| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Ajman Bank - Service Ijarah
|
Minimum Salary: AED 6,500 | Salary Transfer: No | Islamic Finance: Yes | Maximum Term: 4 Years | Flat Rate: - | Reducing Rate: - |
Want to take the family for a dream vacation? Or Want to finance children's education? Or suffering from an unexpected health condition? Or Need advance rent? Or Want to finance your child's wedding? Ajman Bank Personal Finance offers all of the above through Islamic structure of Service Ijarah; a transaction where bank will purchase the service as requested by the customer and give the customer, the right to use it and the benefits of the service for a predetermined period of time and in return the customer will pay a pre-determined agreed rent.
Features–Education Finance
- Up to AED 750,000 finance for UAE Nationals & Expatriates
- Minimum Salary of AED 6,500 for Expatriates & AED 8,000 for UAE Nationals
- Repayment tenor of up to 4 years
- Simple documentation
- Quick processing
- Pre-Approved Credit Card with lifestyle benefits
Features–Hajj & Umrah Finance
- Up to AED 300,000 finance for UAE Nationals & Expatriates
- Minimum Salary of AED 6,500 for Expatriates & AED 8,000 for UAE Nationals
- Repayment tenor of up to 4 years
- Simple documentation
- Quick processing
- Pre-Approved Credit Card with lifestyle benefits
Required Documents
- Quotation of the required services addressed to Ajman Bank
- Application Form
- Copy of Passport (with Residence visa for expatriates)
- Emirates ID Card Copy
- Salary Certificate / Salary Transfer Letter from the employer
- 3 / 6 months bank statement
Features
- Up to AED 3,000,000 finance for UAE Nationals
- Up to AED 1,000,000 finance for Expatriates
- Minimum Salary of AED 6,500 for Expatriates & AED 8,000 for UAE Nationals
- Repayment tenor of up to 4 years
- Simple documentation
- Quick processing
- Pre-Approved Credit Card with lifestyle benefits
** 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
