Ajman Bank Car Loan in UAE

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Officially registered on the Dubai Financial Market, Ajman Bank was the very first Islamic corporation and bank established in Ajman. Founded in 2007, it began its functions and operations from Ajman with only two branches. The government of Ajman presently owns almost 25% of Ajman Bank shares, ensuring a rather strong and secure banking option for customers.

Among an array of banking and financial services offers, Ajman Bank car loans are some of the most preferred products by customers in the UAE. The bank offers over 7 different car financing options, segregated to suit every individual’s unique needs. Let’s cover everything you must know about Ajman Bank auto finance products. 

Ajman Bank Car Loan Plans

  • Standard Auto Finance: This is a standard Ajman Bank car finance product available for all salaried people. Offering up to 80% financing and a maximum of AED 500,000 as a financing amount, the maximum available tenure for this Ajman Bank car loan is 5 years. Both new and second-hand cars can be financed using this product. 
  • 50-50 Car Finance: A unique product allowing the applicants to receive 50% of their car’s value financed by Ajman Bank car loans, 50-50 financing can be used to finance both new and used cars in the UAE. The maximum available loan amount and tenure are AED 500,000 and 5 years, respectively. 
  • Exotic Cars (Luxury Cars) Auto Finance: As the name suggests, exotic car auto finance plans are designed to finance sports, luxury, vintage, and other such cars. It should be noted that these cars must be present in the list of brands included in the exotic car finance product as prepared by the Ajman Bank. The minimum salary required for this Ajman Bank vehicle loan product is AED 40,000, while the maximum finance amount offered is AED 500,000. However, you may secure better financing as per the value of the car in question. 
  • Secured Auto Finance: Secured auto finance allows you to draw Ajman Bank vehicle loans against a fixed deposit account. To avail of this service, you will be required to submit a security cheque amounting to at least 110% of the financing amount here. Financing amounts of up to AED 1,000,000 can be obtained via Ajman Bank secured auto loans.
  • Self Employed Car Finance: This particular Ajman Bank vehicle loan product is specifically designed to cover the financing needs of all self-employed individuals in the UAE. The maximum finance amount available for this Ajman Bank auto loan product is AED 400,000, and the maximum tenure available is 5 years. 
  • Rent A Car Finance: This is a type of Ajman Bank auto loan for companies, which can be used to finance the vehicles extended by companies to other business entities on a rental basis. This includes both cars and buses and other rental heavy and light vehicles. Companies can get up to 90% financing with this Ajman Bank car finance product for a maximum tenure of 4 years. Compared to other loans, the maximum amount provided in this loan is higher, going up to AED 1,500,000.  
  • Fleet Finance: Another one for companies, the Fleet Finance product from the Ajman Bank car finance series is designed to finance vehicles used by companies themselves for logistics and similar purposes. Fleet car financing is done for the whole fleet of company vehicles together instead of singular cars, removing the hassle of securing individual financing multiple times. The available maximum loan amount is AED 1,500,000 and the maximum tenure is 4 years. Up to 90% financing can be opted for with Ajman Bank auto loans for fleet financing. 

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Features and Benefits of Ajman Bank Car Loan

  1. Multiple Auto Loan Products: One of the best things about Ajman auto loans is that borrowers have a series of options to choose from. Each available car loan product is curated to suit a certain type of vehicle financing. For instance, if you want to buy a Bugatti, going for Ajman Bank Exotic Cars Auto Finance is the best option. You can choose your Ajman auto finance product depending on the type and style of car you are planning to buy. 
  2. Special Offers for Exotic Cars: As mentioned in the previous point, Ajman auto finance offers exclusive financing products for exotic cars. This includes all kinds of luxury sports cars, vintage cars, classic cars, etc. A maximum of AED 500,000 can be obtained as a car finance amount with this particular Ajman Bank auto finance product. 
  3. Competitive Interest Rates: Ajman Bank vehicle loans come with some of the most competitive interest rates available in the UAE. Combine that with a series of wonderful financing options, and you have an ideal car loan provider for yourself. Both flat and reducing rates of interest are available for Ajman auto finance products, with the former starting at 2.74%. 
  4. Ideal Finance Amount: Different Ajman bank auto loans are available with different limits of available financing amounts. The maximum amount for the plans has been set while noting the variating requirements of different individuals and different kinds of cars. You can get up to AED 500,000 financing amount for individual car finance from Ajman Bank. 
  5. Easy Processing: From application to processing and approval, every procedure related to Ajman auto loans is not only swift but also incredibly convenient. The processing of the loan only takes a few hours, while the rest of the application, approval, and disbursal process only takes a few days (depending on a case-by-case basis). 
  6. Sharia Compliant: All loan products offered by Ajman Bank are Sharia-compliant, offered to the customers as per the Sharia law of financial proceedings. The major implications of Sharia compliance are the changing of interest rates to profit rates and sending mandatory penalties for late payments to charities. For people searching for Islamic loan options instead of conventional banking products, Ajman Bank can prove the ideal provider. 
  7. Flexible Tenure: Individuals as well as companies wanting to get Ajman Bank vehicle finance are offered a flexible tenure of up to 60 months. Borrowers can choose any loan tenure up to 60 months as per the requirement of the hour. The minimum available tenure for Ajman Bank car loans is 12 months. 

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Interest Rates for Ajman Bank Car Loan

Ajman Bank Car Loan Interest Rate 

Applicable Rates 

Flat Rate 

2.74% onwards

Reducing Rate 

5.2% onwards

Eligibility Criteria of Ajman Bank Car Loan

  • Nationality: Ajman Bank vehicle loan is available to both UAE nationals and UAE residents. Every applicant must have valid proof of their residency or nationality when filling out the application form. Accepted forms of identification documentation are emirates ID, passport, and resident’s visa. 
  • Age: The minimum age applicable to apply for Ajman Bank car finance is 21 years. However, a maximum age limit may be applicable as well. You should first check with the bank if any additional conditions regarding age are applicable. 
  • Income: The minimum salary required to get a standard Ajman Bank car loan is AED 5,000 for salaried individuals. The keyword here is ‘minimum, as the salary or income requirement may change as per the type of loan you request. 
  • Credit History: There are no minimum set criteria for credit score yet. However, you should at least have a fair credit score to send your Ajman Bank car loan application as applicants with a poor credit score are generally not even considered valid applicants. On the other hand, Ajman Bank car loan applicants with good credit scores can expect swift approvals as well as low Ajman Bank car loan interest rates. 

Eligibility Criteria

Conditions 

Minimum Age

21 years of age 

Nationality

Both UAE residents and Citizens 

Minimum Income

AED 5,000

Minimum Down Payment 

20%

Documents Required for Ajman Bank Car Loans in UAE

Types of Ajman Bank Car Loan  

Documents Required 

Basic Documents Applicable for all Kinds of Ajman Bank Vehicle Loans 

  • Duly completed and signed application form for Ajman Bank auto loan
  • Passport of the applicant with a copy
  • Resident Visa of the applicant (for ex-pats only)
  • Emirates ID of the Applicant
  • Bank statements
  • Salary Certificate of the applicant
  • Labour card copy
  • A copy of the Trade License (for self-employed)
  • Car Quotation from the dealer or Evaluation certificate from an approved dealership or an evaluator

50-50 Car Finance

  • 1 month Bank statement

Standard Car Finance 

  • 3 months Bank statement

Exotic Car Finance 

  • 3 months Bank statement

Secured Auto Finance 

  • Security Cheque equal to at least 110% of the loan amount
  • Lien form signed by the customer

Auto Finance for Companies 

  • A copy of the partnership contract (if applicable)
  • LLC decision from the Board of Directors 
  • A copy of the trade license, list of partners, and commercial registry of the company
  • A copy of MOA and POA or service agreement/board resolution of the company
  • If partners are present in the organisation structure, a copy of their passport is also required
  • Audited financial report copy of the country
  • Last 6 months’ bank account statement of

Auto Insurance for Self-Employed

  • 6 months’ bank statement 

How to Apply for Ajman Bank Car Loans in UAE?

Applying for Ajman Bank auto loans is an easy and swift task due to the simplified application structure designed by the bank. You can easily apply for your Ajman Bank vehicle loan via offline or online platforms. Given below is a detailed description of the same:

  • Online Application: To apply for your Ajman Bank auto finance online, either visit policybazaar.ae or the official website of Ajman Bank. If you opt for the former, head to the lead form located on the right of our website’s official car loan section. Start filling the form using your basic personal information like name, phone details, salary details, etc. Once you complete and submit the lead form, you will be taken to the quotes page of the car loan section.

    Here, you can compare and find the plans most suitable for your requirements. Choose the one you like and proceed to apply for it. Fill out the application form available on the website, attach the required documents listed in the details of the Ajman Bank car loan you have chosen, and submit. A representative from the bank will contact you if the loan application has been approved. You can take the process further from there.

    Alternatively, if you want to apply via the bank website, visit the particular type of loan page you wish to select and find the “apply now” button. Click to start your application process here. 
  • Offline Application: To apply for your Ajman Bank vehicle loan offline, visit one of the nearby Ajman Bank branches. Make sure that you carry all the necessary documents with you to the branch. Connect with an executive who handles car loan applications at the branch and get an Ajman Bank car finance application form. Fill out the form, attach all the required documents, and send it out for submission. Once your application has been reviewed and approved, a representative from the bank will contact you. You can proceed to complete the rest of the Ajman Bank car loan formalities from here.

Ajman Bank Car Loan Calculator

Online car loan calculators can be used to easily calculate the amount of equal monthly instalments using a few basic details about your car loan, saving you from the hassles of tedious calculations. Ajman Bank has its own online car loan calculator available for all to use. Simply search for the calculator and follow the below-given steps to determine your easy monthly payment amount.

  • Go to the calculator and choose whether you want to calculate the payment amount as per flat rate or reduced rate. 
  • Enter the total Ajman Bank car loan amount you are planning to take in the first box.
  • Write the down payment amount you will be submitting in the space following the first box.
  • Move to the next two boxes to enter the applicable interest rate and the tenure you wish to take. 
  • Once you have entered all the particulars, the details of your equal monthly instalments will be shown on the right side of the calculator. 
  • Included details on the right side will be the net Ajman Bank car loan amount, monthly equal instalments, total payment amount (including the principal and interest amount), and the total interest amount. 

Fees and Charges for Ajman Auto Loan

Types of Ajman Bank Car Loan Fees 

Applicable Fee Amount

Processing Fee

1% of the Loan Amount 

Restricted to a minimum of AED 500 and a maximum of AED 2,500

Early Settlement Fee

1% of the Outstanding Finance Amount 

Change in Due Date Fee

AED 25

Deferred Instalment Fee

AED 100

Late Payment of Instalment Fee

2% Over the Agreed Rate

Restricted to a maximum of AED 500 and a minimum of AED 50 

Finance Cancellation Fee

AED 100

Liability Letter Issuance Fee 

AED 60

Advance Payment Fee

1% of the Instalment to Be Paid

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Key Terms for Ajman Bank Auto Loans

  • The maximum finance amount available for different kinds of Ajman Bank auto loans will vary as well. Make sure that you are aware of the maximum finance amount available and any unique condition put forth by the bank for any of the offered products. 
  • Ajman Bank auto loans are Sharia-compliant, meaning that they are based on Islamic principles of banking. 
  • Ajman Bank auto finance for self-employed individuals is only available for cars intended for personal uses only. Any car to be used for commercial reasons shall be financed under the fleet car loan product of Ajman Bank. 
  • A minimum of 20% down payment is required for all Ajman Bank car loan products. 
  • Early settlement of your Ajman Bank auto loan is possible, albeit with a small fee. The applicable 1% fee will be calculated on the total outstanding balance of the loan and not the amount you decide to settle with an early settlement. 
  • The processing fee is a one-time fee during the tenure of your loan and shall be paid before the loan gets approved. It is required to be submitted when you apply for an Ajman Bank auto loan. The processing fee shall be applicable every time you submit a new loan application for your Ajman Bank auto loan. 
  • All listed fees and charges levied on Ajman Bank car loan products are subject to change as per the bank’s discretion. 

Things to Keep in Mind When Taking Ajman Bank Car Loan 

  • Risk-Based Pricing: One should remember that all loans are given out on a risk-based pricing method of calculating interest rates. This means that the higher the level of risk you bring to the table, the higher interest rates you will get. This is why even when the base interest rate given by the banks is as low as 2% or even 1%, the actual interest rate an applicant receive is much higher. 
  • Choosing the Right Kind of Loan: Having plenty of options to choose from certainly gives you a chance to receive the best possible option for your car loan. However, this also increases the risk of choosing the wrong product. Ajman Bank offers over 6 different kinds of auto finance options, each with its unique selling point and benefit. Consequently, you should analyse the options carefully and choose the one that suits your requirements the best. 
  • Debt Burden Ratio: Just because a bank offers a high loan amount does not mean that you should proceed with that and choose a highly expensive car to get financed. Financing shall always be taken while keeping the debt burden ratio in mind. This ratio shows a comparison of your income and the debt you will be taking on with a certain loan amount. A lower debt burden ratio should be your goal whenever you plan to take a loan, whether for a car or any other reason. 
  • Fees and Charges: Note that different fees applicable on Ajman Bank car loan services may also differ in nature. Some fees are one-time while others are applicable per request. For example, the processing fee is applicable one time when you submit your application. However, charges like late payment fees or instalment deferment fees are applicable per incident or request. 
  • Credibility: Your credit history, credit score, and credibility, in general, will make an enormous impact on your Ajman Bank car finance approvals. The better credit history you showcase, the better chances that your Ajman auto finance request will get approved. Additionally, having a good credit score may help you obtain a low Ajman Bank car loan interest rate as well. 

Ajman Bank Auto Loan Contact Numbers and Details 

Ajman Bank Auto Loan Contact Numbers

Contact Details

Ajman Bank Auto Loan Contact Numbers for UAE 

800 22 847

Ajman Bank Auto Loan Contact Numbers for Outside of UAE 

+971 6 701 8552

With several attractive options available, one can easily secure the car of their aspirations with Ajman Bank car loans. However, for better clarity and minor-but-crucial details, have a quick look at the section below before proceeding with the car loan of your preference.

FAQ's

Does Ajman Bank finance car loans for corporates and commercial purposes?

Yes, you can easily find Ajman Bank car loans for commercial purposes and corporate in the Rent-A-Car car loan section and fleet car loan section.

What is the maximum Ajman Bank car finance amount for individual personal cars?

The maximum Ajman Bank car finance amount for personal cars is AED 500,000

What is the minimum age required to get an Ajman Bank car loan in the UAE?

If you want to apply for an Ajman Bank auto loan in the UAE, you must be at least 21 years of age.

Are there any special kinds of Ajman Bank auto loans available for luxury vehicles?

Yes, Ajman Bank offers exotic vehicle loans for luxury and exotic cars in the UAE.

What is the processing fee applicable for Ajman Bank car loans?

A 1% processing fee is applicable on Ajman Bank auto loan applications.

How much will I be fined for the late payment of my Ajman Bank car loan instalments?

The applicable penalty for late payment of your Ajman Bank equal monthly payment is 2% (over the agreed rate).

What is the finance cancellation fee for Ajman Bank auto loans?

AED 100 is the finance cancellation fee for Ajman Bank auto finance.

Is early settlement available for Ajman Bank auto finance in the UAE?

Yes, early settlement of Ajman Bank vehicle loan is available at a 1% fee on the outstanding finance amount.

What special benefits can I enjoy with my Ajman Bank auto finance?

All auto finance customers of Ajman Bank get a pre-approved credit card from the bank.

What is the minimum age for Ajman Bank fleet car loans signatories?

A signatory of Ajman Bank fleet car loans must be at least 25 years of age.

What is the maximum allowed tenure for Ajman Bank vehicle loans?

Ajman Bank car loans can be taken for a maximum of 60 months and a minimum of 12 months.

Which cars can be financed with the Ajman Bank exotic car finance product?

Rolls Royce, Ferrari, Maybach, Maserati, Lamborghini, Aston Martin, and Ferrari can be financed with Ajman Bank's exotic car finance offer.

Can I pay the instalments of my Ajman Bank car loan in advance? What is the applicable fee here?

Yes, you can pay for your Ajman Bank vehicle loan instalments in advance. However, the applicable fee is 1% of the instalment amount.

What is secured auto finance from Ajman Bank?

It is an auto loan against your fixed deposit. The amount in your fixed deposit acts as collateral or Wakala in secured auto finances. 

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