Ajman Bank Personal Loan

Ajman Bank is a completely Shariah-compliant Islamic Banking organization that started its operations out of Ajman in 2009.

The Ajman Bank personal loan does not charge interest and offers a completely candid schedule of charges, which are some of the defining characteristics of a Shariah-compliant loan. In addition to the numerous benefits that Ajman Bank personal loans offer to its customers, the bank also makes incredibly generous donations to the emirate of Ajman itself. 

Ajman Bank Personal Loan Details

The Ajman Bank personal loan offers a highly competitive profit rate, which is set as per the bank’s discretion. The table below details the best Ajman Bank personal loans and their biggest features: 

Category Sub-Category Max Loan Amount (for UAE nationals) Max Loan Amount (for Expatriates) Tenor

Commodity Murabaha

Standard Murabaha

AED 3 million

AED 1 million

4 years

Takeover Murabaha

AED 4.5 million

Only available for UAE nationals

25 years

 Good Murabaha

 

AED 3 million

AED 1 million

4 years

Service Ijarah

Standard Ijarah

AED 3 million

AED 1 million

4 years

 Education Ijarah

AED 750,000

AED 750,000

4 years

Hajj Ijarah

AED 300,000

AED 300,000

4 years

(Updated – March 2020) 

Types of the Ajman Bank Personal Loan

The Ajman Bank personal loan is available in an exciting mix of varieties. Listed below are the features and benefits of the many categories of Ajman Bank personal loans in Dubai and the UAE.

Commodity Murabaha

This form of Ajman Bank personal loan allows cardholders to pay off their existing debts and even consolidate all of their existing loans into the Ajman Bank personal loan (for UAE nationals exclusively), and is available in two forms: 

1.     Standard Murabaha

  • Provides cash with the help of Commodity Murabaha
  • Formulated as per the Murabaha The Islamic financing structure for UAE nationals, it provides finance up to AED 3,000,000
  • Provides finance up to AED 1,000,000 for Expats
  • Easy documentation
  • Prompt Processing
  • Up to 4 years of repayment tenure
  • Offers credit card (pre-approved)

Eligibility

Documents Required

Minimum Salary

  • For UAE Nationals- AED 8,000
  • For Expats- AED 6,500
  • Duly filled application form
  • Passport copy + Expat’s Residence Visa
  • Copy of Emirates ID
  • Salary Transfer Letter/ Salary Certificate issued by the employer
  • Bank statements of 3-6 months


The interest rate and charges for this loan type are:

  • Processing Fee-1% of the loan amount (Minimum- AED 500, Maximum-AED 2500)
  • Early Settlement Fee- 1% of the remaining amount or AED 10,000
  • Fee for Deferment Of Installment – AED 100 per deferment
  • Takaful Charges- 1% of the loan amount
  • Late Fee- 2% of the late amount ( Maximum- AED 200)
  • Facility Cancellation Charges- AED 100
  • Salary Advance Charges- AED 300
  • Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25 

2.     Takeover Murabaha

  • Offers debts consolidation for only UAE Nationals by taking over the liabilities (excluding home finance) fromother financial institutions and banks
  • Offers high liquidity
  • Facility offered with the help of Commodity Murabaha
  • Formulated as per the Murabaha Islamic financing structure.
  • For UAE nationals, provides finance up to AED 4,500,000
  • Easy documentation
  • Prompt Processing
  • Up to 25 years of repayment tenure 

Eligibility

Documents Required

Minimum Salary

  • AED 20,000
  • Duly filled application form
  • Passport copy + Expat’s Residence Visa
  • Copy of Emirates ID
  • Salary Transfer Letter/ Salary Certificate issued by the employer
  • Bank statements of 6 months
  • Liability Letter issued by the existing bank

 

The interest rate and charges for this loan type are:

  • Processing Fee-1% of the loan amount (Minimum- AED 500, Maximum-AED 2500)
  • Early Settlement Fee- 1% of the remaining amount or AED 10,000
  • Fee for Deferment Of Installment – AED 100 per deferment
  • Takaful Charges- 1% of the loan amount
  • Late Fee- 2% of the late amount (Maximum- AED 200)
  • Facility Cancellation Charges- AED 100
  • Salary Advance Charges- AED 300
  • Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25

Goods Murabaha

This Ajman Bank personal loan offers the same cost-plus financing solution as mentioned above, however it does so for goods such as electronic appliances, house furnishing and more. The features and benefits of this loan are:

  • UAE Nationals can get an Ajman bank personal loan for up to AED 3,000,000
  • Expats can get an Ajman bank personal loan for up to AED 1,000,000
  • Shariah-compliant
  • Easy documentation
  • Quick processing
  • Up to 4 years of repayment tenure
  • Offers credit card (pre-approved) 

Eligibility

Documents Required

Minimum Salary

  • For UAE Nationals- AED 8,000
  • For Expats- AED 6,500
  • Duly filled application form
  • Copy of Passport
  • Residence Visa for expatriates
  • Copy of Emirates ID
  • Bank statement of 3/6 months
  • Salary Transfer Letter/ Salary Certificate issued by the employer
  • Quotation of the required goods addressed to the bank

 

The interest rate and charges for this loan type are:

  • Processing Fee-1% of the loan amount (Minimum- AED 500, Maximum-AED 2500)
  • Early Settlement Fee- 1% of the remaining amount or AED 10,000 (whichever is lower)
  • Fee for Deferment Of Installment – AED 100 per deferment
  • Takaful Charges- 1% of the loan amount
  • Late Fee- 2% of the late amount (Maximum- AED 200)
  • Facility Cancellation Charges- AED 100
  • Salary Advance Charges- AED 300
  • Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25 

Service Ijarah

Ijarah Ajman Bank personal loans are exceptionally adept at financing immediate service requests. Applicants may buy Ajman Bank personal loans under three categories of Ijarah: 

1.  Standard Ijarah

This form of Ijaraha Ajman Bank personal loan incorporates all forms of Service request except for Educations and Hajj expenses (which are the other two categories of Ijarah Ajman Bank personal loans).

  • Offers Personal Finance as per Islamic structure of Service Ijarah
  • Expats can get up to AED 1000,000
  • UAE nationals can get up to AED3,000,000
  • Up to 4 years of repayment tenure
  • Quick and easy processing
  • Simple documents required
  • Offers credit card (pre-approved) 

2.  Education Ijarah

  • Expats and UAE nationals can get finance up to AED 750,000
  • Up to 4 years of the repayment term
  • Quick and easy processing
  • Simple documentation
  • Offers credit card (pre-approved) 

3.  Hajj Ijarah

  • Expats and UAE nationals can get a loan up to AED 300,000
  • Up to 4 years of the repayment term
  • Quick and easy processing
  • Simple documentation
  • Offers credit card (pre-approved) 

Eligibility

Documents Required

Minimum Salary

  • For UAE Nationals- AED 8,000
  • For Expats- AED 6,500
  • Duly filled Application Form
  • Passport copy plus Residence Visa for Expats
  • Copy of Emirate ID
  • Quotation of the required services addressed to the bank
  • Salary Transfer Letter/ Salary Certificate issued by the employer
  • Bank statement (3/6 months) 

 

The interest rate and charges for this loan type are:

  • Processing Fee-1% of the loan amount (Minimum- AED 500, Maximum-AED 2500)
  • Early Settlement Fee- 1% of the remaining amount or AED 10,000
  • Fee for Deferment Of Installment – AED 100 per deferment
  • Takaful Charges- 1% of the loan amount
  • Late Fee- 2% of the late amount (Maximum- AED 200)
  • Facility Cancellation Charges- AED 100
  • Salary Advance Charges- AED 300
  • Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25 

FAQs

Q.1.   What is Islamic Banking? 

Ajman Bank personal loans follow the principles of Islamic Banking. This means the offered loan is fully Shariah-compliant. Islamic Banking personal loans do not charge interest and typically have a completely candid system of fees and charges.

Q.2.   Does the Ajman Bank personal loan offer insurance?

Yes, the best Ajman Bank personal loans allow customers to apply for life insurance for just 1% of the total finance amount. This Shariah-compliant insurance policy is referred to as Takaful.

Q.3.   What are the late payment fees for an Ajman Bank personal loan? 

Loan holders are liable to pay a late penalty fee of up to 2% of the missed Ajman Bank personal loan installment amount (capped at AED 200). This late payment charge is donated to a charity of Ajman Bank’s choosing.

Q.4.   What other financing solutions does the Ajman Bank offer? 

In addition to buying an Ajman Bank personal loan, applicants can also enjoy the excellent Shariah-compliant financing solutions for property, auto, and salary advance categories.

Q.5.   Are there any other charges associated with the Ajman Bank personal loan? 

Ajman Bank personal loans in Dubai and other Emirates charge a one-time processing fee of 1% of the total borrowed amount. This processing fee also has a minimum and a maximum restriction of AED 500 and AED 2,500 respectively.

 

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