| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Ajman Bank - Individual Standard Car Loan
|
Minimum Salary: AED 5,000 | Salary Transfer: No | Early Settlement Fees: 1% | Maximum Term: 5 Years | Flat Rate: 3.05% | Reducing Rate: 5.53% |
Individual (Salaried or Self Employed) who are interested in buying their own dream car, the car must be in the UAE and these cars can be New or Used cars. In addition to the option of buying the car, Ajman bank offers to finance the car accessories & Insurance and service contract to all customers.
Benefits:
- Minimum Salary AED 5,000
- Competitive Profit Rates
- No Salary Transfer is required
- Maximum Finance amount up to AED 500,000
- Maximum Finance tenure up to 5 years
- Takaful (Insurance), service contract and the accessories can be financed
- Finance available for new and used cars,
- First Installment within 90 days for new cars and 60 days for used cars
- Quick and Fast Approvals.
- Duly completed and a signed application form
- Valid passport/Khulasat al Khaid Copy/Valid visa/UAE National ID
- 3 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
