Loans for financing new and used cars (European, Japanese, Korean, German, American, British and Chinese models), with flexible terms and conditions. Car loans are granted for Jordanian residents working in public and private sectors, professionals and self-employed.
Benefits
- Loan tenor is up to 96 months.
- Loan financing is up to 100%.
- Customers of this loan are covered with life and total disability insurance, according to the accredited insurance procedure.
- Salary transfer is not mandatory.
- Guarantor is not required.
- Competitive interest rates.
- A loan amount can reach JOD 130,000.
- Financing the Green (electric and hybrid) cars with preferential interest rate and exemption of processing fee (1%).
- Possibility of financing against ID.
Conditions
- Applicants need to be Jordanian residents.
- Applicants to be fully eligible with a good reputation and track record
- Applicants not to be blacklisted
- Applicants need to apply for the loan directly through the bank's branches or the sales team.
- Applicants not to have any past dues related to previous loans at time of lending.
- Minimum monthly salary / income
Segment
| New Cars
| Used Cars
|
Salaried employees – Private / Public Sectors (Accredited companies)
| JOD 350 | JOD 350
|
Salaried employees – Private Sector (Non accredited companies)
| JOD 500
|
Professionals & Self-employed
| JOD 1000
|
- The car only with a zero mileage for 2 years is considered “New” otherwise, the car is considered “used” even if the car manufacturing year is the same as the year of loan application.
- The purchased car remains mortgaged for the benefit of the bank until the end of loan period
- Minimum age for the applicant should not be less than 21 years old.
- Maximum age of the applicant at loan maturity is 60 years old and 70 years old for retirees and professionals.
- Early settlement fee of 1% of the settled amount in case the remaining payments are more than 12 payments.
Required Documents
For customers with salary transfer & non-salary transfer:
- Photocopy of valid ID.
- Photocopy of the seller’s car license (for used cars).
- Car dealer price quotation (for new cars) including all car details mentioning the final car price.
- Appraisal of the car (for used cars) by the bank’s accredited car assessors and a copy of the sales contract.
- Salary pay-slip for the recent month.
- 3 months’ bank statements for salaried employees.
- Comprehensive insurance equivalent to the loan amount for the first year in favor of the bank is required.
For professionals and self-employed:
- Photo copy of valid ID.
- Photocopy of the seller’s car license (for used cars).
- Car dealer price quotation (for new cars) including all car details mentioning the final car price.
- Appraisal of the car (for used cars) by the bank’s accredited car assessors and a copy of the sales contract.
- 6 months’ bank statements.
- Financial statement.
- Certificate of professional practice.
- Valid vocational license.
- Commercial registration certificate.