Ajman Bank – Individual Standard Car Loan
Minimum Salary
AED 0
Monthly Payment
AED 0
Down Payment
25%
Flat Rate
3.05%

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Benefits:

  • Minimum Salary Requirement: AED 5,000.
  • Competitive Profit Rates: Attractive rates for financing.
  • No Salary Transfer Required: Flexibility in salary transfer.
  • Maximum Finance Amount: Up to AED 500,000.
  • Maximum Finance Tenure: Up to 5 years.
  • Comprehensive Financing: Includes Takaful (insurance), service contract, and accessories.
  • Available for New and Used Cars: Financing options for both types.
  • Deferred First Installment: First installment can be made within 90 days for new cars and 60 days for used cars.
  • Quick and Fast Approvals: Efficient processing and rapid approval.

Required Documents:

  • Completed Application Form: Duly filled and signed.
  • Identification Documents: Valid passport, Khulasat al Khaim, valid visa, or UAE National ID.
  • Bank Statement: Last 3 months of bank statements.
  • Labour Card Copy: For verification of employment.
  • Salary Certificate: To confirm income.
  • Trade License Copy: For self-employed individuals.
  • Car Quotation/Evaluation: Quotation from a franchise dealer or evaluation from an approved evaluator.
Calculator Terminology

Principal Amount: The initial amount of money borrowed.

Annual Interest Rate (%): The yearly interest rate applied to the loan or credit product, also known as APR in this context.

Loan Term (Years): The original duration of the loan or credit agreement, stated in years.

Effective Monthly Payment: The total monthly payment that accounts for all fees and associated costs related to the product.

Calculated Annual Percentage Rate (APR): The APR is computed using the annual interest rate along with fees and other expenses. It serves as a standardized measure for comparing the overall cost of different products with varying interest rates and fee structures across different financial institutions.

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