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Owning a car can almost be considered a necessity in the UAE considering how it allows you to commute conveniently. However, buying a car involves a considerable amount of finance for the car, the associated equipment, servicing, and so on. Instead of taking a big chunk out of your savings, you can avail of car finance and buy the vehicle, with several options available in the UAE. Among the most unique plans out there in the country is the Ajman Bank 50-50 Car Finance option.
When it comes to auto loans, Ajman Bank is a leading name in the UAE. Established in the year 2007, Ajman Bank has been honoured with several awards in its banking journey to date. The notable accolades in the list include the UAE Emiratisation Award bestowed by the Ministry of Human Resources, the Emiratisation and Nationalization Award bestowed by the GCC Council of Ministers of Labour and Social Welfare, and more. With such eminence of the bank, you can easily select it when you decide to apply for car loan in UAE.
If you wish to avail of an Ajman Bank car loan or specifically go for the 50-50 option, you will find all the relevant details and procedures elaborated below.
Among the different types of car loans offered by Ajman Bank to its customers, one such loan is the Ajman Bank 50-50 Car Finance. This is a unique type of auto loan wherein the bank finances 50% cost of the car while you pay for the remaining 50%. It is in stark difference from the standard car loans in the UAE, which finance 80% of the car’s cost while you, as a customer, are responsible for the remaining 20% down payment.
Thus, if you believe that you have the savings to pay 50% of the car’s costs yourself (without jeopardising other financial responsibilities), you can avail of this Ajman car loan and buy your dream car.
Here are the notable features and benefits of the Ajman car loan –
To apply for the Ajman car loan, the following eligibility criteria should be fulfilled –
To apply for car loan in UAE with Ajman Bank, the following documents would be needed on your part –
The associated fees and charges for the Ajman car loan are as follows –
Type of charge |
Amount |
---|---|
Processing fee |
1% of the loan amount subject to a minimum of AED 500 and a maximum of AED 2,500 |
Early settlement fee |
1% of the outstanding loan amount per request |
Fee for changing the due date in Standing Instructions or Direct Deposit authority |
2% over the agreed rate - minimum AED 50 and maximum AED 500 per instance |
Deferment of instalment service fees |
AED 100 per request |
Advance payment of instalment service fees |
1% of the instalment per instance |
Issuance of liability letters to other banks |
AED 60 per instance |
Finance cancellation fee |
AED 100 per request |
Ajman Bank allows access to free online calculators that you can utilise to calculate the expected installment of your preferred loan option. To use the calculator, follow these simple steps –
Ajman Bank allows you two options to apply for a car loan in UAE. Both the procedures are easy to complete, and you can keep the following steps in mind while applying –
You can also use the option of policybazaar.ae to apply for the Ajman Bank car loan of your choice. Continue on our website and visit the ‘car loans’ section, where you will find the best car loan options in the UAE. Select anyone you prefer and apply for it right there on our website. In just a few clicks, you will be done with all the procedures right from the comparison of plans to purchasing one!
Yes, Ajman Bank provides the option of a cooling-off period of 5 days wherein you can cancel your loan application if you want. However, such cancellation could attract an additional fee.
Yes, the finance calculator offered by the bank is dynamic which shows the changed value of the instalment if you change the loan amount and/or the repayment tenure. Thus, by changing these variables, you can find the most affordable instalment amount.
Yes, Ajman Bank offers a host of options under auto finance. If you don’t want to pay 50% of the car’s value as a down payment and go with the 20% option, for instance, you can apply for another loan option.