/application form or otherwise communicated to the Bank changes, you must notify the Bank in writing.
Keep private banking information safe, including your account number, chequebook, debit card, login ID, passwords, and PIN.
Notify the Bank in writing if you want to prepay your loan before it matures, and notify the Bank before making any changes to the ownership or management of the company as stated during the application process and request consent.
Connect with us
Simplify the Rak bank loan procedure effortlessly by engaging with the experts at Dhanguard. Our banking solutions offer a secure and user-friendly platform, ensuring that you have everything necessary to manage your business finances efficiently. Benefit from our expertise to sail through the complexities, making the entire procedure of RAK bANK business loan easy and hassle-free.
