| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Ajman Bank - Takeover Finance - UAE Nationals Only
|
Minimum Salary: AED 20,000 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 25 Years | Flat Rate: 3.17% | Reducing Rate: 5.75% |
Ajman Bank Personal Finance offers consolidation of debts for UAE Nationals i.e. takeover all customer liabilities (except home finance) from other banks & financial institutions to enjoy the lower instalment and high liquidity. The facility is offered through Commodity Murabaha which is based on the Islamic financing structure of Murabaha.
Features
- Up to AED 4,500,000 finance for UAE Nationals
- Repayment tenor of up to 25 years
- Simple documentation
- Quick processing
Documents Required
- Application Form
- Copy of Passport
- Emirates ID Card Copy
- Salary Certificate / Salary Transfer Letter from the employer
- 6 months bank statement
- Liability Letter from existing bank
Additional Information
UAE Nationals: a) Salaried - AED 15,000
b) Self Employed - AED 25,000
** 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
