Enjoy the good life with Ajman Bank Personal Finance. With competitive profit rates and a range of most exciting benefits, you can now have it all! Be it a highly coveted product, a luxurious experience or a life changing event….the choice is exclusively yours!
The Ajman Bank personal loan offers a highly competitive profit rate, which is set as per the bank’s discretion. The table below details the best Ajman Bank personal loans and their biggest features:
| Category | Sub-Category | Max Loan Amount (for UAE nationals) | Max Loan Amount (for Expatriates) | Tenor |
|---|---|---|---|---|
| Commodity Murabaha | Standard Murabaha | AED 3 million | AED 1 million | 4 years |
| Takeover Murabaha | AED 4.5 million | Only available for UAE nationals | 25 years | |
| Good Murabaha | AED 3 million | AED 1 million | 4 years | |
| Service Ijarah | Standard Ijarah | AED 3 million | AED 1 million | 4 years |
| Education Ijarah | AED 750,000 | AED 750,000 | 4 years | |
| Hajj Ijarah | AED 300,000 | AED 300,000 | 4 years |
Disclaimer: Interest Rates are subject to change at any time.
Types of the Ajman Bank Personal Loan
The Ajman Bank personal loan is available in an exciting mix of varieties. Listed below are the features and benefits of the many categories of Ajman Bank personal loans in Dubai and the UAE.
Commodity Murabaha
This form of Ajman Bank personal loan allows cardholders to pay off their existing debts and even consolidate all of their existing loans into the Ajman Bank personal loan (for UAE nationals exclusively), and is available in two forms:
1. Standard Murabaha
- Provides cash with the help of Commodity Murabaha
- Formulated as per the Murabaha The Islamic financing structure for UAE nationals, it provides finance up to AED 3,000,000
- Provides finance up to AED 1,000,000 for Expats
- Easy documentation
- Prompt Processing
- Up to 4 years of repayment tenure
- Offers credit card (pre-approved)
| Eligibility | Documents Required |
|---|---|
| Minimum Salary For UAE Nationals- AED 8,000 For Expats- AED 6,500 | Duly filled application form Passport copy + Expat’s Residence Visa Copy of Emirates ID Salary Transfer Letter/ Salary Certificate issued by the employer Bank statements of 3-6 months |
The interest rate and charges for this loan type are:
- Processing Fee-1% of the loan amount (Minimum- AED 500, Maximum-AED 2500)
- Early Settlement Fee– 1% of the remaining amount or AED 10,000
- Fee for Deferment Of Installment – AED 100 per deferment
- Takaful Charges- 1% of the loan amount
- Late Fee- 2% of the late amount ( Maximum– AED 200)
- Facility Cancellation Charges- AED 100
- Salary Advance Charges- AED 300
- Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25
2. Takeover Murabaha
- Offers debts consolidation for only UAE Nationals by taking over the liabilities (excluding home finance) fromother financial institutions and banks
- Offers high liquidity
- Facility offered with the help of Commodity Murabaha
- Formulated as per the Murabaha Islamic financing structure.
- For UAE nationals, provides finance up to AED 4,500,000
- Easy documentation
- Prompt Processing
- Up to 25 years of repayment tenure
| Eligibility | Documents Required |
|---|---|
| Minimum Salary AED 20,000 | Duly filled application form Passport copy + Expat’s Residence Visa Copy of Emirates ID Salary Transfer Letter/ Salary Certificate issued by the employer Bank statements of 6 months Liability Letter issued by the existing bank |
The interest rate and charges for this loan type are:
- Processing Fee-1% of the loan amount (Minimum- AED 500, Maximum-AED 2500)
- Early Settlement Fee– 1% of the remaining amount or AED 10,000
- Fee for Deferment Of Installment – AED 100 per deferment
- Takaful Charges- 1% of the loan amount
- Late Fee- 2% of the late amount (Maximum– AED 200)
- Facility Cancellation Charges- AED 100
- Salary Advance Charges- AED 300
- Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25
Goods Murabaha
This Ajman Bank personal loan offers the same cost-plus financing solution as mentioned above, however it does so for goods such as electronic appliances, house furnishing and more. The features and benefits of this loan are:
- UAE Nationals can get an Ajman bank personal loan for up to AED 3,000,000
- Expats can get an Ajman bank personal loan for up to AED 1,000,000
- Shariah-compliant
- Easy documentation
- Quick processing
- Up to 4 years of repayment tenure
- Offers credit card (pre-approved)
| Eligibility | Documents Required |
|---|---|
| Minimum Salary For UAE Nationals- AED 8,000 For Expats- AED 6,500 | Duly filled application form Copy of PassportResidence Visa for expatriates Copy of Emirates ID Bank statement of 3/6 months Salary Transfer Letter/ Salary Certificate issued by the employer Quotation of the required goods addressed to the bank |
The interest rate and charges for this loan type are:
- Processing Fee-1% of the loan amount (Minimum- AED 500, Maximum-AED 2500)
- Early Settlement Fee– 1% of the remaining amount or AED 10,000 (whichever is lower)
- Fee for Deferment Of Installment – AED 100 per deferment
- Takaful Charges- 1% of the loan amount
- Late Fee- 2% of the late amount (Maximum– AED 200)
- Facility Cancellation Charges- AED 100
- Salary Advance Charges- AED 300
- Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25
Service Ijarah
Ijarah Ajman Bank personal loans are exceptionally adept at financing immediate service requests. Applicants may buy Ajman Bank personal loans under three categories of Ijarah:
1. Standard Ijarah
This form of Ijaraha Ajman Bank personal loan incorporates all forms of Service request except for Educations and Hajj expenses (which are the other two categories of Ijarah Ajman Bank personal loans).
- Offers Personal Finance as per Islamic structure of Service Ijarah
- Expats can get up to AED 1000,000
- UAE nationals can get up to AED3,000,000
- Up to 4 years of repayment tenure
- Quick and easy processing
- Simple documents required
- Offers credit card (pre-approved)
2. Education Ijarah
- Expats and UAE nationals can get finance up to AED 750,000
- Up to 4 years of the repayment term
- Quick and easy processing
- Simple documentation
- Offers credit card (pre-approved)
3. Hajj Ijarah
- Expats and UAE nationals can get a loan up to AED 300,000
- Up to 4 years of the repayment term
- Quick and easy processing
- Simple documentation
- Offers credit card (pre-approved)
| Eligibility | Documents Required |
|---|---|
| Minimum Salary For UAE Nationals- AED 8,000 For Expats- AED 6,500 | Duly filled Application Form Passport copy plus Residence Visa for Expats Copy of Emirate ID Quotation of the required services addressed to the bank Salary Transfer Letter/ Salary Certificate issued by the employer Bank statement (3/6 months) |
The interest rate and charges for this loan type are:
- Processing Fee-1% of the loan amount (Minimum- AED 500, Maximum-AED 2500)
- Early Settlement Fee– 1% of the remaining amount or AED 10,000
- Fee for Deferment Of Installment – AED 100 per deferment
- Takaful Charges- 1% of the loan amount
- Late Fee- 2% of the late amount (Maximum– AED 200)
- Facility Cancellation Charges- AED 100
- Salary Advance Charges- AED 300
- Other Charges (Statements, Audit Confirmation, and Finance Copy)- AED 25