Ajman Bank Takeover Finance UAE Nationals Only

Established in 2007, Ajman Bank was the first Islamic bank to be opened in Ajman. The bank is reputed for its impeccable banking solutions consisting of consumer banking, corporate banking, treasury and capital markets, and investment banking. It offers financial products like credit cards, home loans, personal loans, accounts, property loans, salary advance facilities, and more.

One such product offered by the bank falling under the spectrum of personal loans in UAE is the takeover finance. This service is provided via commodity Murabaha and follows the Islamic financial structure of Murabaha. 

Takeover Finance: An Overview

Takeover finance or takeover loan is a personal loan wherein you approach a bank and apply for a loan amount that remains to be paid off in an existing bank where you already have taken a loan. 

Once you repay this loan with your current bank, you can continue to pay the loan amount to the new bank from which you took the takeover loan. What makes these loans highly sought-after are the perks like a lower rate of interest and lower EMIs. 

Factors to Consider When Applying for Personal Loan Takeover Finance

1. Compute the Sum Outflow: Even if the new bank from which you seek the takeover finance is offering low monthly instalments and a longer duration for repayment, chances are that the interest rate might increase gradually and add to the outstanding loan amount. Consequently, it is important to confirm if your chosen bank is offering you less interest rates with flexible repayment tenure and fewer instalments.
2. Know About the Processing Fees and the Associated Charges: When opting for takeover finance, take a note of charges like stamp duty, technical charges, legal charges, processing fees, and others besides the monthly instalments. Compare these charges with reduced interest that the new bank offers. 
3. Verify the Collateral to Outstanding Ratio: Avoid providing the original collateral in case you have repaid a major amount of your loan, as you can always present a smaller portion of collateral to the new bank to secure a loan to pay off your debts. 
4. Terms and Conditions: It is advisable to read through the terms and conditions of both the banks’ plans. For instance, some banks may ask for opening a fixed deposit account or a savings account to transfer the loan money. The possibility of such added terms makes it vital to read the ‘terms and conditions’ section and analyse the benefits and disadvantages of these conditions. 

As a comprehensive takeover loan in the UAE, Ajman Bank Takeover Finance for UAE Nationals can help you consolidate debts by taking over your liability from other financial institutions and avail of lower instalments and high liquidity rates. However, please note that takeover finance does not apply to home finance.

Features of Ajman Bank Takeover Finance Loan

The following are the features of Ajman takeover finance, which is a personal loan in the UAE following the Murabaha principles:

• Loan amounts of up to AED 4,50,000 offered to UAE nationals
• The documentation process is straightforward
• Easy loan processing
• Option to repay the loan in up to 25 years.

Advantages of Ajman Personal Loan Takeover in the UAE

1. Lower Interest Rates: With Ajman Bank takeover finance for UAE nationals only, you can enjoy lower interest rates compared to your current personal loan from another bank. This can decrease the burden of the current loan availed at a higher interest rate. 
2. Flexible Repayment Duration: When you transfer your personal loan to Ajman Bank, you can experience a streamlined repayment owing to the loan conditions and a long repayment period. With Ajman Bank Takeover Finance for UAE nationals, individuals can have a repayment tenure of up to 25 years. 
3. Minimal Documentation Process: Since your documents have already been verified by the other bank, the personal loan refinance will not require an exhaustive verification of paperwork. 

Eligibility Criteria for Applying for Personal Loan Refinance

When you plan to have your personal loan in the UAE taken over, you need to keep the following criteria in mind:

• Only UAE nationals can apply for this loan
• Minimum age for application is 21 years
• Salary transfer is required to apply for the loan
• You must submit the price of the required products and address it to Ajman Bank

Interest Rates and Charges involved in Ajman Bank Takeover Finance for UAE Nationals

• Processing Fee: 1% of the finance amount
• Takaful Charges: 1% of the finance amount
• Early Settlement Fee: 1% of the outstanding amount
• Fee for Postponing an Instalment: AED 100 for every delay
• Salary Advance Fees: AED 300
• Late Fee Charges: 2% on the late amount (up to AED 200)
• Facility Cancellation Costs: AED 100
• Other Charges (including audit confirmation, statements, and finance copy): AED 25

Salary Requirements for Ajman Bank Takeover Finance for UAE Nationals

For the Ajman Bank Takeover Finance for UAE Nationals, applicants must have a minimum monthly salary of AED 20,000. 

Key Facts 

How to Apply for Personal Loan Takeover Finance?

When applying for Ajman Bank Takeover Finance for UAE nationals only, make sure to carry the following documents:

• Application form
• Copy of Passport
• Salary Certificate or Salary Transfer Letter from the company
• Liability Letter from the bank from which you obtained your loan
• Bank statement for the last six months

Submit all the requested documents online using internet banking or by visiting the nearest branch of Ajman Bank. The loan will be processed quickly as no exhaustive paperwork verification is required. 

If you wish to take a look at other Ajman Bank personal loans and personal loan in UAE from the top providers, you can go to the ‘personal loans in UAE’ section on policybazaar.ae. Using our website, you will be able to compare the best plans in this category and apply for a plan of your choice in a few easy steps.

Key Takeaways

• Ajman Bank takeover finance for UAE nationals only is a personal loan that enables the user to pay off the outstanding loan amount taken from another bank
• The maximum finance amount you can avail of with this plan is AED 4.5 million
• 25 years is the maximum permissible repayment tenure for this Ajman Bank Personal Loan. 
• Individuals above the age of 21 years and having a minimum salary of AED 20,000 are eligible to apply for this type of loan
• You can submit all the required documents like a copy of your passport, bank statement for the last six months, salary certificate, and a liability letter online or at an Ajman branch to complete the application process for this Ajman Bank loan.