|Flat Rate||3% per annum|
|Reducing Rate||5.75% per annum|
|Processing Fee||1% per annum, Maximum AED 1,500|
|Early Settlement Fee||1% of remaining balance|
|Loan Tenure||4 years|
Overview of Ajman Bank Personal Loan
Ajman Bank Personal Loan with a positive reputation in the Middle-east market has helped fulfill several personal financial needs of customers. The personal loans offered by the bank starts at a very low rate of interest. The personal loan amount can go up to a maximum AED 1 million for Expats and AED 3 million UAE nationals is available. The bank also offers flexible and convenient payment terms on its personal loans.
How to calculate EMI on your Ajman Bank Personal Loan
Customers can calculate their EMI online on the bank portal with the help of the EMI calculator. The Ajman personal loan flat interest rate is 3% and is based on the customer’s profile. However, the rate of reduction for this finance is 5.75% and the equivalent flat rate is 34.9%. The calculation that is generally used is a division by 1.814 which is indicative only. Hence, to get a better estimate of the interest rates it is best to go for the online EMI calculator where you have to simply add the variables and the tool will give you an estimate EMI.
Factors affecting Ajman bank Personal loan Interest Rates
There are some important elements which helps decide the Ajman personal loan interest rates:
- One of the most important things in not only interest rate but also loan application approval is the credit score. The interest rates get lower and the chances of loan approval are also much higher.
- Stability in terms of finance is very important for the bank to note as it helps decide whether the individual can actually afford paying the EMIs regularly. Also individuals working in reputable companies have a higher chance of loan approval.
- The loan repayment is critical for determining the personal loan interest rate. If the applicants choose long tenure for loan repayment, the rate of interest automatically reduces by the reducing calculation with every successful EMI paid.
- The minimum income per month is only AED 8000, however, higher your income the lower your rates might be considering that you have better of chances of affordability of the loan. However, chances of loan approval are higher with higher income.
Key things to know about Ajman Bank personal loan interest rates
- The arrangement/ processing fee is 1% of the loan amount. The range for minimum and maximum processing fee chargeable is AED 500 and AED 2,500 respectively.
- Free Takaful is available with the Ajman Bank personal loan schemes.
- The early settlement fee for this finance is 1% of the outstanding amount (principal + profit) to date, or AED 10,000, whichever is lower. The bank also has the discretion to waive any or all of the total outstanding profit.
- Finance repayment period is up to 4 years.
- It is a requirement to transfer your salary to apply
- Individuals with a minimum salary of AED 8,000 per month can apply for this personal loan