Ajman Bank Personal Loan Interest Rates

Personal Loan in UAE

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  • Minimum Salary 5000 AED
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

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Personal loans have gained significant popularity as a financial tool in the UAE, providing individuals with the necessary funds to navigate through various expenses and unforeseen financial obligations.

Ajman Bank, founded in 2007, is one of the leading Islamic banks in the country and the first Islamic bank to have its headquarters in Ajman. The bank is quite popular for its personal finance product, which allows individuals to easily fulfil their financial requirements with a Sharia-compliant product.

Ajman Bank offers salary transfer personal loans based on the principles of Murabaha, a Sharia-compliant financing method. These loans are specifically designed to provide individuals with affordable financing options for their diverse requirements, whether for the purpose of home renovations, debt consolidation, pursuing higher education, or any other goal.

In this article, we will delve into the details of this personal finance product in the UAE and focus on one of its key aspects, namely Ajman Bank personal loan interest rates. We will explore why it is an excellent choice for individuals seeking competitive financing options and also discuss the application process, the factors to consider before applying for it, and so on.

Features of Ajman Bank Personal Loan in UAE

With an Ajman Bank personal loan in UAE, you can enjoy personal finance with a wide range of features tailored to meet your specific requirements. Let’s take a look at some notable features of Ajman Bank personal loans -

  • High Finance Amount: Ajman Bank offers personal loans with a maximum amount of up to AED 3 million for UAE nationals and up to AED 1 million for expatriates.
  • Flexible Loan Repayment Tenure: As a borrower, you have the flexibility to choose a repayment tenure of up to 48 months. This way, you can easily repay the instalments over a prolonged period without putting your other expenses and overall budget under any restrictions. 
  • Competitive Profit Rates: This Ajman Bank personal finance product is available at attractive profit rates, which ensures affordable financing for borrowers.
  • Option for Top-up: A notable aspect of Ajman Bank personal loans in UAE is that existing customers have the option to avail of a top-up facility on their current loan, which provides them with additional funds when required.

Note: The approval for top-up loans is subject to certain conditions such as a hike in income after obtaining the loan, on-time payment of at least 12 instalments, and more.

  • Pre-Approved credit card: With your Ajman Bank personal loan, you can get a pre-approved credit card with a plethora of lifestyle benefits to enjoy from.

What are the Ajman Bank Personal Loan Interest Rates?

As mentioned earlier, the Ajman Bank personal loan is available at attractive profit rates, which makes it an excellent option for affordable financing. It is to be noted that the rate of interest is determined based on various factors such as the borrower's financial profile, monthly income, the loan amount required, and other credit-related aspects.

Factors Affecting Your Ajman Bank Personal Loan Murabaha Rate of Interest

Several factors influence the rate of interest for personal loans in UAE. Understanding these factors can help you, as a borrower, make informed decisions and improve your chances of securing financing at favourable interest rates.

Here are the key factors to keep in mind -

  • Monthly Income: Your monthly income plays a significant role in determining the rate of interest. A higher income demonstrates a greater capacity to repay the loan, which can generally lead to more favourable interest rates.
  • credit Score: Your credit score is an essential factor considered by banks when determining the personal loan interest rate in your case. A higher credit score indicates better creditworthiness in terms of a good credit history, which is perceived positively by banks and leads to lower interest rates as a result.
  • Existing Relationship with Ajman Bank: If you have an existing relationship with Ajman Bank, i.e., you have a bank account, credit card, or any loan with the bank, it can positively impact your Ajman Bank personal loan interest rates. Maintaining a healthy financial relationship with the bank demonstrates trustworthiness and can lead to more favourable terms.
  • Loan Repayment History: Ajman Bank reviews your loan repayment history, particularly if you have active loans. A consistent history of timely payments reflects financial discipline and responsibility, increasing the likelihood of obtaining an attractive rate of interest.
  • Employer's Reputation: If you are employed with a reputable and financially stable organisation, it can improve your chances of securing a personal loan at a lower interest rate. This is because applicants working with reputed companies are perceived as stable in terms of employment, which boosts their creditworthiness.

Other Fees and Charges Applicable to Ajman Bank Personal Loan

While it’s important to be aware of the Ajman Bank personal loan interest rates and the factors affecting them to estimate your loan cost, keep in mind that other fees and charges are associated with these loans as well.

Here are some of the fees and charges applicable to Ajman Bank personal loans -

Fee Description Fee Amount (AED)
Processing Fee (per request) 1% of the Finance Amount (Min AED 500 and Max AED 2,500)
Takaful Charges (per request) 1% of the Finance Amount
Early Settlement Fees from Other Banks (per request) 1% of the Outstanding Amount or AED 10,000 (Whichever is Lower)
Final settlement from Other Sources / End of Service Benefits (EOSB)  1% of the Outstanding Amount or AED 10,000 (Whichever is Lower)
Late Payment Fees Force Donation  2% of the Delayed Amount - Up to AED 200
Liability Letter Fees (Per Request) AED 60
Finance Cancellation Fee  AED 100
Deferment of Instalment (Service Fees) AED 100 Per Deferment
Salary Advance Service Fees (Per Request) AED 300
Other (Finance Copy, Issuing Redemption Statements, Audit Confirmation, and More)  AED 25 (Per Request)

How to Calculate Ajman Bank Personal Loan Interest Rates?

To accurately calculate your personal loan interest rate, you can simply use the finance calculator provided on the official website of Ajman Bank. This online calculator allows you to determine the estimated monthly instalment amount along with the profit component in a few simple steps.

You can access this calculator by visiting the ‘Consumer Finance’ section on the official site and selecting the ‘Finance Calculator’ option. Once done, simply provide the following details to the calculator:

  • Purchase Price (Finance Amount)
  • Profit Rate 
  • Down Payment 
  • Repayment Tenure

Once you enter these details, you will instantly see the monthly instalment amount on your screen along with the profit amount, total amount payable, and more. 

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Eligibility Criteria to Apply for Ajman Bank Personal Loan

To be eligible for an Ajman Bank personal loan in the UAE, you would be required to meet certain criteria specified by the bank. Here are the general eligibility requirements -

  1. Nationality: Ajman Bank personal loans are available for both UAE nationals and expatriates.
  2. Age: The minimum age to apply for an Ajman Bank personal loan is typically 21 years, while the maximum age is 60 years (for expats) and 65 years (for UAE nationals).
  3. Salary Transfer: For the salary transfer personal finance, you would need to transfer your monthly salary to an Ajman Bank account.

Keep in mind that when you apply for an Ajman Bank personal loan, you will be required to submit specific documents as part of the application process. Here is a list of the documents typically required

  • Completed loan application form 
  • Copy of your Emirates ID
  • Copy of your passport (Residence visa page required for expats)
  • Bank statements for the last 3 or 6 months
  • Salary certificate or salary transfer letter

Note that the exact documentation requirements may vary based on the specific loan variant and the applicant's profile. 

Wrapping Up

Ajman Bank presents an excellent option for those looking for personal finance in the UAE. Its features like attractive profit rates, high finance amounts, and others make Ajman Bank personal finance an attractive option for individuals in need of financial support.

By considering factors such as income, credit score, relationship with the bank, repayment history, employer's reputation, and age, applicants can enhance their chances of securing a favourable Ajman Bank personal loan interest rate.

When applying for this personal loan, make sure to review the applicable fees and charges and use the provided calculator to estimate the instalment amount as well. 

Let’s see what others are asking about Ajman Bank personal loan interest rates in the UAE -

FAQ's

Q1. What are the applicable profit rates for a Murabaha Personal Loan?

Ans: The profit rates for Ajman Bank personal loans in UAE are variable in nature and depend on various factors such as the loan amount, tenure, applicant’s profile (age, salary, and others), and more. It is advisable to connect with the bank at the time of application to know more about the applicable profit rate in your case.

Q2. Are there any processing fees associated with an Ajman Bank Personal Loan?

Ans: Yes, a one-time processing fee is applicable in the case of Ajman Bank personal loans. This fee is calculated as 1% of the finance amount, with the minimum and maximum limits being AED 500 and AED 2,500, respectively.

Q3. Can I settle my Murabaha Personal Loan before the completion of the repayment period?

Ans: Yes, you can settle your Murabaha Personal Loan before its scheduled tenure. However, keep in mind that an early settlement fee - 1% of the outstanding amount (up to AED 10,000) - would be applicable.

Q4. How can I apply for Personal Finance of Ajman Bank?

Ans: You can easily apply for a personal finance product through the official website of Ajman Bank.

Q5. What documents are required for a Murabaha Personal Loan application?

Ans: The documents required in the application process include a copy of your Emirates ID, salary certificates, bank statements, passport copies, and any other documents deemed necessary by Ajman Bank. Note that the bank may ask for additional documents as per its requirement.

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