| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Ajman Bank - 50 - 50 FINANCE
|
Minimum Salary: AED 5,000 | Salary Transfer: No | Early Settlement Fees: - | Maximum Term: 5 Years | Flat Rate: - | Reducing Rate: - |
Under this product variant, a customer approaches the Bank and requests for financing his dream car while he pays 50% of the car value to the dealer and wants to finance the other 50% with little documentation and no car restrictions.
Benefits:
- 1 Month Bank StatementFinance available New Car and Used Car
- Finance Amount up to AED 500,000
- Salaried and self-employed
- Processing Fees AED 500
Required Documents:
- Duly completed and a signed application form
- Valid passport/Khulasat al Khaid Copy/Valid visa/UAE National ID
- 1 months Bank statement
- Labour card copy
- Salary Certificate
- Copy of Trade License (Self-employed)
- Car Quotation from a franchise dealer or Evaluation from an approved evaluator
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
