EMI Free Loan

Reduce your Monthly Loan Payments by as much as 40%*

This won't impact your CIBIL score

So, how does the EMI Free Loan work?

Just like any other term facility, based on your requirement or eligibility, a particular loan amount is disbursed directly into your savings account.

Interest is calculated from the date of disbursal and accrued in your loan statement. Same has to be paid on 7th of the following month. Since, this is interest only payment, your principal amount remains unchanged, till the day you make bullet repayment towards Principal reduction. Once the principal payment is realized in the loan account, your total outstanding loan balance reduces and fresh interest calculations are effected based on new outstanding.
Monthly cash outflow under this product are lower by 40%* as compared to regular Personal Loan products.

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Why EMI Free Loan from us?

Unique Product

This is first such offerring for salaried employees in India

Expense Management

It gives you complete control on your cash flow


You have choice to increase or decrease Principal repayment

Turnaround Time

Disbursal or cash transfer to your account within 24 hours

Check My Rate

So Simple

Three easy steps to disbursal

Online sanction

Fill your information online, and upload or mail basic docs as per your convenience.

Record your preferred time for Representative Visit

Download documents as per checklist, sign and handover to our representative

Seek Disbursal

Once the document reaches our office, post verification we will activate disbursal

Product Suite

EMI Free Loan EMI Free Loan
Personal Overdraft Personal Overdraft
Personal Loan Personal Loan
Credit Card Takeover Credit Card Takeover
Advance Salary Advance Salary
Rental Deposit Rental Deposit
Wedding Loan Wedding Loan
Holiday Loan Holiday Loan
Premium Bike Loan Premium Bike Loan
Being Human ECycle Being Human ECycle

Frequently Asked Questions

Are there any charges for taking a Salary Advance?
Yes, charges will apply as per the current Service & Price guide.
Who is entitled for a Salary Advance?
Salaried Professional with a salary of Rs 30,000 and above.(Subject to receiving a minimum of three salaries credited to the account).
What is the eligibility for a Salary Advance?
Amount payable would be subject to credit approval.
What is Salary Advance?
A Salary Advance is a temporary advance against salary or pension, where your salary is transferred directly to RAKBANK. This advance is repaid by the following month’s salary credited into the account.