Ajman Bank Personal Loan

When it comes to personal finance, you can choose your option from a wide range of products offered by the bank. In this article, we will provide you with in-depth insights into different products under the category of Ajman Bank personal loans or personal finance.

Types of Ajman Bank Personal Loans

Personal loans offered by Ajman Bank are categorised into 4 different products -

• Murabaha - With this Ajman Bank Personal Finance product, you get the convenience of accessing cash using the Commodity Murabaha framework. This offering is rooted in the principles of Islamic finance, specifically Murabaha, which entails the buying and selling of goods with the assurance of being purchased by an end consumer along with an additional profit margin.
• Secured Finance - Ajman Bank provides a secure personal finance option in which you can avail of the End of Service Benefits (EOSB) and Fixed Deposits. This financial offering operates within the framework of Islamic Murabaha, specifically through the Commodity Murabaha structure.
• Goods Murabaha - As the name indicates, this personal finance is specially designed for the purchase of different types of goods. The list includes electronics & home appliances, yachts, boats, motorcycles, building materials, machinery, and any goods that are not prohibited by Shariah.
• Ijarah - This Ajman Bank Personal Finance offering provides funds required for a child’s education, emergency purposes, travel, and much more under the service Ijarah. Under this arrangement, the bank purchases the requested service on behalf of the customer, granting them the right to utilise and enjoy its benefits for a predetermined duration. In exchange, the customer will make regular payments in the form of a pre-agreed rent.

Features and Benefits of Ajman Bank Personal Loans

Here are the top benefits and features of different personal loans offered by the Ajman Bank in the Emirates -

Murabaha

• For UAE nationals, the bank offers a loan amount of up to AED 3,000,000.
• For UAE expatriates, the bank offers a loan amount of up to AED 1,000,000.
• As a borrower, you get a loan repayment tenure of up to 48 months.
• The loan application procedure involves minimal documentation and quick processing.
• You can get a pre-approved credit card and enjoy lifestyle benefits. 

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Goods Murabaha

• For UAE expatriates, the bank offers a loan amount of up to AED 1,000,000.
• For UAE nationals, the bank offers a loan amount of up to AED 3,000,000.
• You get a loan repayment tenure of up to 48 months.
• The loan application procedure involves minimal documentation and quick processing.
• You get a pre-approved credit card that you can use to enjoy lifestyle benefits.

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Secured Finance

• With secured finance, the bank allows you to access End of Service Benefits and Fixed Deposits. 

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Ijarah

Ijarah is further divided into three categories:

1) Features of Ijarah (Except Education Finance, Hajj, and Umrah Finance)

• You can avail of a loan amount of up to AED 1,000,000 if you are a UAE expatriate.
• The bank grants you a loan amount of up to AED 3,000,000 if you are a UAE national.
• You get a loan repayment tenure of up to 48 months.
• The loan application procedure involves minimal documentation and quick processing.
• You get a pre-approved credit card with which you can enjoy numerous lifestyle benefits.

2) Features of Hajj and Umrah Finance

• The bank grants you a loan amount of up to AED 3,000,000 - irrespective of your nationality.
• You get a loan repayment tenure of up to 48 months.
• You can enjoy numerous lifestyle benefits with a pre-approved credit card provided with this finance product. 
• The loan application procedure involves minimal documentation and quick processing.

3) Features of Education Finance

• You can avail of a loan amount of up to AED 750,000, irrespective of your nationality.
• You have a loan repayment tenure of up to 48 months.
• The loan application procedure involves minimal documentation and quick processing.
• You get a pre-approved credit card and enjoy lifestyle benefits.

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Eligibility Criteria for Ajman Bank Personal Loans

To apply for Ajman Bank personal loans in the UAE, you must meet the following eligibility criteria: 

Type of Personal Loan	Eligibility Criteria
Murabaha	As a UAE expatriate, you must have a monthly salary of at least AED 8,000. For UAE nationals, the minimum salary required is AED 6,500 monthly.
Goods Murabaha	You must have a minimum monthly salary of AED 8,000 (For UAE expatriates). You must possess a salary of AED 6,500 monthly (For UAE nationals).
Ijarah	You must have a minimum monthly salary of AED 8,000 (for UAE expatriates). You must possess a salary of AED 6,500 monthly (for UAE nationals).  Note: The mentioned eligibility criteria are applicable to all three products of Ijarah.

Documents Required for Ajman Bank Personal Loans

Mentioned below are the set of documents required by the bank to process personal loan applications -

Type of Personal Loan	Documents Required
Murabaha	A valid copy of the Emirates ID card A valid copy of your Passport (with a Residence visa for expatriates) Completely filled application form Salary Certificate / Salary Transfer Letter from the employer 3 or 6 months’ personal bank statement
Goods Murabaha	A valid copy of the Emirates ID card A valid copy of a Passport (with a Residence visa for expatriates) Completely filled application form Salary Certificate / Salary Transfer Letter from the employer 3 or 6 months’ personal bank statement  Quotation of the specified goods addressed to the financial institution
Ijarah	A valid copy of the Emirates ID card A valid copy of the  Passport (with a Residence visa for expatriates) Completely filled application form Salary Certificate / Salary Transfer Letter from the employer 3 or 6 months’ personal bank statement  Quotation of the required services addressed to the financial institution  Note: These documents are required for all three Ijarah products.

Ajman Bank Personal Loans: Fees and Charges

The table below lists all the fees and charges related to Ajman Bank personal loans -  

Type of Fees	Charges
Processing Fee (Per Request)	1% of the Finance Amount (min AED 500, max AED 2,500)
Early Settlement Fees from Other Banks (Per Request)	1% of the Outstanding Amount or AED 10,000 (whichever is lower)
Takaful Charges (Per Request)	Takaful Contribution % (0.006%) x Finance Amount x Tenure
Final Settlement from Other Sources / EOSB (Per Request)	1% of the Outstanding Amount or AED 10,000 (whichever is lower)
Finance Cancellation Fee (Per request)	AED 100
Islamic Covering Drawing (Per request)	AED 200
Liability letter fees (Per request)	AED 60
Late Payment Fees Force Donation (Per instance)	2% of the Delayed Amount (Max AED 200)

How to Apply for Ajman Bank Personal Loans?

You can conveniently apply for Ajman Bank personal loans through policybazaar.ae.

Open our website and go to the ‘Personal Loan’ section, after which you can fill out the lead form to be directed to the relevant quotes page. Locate Ajman Bank Personal Loan and apply for it. Once you successfully submit the form, one of our concerned officials will shortly contact you to help you carry out the further process.

Besides the above-discussed method, you can also apply for a personal loan through Ajman Bank’s official website. If you wish to carry out the process in person, visit your nearest bank branch.

Ajman Bank Personal Loan Calculator

Utilising the Ajman Bank online personal loan calculator helps you estimate the monthly instalments associated with borrowing money. This calculator is easily accessible on the bank’s official website and provides quick and convenient calculations.

By entering variables such as the loan amount, interest rate, and loan term, you can obtain instant results with respect to your monthly payments, total interest paid, and overall loan cost. This enables you to make informed decisions and plan your finances effectively.

Likewise, you can also use the online calculator on policybazaar.ae, which is free for all. For this, you can simply visit our website and go to the ‘Personal Loan’ section, scroll to the bottom of the page, and locate the calculator. Enter your desired values and get an automated result instantly.

Ajman Bank Personal Loan Terms and Conditions

Mentioned below are some key terms and conditions related to Ajman Bank personal loans. Note that if you wish to read the complete list of terms and conditions, refer to the bank’s official website:

• The disbursement of finance is contingent upon Ajman Bank's receipt or verification of all required documents and fulfillment of the requirements. These documents and requirements must meet Ajman Bank's satisfaction in terms of their form and substance. Additionally, the payment of all applicable fees and charges to Ajman Bank is required for the disbursement process. 
• In case of a default by the customer, the remaining balance of all finances, including any accrued profit, charges, and fees, will become immediately due and payable by the customer and/or any guarantor(s) if applicable. Ajman Bank reserves the right to request immediate payment of these outstanding amounts. If Ajman Bank receives any payment from the customer while they are in default of finance, such a payment will be allocated by Ajman Bank to settle the customer's liabilities to Ajman Bank as deemed appropriate by Ajman Bank. 
• In case a monthly instalment is not paid by its scheduled due date, Ajman Bank retains the right to take necessary actions, without prejudicing any other rights or remedies available. The customer will be responsible for paying additional fees or charges as outlined in the schedule of fees and charges provided by Ajman Bank. 
• By submitting an application for finance, the customer affirms and assures that all information provided therein is true and accurate. Moreover, the customer grants authorisation to Ajman Bank to conduct any necessary inquiries deemed essential for verifying the provided information. 

Let’s now go through some of the most frequently asked questions about Ajman Bank Personal Loan!

Frequently Asked Questions