Ajman Bank Personal Loan

Overview

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 benefits that Ajman Bank personal loans and credit cards offer to its customers, the bank also makes incredibly generous donations to the emirate of Ajman itself. Ajman Bank has sponsored various Ramadan feasts and nurtures mutually beneficial relationships with various government organizations such as the Ajman Municipality, the Ajman Free Zone and many more.

Type of Ajman Bank Personal Finance

Here are the different types of personal finance offered by Ajman Bank:

Features & Benefits 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). Murabaha financing is a form of Islamic Banking loan in which the bank provides funding for the purchase of a commodity or good, with additional profit charges as set by the issuer. The Commodity Murabaha Ajman Bank personal loan is available in two forms:

  1. Standard Murabaha
    Applicants who choose to buy Ajman Bank personal loans under the Standard Murabaha category offers up to AED 3 million to Emiratis and AED 1 million for expatriates. The minimum salary required for Emiratis Ajman Bank personal loan applicants is AED 8,000 and AED 6,500 for expats. This Ajman Bank personal loan also offers a maximum tenor of 48 months.
  2. Takeover Murabaha
    Only offered to Emiratis, the Takeover Murabaha finance solution is one of the best Ajman Bank personal loans for UAE nationals that would like to consolidate their monthly payments into one loan. The Takeover Ajman Bank personal loan lets UAE nationals combine all financial obligations other than home finance EMIs. This loan offers up to AED 4.5 million for an incredible tenor of 25 years. The minimum salary requirement for this Ajman Bank personal loan is AED 20,000 monthly.

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 Goods Murabaha Ajman Bank personal loans offer a maximum loan amount of AED 3 million for Emiratis and AED 1 million for expats. The minimum salary requirement for a Goods Murabaha Ajman Bank personal loan is AED 8,000 for Emiratis and AED 6,500 for expats. Applicants may avail of tenors of up to 48 months.

Service Ijarah

Ijarah Ajman Bank personal loans are exceptionally adept at financing immediate service requests, such as weddings, education bills, Hajj costs and more. Under the Ijarah Ajman Bank personal loan, the bank completely finances the requested service, allowing loan holders to pay back the full amount over a set tenor, as monthly instalments. 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 form of Service request except for Educations and Hajj expenses (which are the other two categories of Ijarah Ajman Bank personal loans). A standard Ijarah Ajman Bank personal loan offers up to AED 3 million for Emiratis and AED 1 million expats over maximum tenors of 48 months. Emirati applicants will be required to meet the monthly income requirement of AED 8,000, while expats are expected to have an income of AED 6,500 monthly.
  2. Education Ijarah
    Both UAE nationals and expats alike may avail of the very best of Ajman Bank personal loans to cover their education costs, up to a maximum amount of AED 750,000. The tenor applicable for this Ajman Bank personal loan is 4 years. Emirati applicants are required to have a monthly income of AED 8,000, while the expats should have a minimum income of AED 6,500.
  3. Hajj Ijarah
    As suggested in the name itself, a Hajj Ijarah Ajman Bank personal loan is offered to UAE national and expat applicants both, in order to cover the costs of their Hajj. This Ajman Bank personal loan may also be availed of for Umrah pilgrimages and can offer a maximum amount of AED 300,000. The applicable tenor is of 4 years and minimum income requirement of AED 8,000 for Emiratis and AED 6,500 for non-UAE nationals.

Benefits

It is clear to see that the Ajman Bank personal loan offers adept Islamic Financing for customers across a wide range of applications and in numerous formats. However, this is not all that the best Ajman Bank personal loans have to offer. Ajman Bank personal loans offer an incredibly quick and hassle-free application process, while some of the loans offer a pre-approved Ajman Bank credit card as well.

Ajman Bank Personal Loan Eligibility & Documentation

In order to avail of the best Ajman Bank personal loan features and benefits, applicants will have to meet the following standard requirements:

Age

The Ajman Bank personal loan applicant must be between 21 years and 60 years of age. This age criterion is slightly relaxed for Emirati applicants, who can buy Ajman Bank personal loans up to the age of 65 years.

Income

Monthly income requirements across the various categories of Ajman Bank personal loans are a minimum of AED 6,500 for any non-UAE national applicant and AED 8,000 for Emirati applicants. Certain Ajman Bank personal loans, such as the takeover Murabaha, require a monthly income of AED 20,000.

Salary Transfers

Applicants are required to make a salary transfer and provide Ajman Bank with proof of the same in form of a Salary Transfer certificate to avail of an Ajman Bank personal loan.

Document requirements for an Ajman Bank personal loan are the same across its numerous categories. The required document list is as follows:

  1. An Ajman Bank personal loan application form, filled in and signed by the respective applicant.
  2. The Ajman Bank personal loan applicant’s Emirates ID.
  3. A copy of the Ajman Bank personal loan applicant’s passport.
  4. Up to the 6 latest months of the Ajman Bank personal loan applicant’s bank statement.
  5. A salary transfer letter issued by the Ajman Bank personal loan applicant’s employer.

Ajman Bank Personal Loan Details

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

Ajman Bank Personal Loan
Category Sub-Category Max Loan Amount (for UAE nationals) Max Loan Amount (for Expatriates) Tenor Minimum Monthly Income
Commodity Murabaha Standard Murabaha AED 3 million AED 1 million 4 years Emiratis - AED 8,000Expats - AD 6,500
Takeover Murabaha AED 4.5 million Only available for UAE nationals 25 years Emiratis - AED 20,000
Good Murabaha   AED 3 million AED 1 million 4 year Emiratis - AED 8,000Expats - AD 6,500
Service Ijarah Standard Ijarah AED 3 million AED 1 million 4 year Emiratis - AED 8,000Expats - AD 6,500
Education Ijarah AED 750,000 AED 750,000 4 year Emiratis - AED 8,000Expats - AD 6,500
Hajj Ijarah AED 300,000 AED 300,000 4 year Emiratis - AED 8,000Expats - AD 6,500

(Updated – May 2019)

Loan Type Features and Benefits  Eligibility  Documents Required Interest Rate and Charges
Goods Murabaha
  • UAE Nationals  can get Ajman bank personal loan up to AED 3,000,000
  • Expats can get Ajman bank personal loan up to AED 1,000,000
  • Shariah-compliant
  • Easy documentation
  • Quick processing
  • Up to 4 years of repayment tenure
  • Offers credit card (pre-approved)
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
 
  • 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
  • Partial Settlement Charges- 1% of the settled partial amount or AED 10,000
  • Takaful Charges- 1% of the loan amount
  • Late Fee- 2% of the late amount (Minimum- AED 50, Maximum- AED 200)
  • Facility Cancellation Charges- AED 100
  • Salary Advance Charges- AED 300
  • Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25 
Murabaha(Standard Personal Finance/ Settlement of Debts) Provides cash with the help of Commodity MurabahaFormulated  as per the Murabaha Islamic financing structurefor UAE nationals, it provides finance up to AED 3,000,000Provides finance up to AED 1,000,000 for ExpatsEasy documentationPrompt ProcessingUp to 4 years of repayment tenureOffers credit card (pre-approved)  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
 
  • 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
  • Partial Settlement Charges- 1% of the settled partial amount or AED 10,000
  • Takaful Charges- 1% of the loan amount
  • Late Fee- 2% of the late amount (Minimum- AED 50, Maximum- AED 200)
  • Facility Cancellation Charges- AED 100
  • Salary Advance Charges- AED 300
  • Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25 
Murabaha(Takeover Finance-for UAE Nationals)
  • Offers debts consolidation for UAE Nationals by taking over the liabilities (excluding home finance) from other 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
 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
 
  • 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
  • Partial Settlement Charges- 1% of the settled partial amount or AED 10,000
  • Takaful Charges- 1% of the loan amount
  • Late Fee- 2% of the late amount (Minimum- AED 50, 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
  • 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)
Education Finance
  • 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)
Hajj and Umrah Finance
  • 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)
  
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)
 
  • 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
  • Partial Settlement Charges- 1% of the settled partial amount or AED 10,000
  • Takaful Charges- 1% of the loan amount
  • Late Fee- 2% of the late amount (Minimum- AED 50, Maximum- AED 200)
  • Facility Cancellation Charges- AED 100
  • Salary Advance Charges- AED 300
  •  Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25 
Salary Transfer for UAE Nationals and Expats  
  • Offers Finance amount up to AED 3,000,000 for UAE Nationals and AED 1,000,000 for Expats
  • Offers Up to 48 months of repayment tenure
  • Easy documentation
  • Prompt Processing
  • Offers credit card (pre-approved)
  
Age Limit
  • For UAE Nationals-21-65 years
  • For Expats- 21-60 years
  • Minimum Salary
  • For UAE Nationals- AED 8000
  • For Expats- AED 6500
Employment Eligibility- 
  • Working for the government, semi-government or the T1 companies
  • Duly-filled Application Form
  • Copy of Passport+ Expat’s Residence Visa
  • Copy of Emirates ID
  • Bank statement of 3-6 months
  • Salary Transfer Letter/ Salary Certificate issued by the employer
  • 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
  • Partial Settlement Charges- 1% of the settled partial amount or AED 10,000
  • Takaful Charges- 1% of the loan amount
  • Late Fee- 2% of the late amount (Minimum- AED 50, Maximum- AED 200)
  • Facility Cancellation Charges- AED 100
  • Salary Advance Charges- AED 300
  • Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25

Updated as on 27 May 2019

FAQs

Q.1. What is Islamic Banking?

Ajman Bank personal loans follow the principles of Islamic Banking. This means, the offered loan I 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 borrowed 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 instalment amount, ranging from between AED 50 to 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 minimum and maximum restrictions of AED 500 and AED 2,500 respectively.

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