Ajman Bank 50-50 Car Finance

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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.

Ajman Bank 50-50 Car Finance

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.

Features and Benefits of Ajman Bank 50-50 Car Finance

Here are the notable features and benefits of the Ajman car loan –

  • Easy loan access - Availing Ajman Bank 50-50 Car Finance is quite simple. You can apply online or visit the nearest branch of the bank to get the loan. Moreover, if you are salaried, you don’t have to have a salary transfer account with the bank to get the loan.
  • Good quantum of loan - Ajman Bank offers loans up to AED 500,000, which can help you finance the latest car models or even any luxury or sports car. 
  • Easy repayment options - With the loan repayment tenure extending up to 60 months, it is incredibly easy for customers to pick an affordable instalment amount to repay the loan. Moreover, you get a moratorium period before the loan instalments start, which can go up to 90 days for new cars and 60 days for used ones.
  • Quick approvals - As Ajman Bank offers quick approvals on loan applications, users can be assured of quick funds to buy the car of their preference at the earliest. 
  • Attractive interest rates - Compared to several major banks, the profit rates on the Ajman car loans are attractive and competitive. This feature ensures prevents the exhaustion of your savings due to hefty interest amounts.
  • Minimal documentation - One of the key features of Ajman Bank is that only a few documents are required to apply for a car loan in UAE with it. Minimal documentation simplifies the loan application process and renders it hassle-free so that you get the required funds with minimal formalities.
  • Multi-use loans - The Ajman Bank 50-50 Car Finance can be used to finance both used and new cars. 

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Eligibility Criteria for Ajman Bank 50-50 Car Finance

To apply for the Ajman car loan, the following eligibility criteria should be fulfilled –

  • You should have a minimum monthly salary of AED 5,000
  • You should be salaried or self-employed
  • You should have a bank account whose statement can be furnished 
  • You should have a valid UAE ID

Documents Required for Ajman Bank 50-50 Car Finance

To apply for car loan in UAE with Ajman Bank, the following documents would be needed on your part –

  • Signed and filled out loan application form
  • Bank statement of the last 1 month
  • A valid passport or copy of the Khulasat Al Qaid, valid Visa, or a UAE National ID
  • Salary certificate
  • Copy of the labour card
  • If you are self-employed, you will be required to provide a copy of your trade license
  • A quotation of the car that you want to buy from the franchise dealer or evaluation result from an approved evaluator 

Fees and Charges for Ajman Bank 50-50 Car Finance

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 

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Ajman Bank Car Loan Calculator 

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 –

  • Visit the official Ajman Bank website and locate the calculator there. 
  • Choose whether you want to calculate the installment on a flat rate basis or a reducing rate basis.
  • Enter the loan amount, the applicable tenor, and the interest rate.
  • Besides that, you would also be asked to enter the down payment amount which would be 50% of the car’s cost in the 50-50 option.
  • Once the details are entered, the calculator would show the monthly installment amount as well as the total profit paid to the bank.

How to Apply for Ajman Bank 50-50 Car Finance?

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 –

  • Apply offline - If you wish to apply for a car loan in UAE with Ajman Bank, you can visit any of its nearest branch offices and make an application for the loan. Fill up the loan application form, attach your documents, and pay the processing fee. Submit the application to the branch for processing after which you will be contacted by any bank official if your application receives approval.
  • Apply online  - You can also apply for Ajman car loan online through the bank’s website. Just fill up an online application form there and apply for the loan. Your application would be processed quickly, and you will be approached by the bank if your submitted application is approved.

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!

FAQ's

Can I cancel the loan that I apply for?

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.

Can I change the calculated instalment amount if it is not affordable?

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.

Is there any other option if I want to make a lower down payment?

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.

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