Ajman Bank Auto Finance

Minimum Salary
5.000,00 د.إ

Flat Rate
2.40%

Reducing Rate
AED 4.56%

Maximum Term
5 Years

Monthly Payment
AED 17,000

Description

Ajman Bank’s Sharia-compliant auto finance delivers competitive profit rates (flat from 2.45% p.a., reducing from 5.60% p.a.), financing up to AED 1.5 million (new cars) or AED 750 k (used cars), tenures up to 60 months, and a range of tailored product variants including 50-50 finance, exotic car finance, secured finance, and corporate fleet solutions.

Features

Profit Rates & Financing Terms

Product Variant	Flat Rate p.a.	Reducing Rate p.a.	Maximum Finance	Maximum Tenure
Standard Auto Finance	2.45%	5.60%	New cars: AED 1.5 M Used cars: AED 750 k	60 months
50-50 Finance	–	–	50% of car value	60 months
Exotic Car Finance	From 1.99% p.a.*	–	Up to AED 2 M	60 months
Secured Finance	From 1.75%**	–	Up to AED 1.5 M	60 months
SME Commercial Vehicle	From 3.50% flat	–	Up to AED 5 M	48 months

* Promotional rate for select models and salary-transfer customers
** Cash collateral via Wakala fixed deposit required

Eligibility Criteria

Age: 21–65 years
Residency: UAE nationals and expatriates
Minimum Salary: AED 5,000 per month for individuals
Self-Employed: Minimum annual turnover AED 300,000 (with audited financials)
Corporate: UAE-licensed entities with valid trade license
Credit Assessment: Satisfactory credit history; salary transfer preferred for best rates

Detailed Schedule of Fees & Charges

Fee Type	Charge
Processing Fee	1% of financed amount – min AED 500, max AED 2,500
Early/Partial Settlement Fee	1% of outstanding principal (max AED 10,000)
Etihad Credit Bureau	AED 30
Post-Dated Cheque Replacement	AED 100 per cheque
Direct Debit Authority Setup/Amendment	AED 100 per request
Insufficient Funds (Cheque Bounce)	AED 100 per instance
Installment Deferment	One deferment free per year; AED 100 thereafter
Loan Cancellation Fee	AED 100
Cooling-Off Period	5 business days (full refund of fees if cancelled)
NOC for RTA Registration	Free
Lien Release (post-settlement)	Free
Late Payment Penalty	1% of overdue installment – min AED 100 per month

All fees subject to VAT where applicable and to Ajman Bank’s prevailing Service Guide.

Documents Required

Salaried Individuals

Emirates ID (original and copy)
Passport and UAE residence visa copy
Salary certificate or employment contract
Latest 3 months’ bank statements (salary account)
Vehicle quotation/invoice

Self-Employed Individuals

Emirates ID and passport with visa copy
Trade license copy
Last two years’ audited financial statements
Latest 6 months’ business bank statements
Vehicle quotation/invoice

Corporate Entities

Trade license copy
Board resolution/authorization letter
Memorandum & Articles of Association
Last two years’ audited financials
Vehicle quotation/invoice

Additional Info

Sharia-Compliant Murabaha: Transparent cost structure with no hidden mark-ups
Tailored Products: 50-50 finance, exotic car, secured finance, self-employed, and corporate fleet solutions
High Financing Limits: Up to AED 1.5 million for new cars; AED 2 million for exotic vehicles; AED 5 million for SMEs
Flexible Repayment: Tenures up to 60 months; first instalment deferment up to 210 days
Minimal Paperwork: Digital application with quick credit decision
Exclusive Deals: Access to dealer network discounts and pre-approved credit cards
Takaful Options: Optional motor takaful bundled with finance
Dedicated Support: Relationship managers for priority banking clients and corporate accounts