Ajman Bank Individual Standard Car Loan

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Ajman Bank, operational since 2009, has swiftly transformed into a leading name in the UAE banking industry. Offering a range of banking solutions to individuals and corporates, Ajman Bank provides financial services right from accounts and deposits to financing options for cars and homes so that you can fulfil all your financial needs. So if you require financial aid for a car in the UAE, an Ajman Bank Car Loan could prove a fine starting point.

Ajman Bank auto finance can be availed of in different variants to suit the different vehicle needs of all consumers. One such variant, which is also the standard auto finance option, is the Ajman Bank Individual Standard Car Loan. This plan, widely preferred by salaried individuals, equips you with the necessary funds to buy a new or a used car as per your obligations.

Ajman Bank Individual Standard Car Loan

  • Minimum Salary AED 5,000
  • Flat Rate 2.74%
  • Reducing Rate 5.2%
  • Sharia Compliant
  • No Salary Transfer
  • Finance for Used Cars
  • Finance For Other Car

Features and Benefits of Ajman Bank Individual Standard Car Loan

This Ajman Bank car loan has the following features and benefits –

  • High loan amount - With the permissible amount going up to a limit of AED 600,000, the Ajman Bank Individual Standard Car Loan allows you to buy even high-end car models without worrying about the funds. 
  • Easy availability  - This type of Ajman Bank car loan allows both salaried as well as self-employed individuals to apply. Another benefit is present for salaried borrowers, as they won’t need a salary transfer amount to qualify for the loan here unlike several banks. 
  • Competitive profit rates - The interest rate on the loan, charged on a fixed basis, is also competitive. With such low rates, the loan proves highly affordable in your pockets.
  • All-inclusive loan - Ajman Bank’s car loan in UAE is available to both new and used cars. Besides covering the cost of the car, the loan can also be availed to cover the cost of the car’s accessories, Takaful, and service contract. 
  • Ease of repayment with moratorium  - Besides a repayment period spanning up to 60 months to repay the loan, there is a moratorium period before the first installment of the loan. You can get a head start with such a period as it will allow you to arrange your finances to make installment payments easy and affordable.
  • Easy approvals - As the Ajman Bank Individual Standard Car Loan is quickly approved by the bank with minimal procedure and documentation (provided you are found eligible), you can obtain one without much effort or waiting.

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Eligibility Parameters for Ajman Bank Individual Standard Car Loan

To apply for Ajman Bank car loan in UAE, you would have to meet the following eligibility conditions

  • You should be a UAE national or hold a valid UAE Visa or ID proof
  • You should be a salaried or a self-employed individual
  • If salaried, your minimum monthly salary should be AED 5,000
  • Only cars are financed by the car loan

Documents Required for Ajman Bank Individual Standard Car Loan

The following set of documents should be kept readily available when you apply for Ajman Bank car loan –

  • Loan application form which is fully filled and signed by the borrower
  • The bank statement for the last 3 months
  • A valid copy of any of the following –
  • Passport
  • Khulasat Al Qaid
  • Visa 
  • UAE National ID
  • Salary certificate
  • Copy of the trade license if self-employed
  • Copy of the borrower’s labour card
  • An evaluation of the car’s value from an approved evaluator or the quotation of the car from the dealer 

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Fees and Charges Associated with Ajman Bank Individual Standard Car Loan

If you avail of a car loan in UAE with Ajman Bank, take note of the following charges associated with it –

Applicable charge 

Applicable amount 

Processing fee

1% charged on loan amount 

Minimum – AED 500 

Maximum - AED 2,500  

Early settlement fee per request 

1% charged on the outstanding amount of loan 

Fee for changing the due date in Standing Instructions or Direct Deposit authority (on a per request basis)

2% over the agreed rate

Minimum - AED 50 

Maximum - AED 500 

Deferment of instalment service fees per request

AED 100 

Advance payment of instalment service fees per instance

1% charged on  the instalment amount

Issuance of liability letters to other banks (on a per request basis)

AED 60 

Finance cancellation fee (on a per request basis)

AED 100 

Finance Calculator for Ajman Bank Individual Standard Car Loan

Many borrowers wish to know the expected installments of their car loans to examine their affordability and the required management of the person’s existing finances. Recognising this requirement, Ajman Bank offers a simple online finance calculator that helps you estimate the instalment amount free of cost.

To can use the calculator: 

  • Visit the Ajman Bank official website and locate the calculator under the ‘Consumer Finance’ section. 
  • Enter the following details
  • The loan amount
  • Chosen repayment tenor
  • Applicable interest rate
  • The down payment that you want to make

Based on these details, the monthly installment would be calculated and displayed on the screen. You will also be able to view the total loan amount and the total profit paid during the repayment tenure. 

How to Apply for Ajman Bank Individual Standard Car Loan?

Whether you go for the offline or online mode of application, applying for an Ajman Bank car loan is a fairly simple process. Here is how you can complete the application procedure:

Online Apply for this Car Loan

Simply visit the bank’s website and make an online application. Obtain the relevant form after selecting the plan of your choice and submit it after carefully entering the details there and submitting the documents as per the bank’s directive. Online applications are convenient and quick, and can also help you in getting the funds at the earliest. 

Offline Apply for this Car Loan

You can obtain a form at the nearest Ajman Bank branch and provide it to a bank executive after filling it up and attaching any documents asked. 

Note: Besides submitting your documents, you might be required to pay the applicable processing fee under both processes. 

Apply Through Policybazaar UAE 

Another option besides the official website under the online category is policybazaar.ae. In just one place, you will be able to check the best car loans in UAE and buy one. Carry on our website after this article and check out the ‘car loans’ section for more information and plans.

FAQ's 

What are the contact details of the Ajman bank for Car Loan?

You can contact Ajman Bank at 800 22. To find a branch, you can visit the official Ajman Bank website and locate the nearest branch for your queries or complaints. 

What is the moratorium period available under the Ajman Bank car loan?

The moratorium period is 90 days from loan sanction for new cars. However, for used cars, the moratorium period is 60 days

Can I get a loan for exotic cars?

Yes, Ajman Bank also offers loans for exotic cars. However, such loans are different from the Individual Standard Car loans and have different requirements. You can check out those specific loan plans on the Ajman website.

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