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Operational since 2009, Ajman Bank is known for its banking solutions devised for corporates and individuals alike. When it comes to auto loans, Ajman Bank offers different types of finance to its customers. Notably, while self-employed individuals may have concerns regarding the availability of car loans for them, Ajman Bank also has the relevant solutions for such applicants.
Major Benefits of Ajman Bank Self Employed Finance Offer
Described below are some salient features and benefits of the Ajman car loan –
High loan amounts - With Ajman Bank Self Employed Finance Offer, you can receive loans up to AED 400,000 to buy the car model of your choice. Moreover, the finance-to-value ratio for Ajman loans is also competitive, which ensures that you get maximum funding for the car’s cost while paying the minimum by yourselves.
Attractive profit rates - The profit rates of the bank are attractive so that the loan proves affordable overall. Moreover, the bank charges interest on a fixed rate basis which allows you to plan in advance without significant fluctuations.
Multipurpose loan - Whether you plan to get a brand-new car or get an affordable used car, you can use this Ajman car loan to finance both types of cars.
Moratorium period - With Ajman Bank car loan, you get a moratorium period to repay the loan. For new cars, this period is 90 days while 60 days is the applicable period if you finance a used car. The most significant benefit of a moratorium period is that it gives you a repayment breather and helps you pay off your installments easily.
Easy repayments - Besides a convenient moratorium period, Ajman Bank also offers you a flexible repayment tenure of up to 5 years for repaying the loan. With such a long tenure, you can easily repay the loan without constraining other finances.
Quick approvals -You get quick approvals on the car loan, with Ajman Bank processing applications quickly. This allows you to get the keys to your dream car with negligible delays and hassles.
Eligibility Parameters for Ajman Bank Self Employed Finance Offer
To apply for car loan in UAE under this scheme, you have to fulfil the below-mentioned criteria –
You should be a self-employed individual
You should have a valid UAE ID proof
You should buy a car for your personal use only
Documents Required for Ajman Bank Self Employed Finance Offer
The following documents would be required from you when you apply for the Ajman car loan –
Completed and signed loan application form
A copy of your trade license
Bank statement for the last 6 months
Valid ID proof like your passport, Visa, Khulasat al Qaid, or UAE National ID
The quotation of the car from an authorized franchise dealer or the price of the car as evaluated by an approved evaluator
Fees and Charges of Ajman Bank Self Employed Finance Offer
The Ajman Bank car loan has different types of fees and charges which are payable depending on the service that you opt for. These charges and their frequency are as follows -
List of fees and charges
1% of the loan amount (minimum AED 500 and maximum AED 2,500)
Early settlement fee payable per request
1% of the outstanding amount of the loan
Fee for changing the due date in Standing Instructions or Direct Deposit authority payable per instance
2% more than the agreed rate - the minimum fee should be AED 50 while the maximum should not exceed AED 500
Deferment of installment service fees payable per request
Advance payment of installment service fees payable per instance
1% of the instalment amount
Issuance of liability letters to other banks payable per request
Finance cancellation fee payable per request
Installment Calculator for Ajman Bank Self Employed Finance Offer
Ajman Bank offers you an online finance calculator that you can utilise to find out the expected installment amount of the loan. The calculator is available on the Ajman Bank website and can be accessed without any cost.
On the calculator page, you can initiate the process by entering the loan details i.e., the loan amount, down payment, interest rate, and repayment tenure. Once these details are entered, the instalment amount would be auto-calculated and displayed for your consideration.
A key point to remember here is that you can also change the installment amount by changing the loan details. By finding the applicable instalments for various plans, you can easily find the most affordable one that will not strain you while you repay the loan.
How to Apply for Ajman Bank Self Employed Finance Offer?
You can apply for car loan in UAE through the online channel, by visiting the bank, or from our website. Explained below are the processes for all:
At the branch - You can locate and visit the nearest branch of Ajman Bank and apply for car loan in UAE. After finding the nearest branch from the official Ajman Bank site, visit it and obtain the loan application form. Fill up this form with all the relevant details. Attach your documents, pay the processing fee, and submit the form at the branch.
At the website - You can also visit the online platform of Ajman Bank and apply for a car loan in UAE. Visit the bank’s site, where the rest of the procedure would be similar, i.e., fill out the online application form and submit it after uploading the documents.
Policybazaar UAE - By continuing on policybazaar.ae, you can see and compare the best car loan plans in the UAE. Moreover, you won’t need to visit any other website after you select a plan, as you can always apply for your preferred loan with us without much effort. As an added benefit, you get access to experts and 24/7 customer service with us, which will prove beneficial whenever you face any doubts regarding a plan.
Before you go and explore the auto finance plans on our website, check out some more details regarding Ajman car loans.
Can I opt for a repayment period of 50 months?
Yes, Ajman Bank car loan offers you a repayment tenure of up to 60 months. Consequently, you can choose a term of 50 months for repaying the loan if you prefer.
Is the profit rate fixed or on a reducing balance method?
The profit rate is fixed under Ajman Bank’s auto finance.
How is the processing fee calculated?
The processing fee is calculated on the basis of your loan amount. For instance, if you avail of a loan of AED 200,000 with a processing fee of 1%, it would translate into AED 2,000. So, AED 2000 would be the processing fee. However, the crucial aspect to note here is that the fee cannot exceed AED 2,500. So if you avail of a loan of AED 400,000, the processing fee would amount to AED 4,000 if you consider 1% of the loan amount. However, since the maximum fee is AED 2,500, you would have to pay only AED 2500 as the processing fee.
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