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 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.
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:
- 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.
- 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.
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.
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:
- 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.
- 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.
- 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.
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:
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.
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.
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:
- An Ajman Bank personal loan application form, filled in and signed by the respective applicant.
- The Ajman Bank personal loan applicant’s Emirates ID.
- A copy of the Ajman Bank personal loan applicant’s passport.
- Up to the 6 latest months of the Ajman Bank personal loan applicant’s bank statement.
- 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|
|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
|Murabaha(Takeover Finance-for UAE Nationals)||
||Minimum Salary- AED 20,000||
|Salary Transfer for UAE Nationals and Expats||
Updated as on 27 May 2019
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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