Ajman Bank Individual Standard Car Loan

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 –

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