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.
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.
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
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.
Swift Car Loan Application Process I applied for a car loan via Policybazaar.ae. I was surprised by how they conducted the entire process swiftly and conveniently. Starting from finding the cheapest car loan to submitting the loan application, the team assisted me with utmost dedication and cooperation. Thank you!
Abdul-Wahhab Dubai, May 3, 2024
★★★★★
Get Your Car Loan from Policybazaar.ae Today If you are looking for the cheapest car loan, Policybazaar.ae is your one-stop solution. They have multiple loan products from different providers that help you compare and make a well-informed decision.
Husam-Uddin Abu Dhabi, May 1, 2024
★★★★★
Found the Best Car Loan I found the cheapest car loan on Policybazaar UAE. All I had to do was fill out the lead form as per my requirements and select the most suitable one from the list.
Maqsood Dubai, May 1, 2024
★★★★★
Explore Multiple Car Loan Options with Policybazaar UAE With so many options around, I was clueless about which car loan product to choose from. However, when I came to know about Policybazaar.ae, my search was simplified. I filled out the quotes page and found loans according to my preferences. Really thankful to the team of PB!
MOHAMMED NadeemDubai, April 30, 2024
★★★★★
Need Loan? Head Out Policybazaar.ae! A car is undoubtedly an expensive asset. However, with a car loan, you can save your money and manage your finances efficiently. I got mine from Policybazaar.ae and let me tell you they offer the best service! The customer service team is extremely supportive and assists you in every step.
Muhammad ArifAjman, March 20, 2023
★★★★★
Best car loan plans in UAEWhat truly separates Policybazaar.ae for me is how they have literally the best plans for car loans in UAE! For different cars, I have got loans from different banks and all thanks to Policybazaar UAE for making it so easy to compar!!