AlHakourah Loan - Ahli Microfinance Company

AlHakourah Loan

AlHakourah Loan

This loan is targeting individuals who need to finance their agriculture needs as :

  • Processing and manufacturing activities such as distillation of oils from medicinal and aromatic plants, production of soap and tea.
  • Home-based projects such as drying vegetables and fruits, pickles, making jams and vinegar.
  • Manufacture of cheese,butter and dairy products.
  • Poultry and livestock projects and their supplies.
  • Maintenance of pumps and simple agricultural equipment.
  • Mushroom cultivation projects.
  • Forming roses, flowers and ornamental plants.
  • Home cultivation for productive purposes.
  • All services related to the veterinary shops.
  • Shops of basic agricultural equipments.
  • Simple agricultural activities related as storage facilities, greenhouses, irrigation systems and fertilization.
  • Owners of small shops for fruit and ornamental trees, vegetables, flowers and roses.

Individuals / customers with disabilities can benefit from all services and products provided by the company in line with internal policies.

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  1. Loan amount (JOD): From 400-3000
  2. Loan term (Months): 6-24
  3. Annual Interest rate: 21%
  4. Commission for granting credit (one-time upon granting):
    • Subject to 1% of the credit limit if the credit limit is less than 1,000 JODs.
    • Subject to 1% + 10 JODs of the credit limit if the credit limit is between 1,000 – 10,000 JODs.
    • Subject to 1% + 20 JODs of the credit limit if the credit limit is more than 10,000 JODs. 
  5. Repayment Date: 1st of each month.
  6. Grace Period: In case of grace period utilization an additional cost/interest will be applied.

Other governmental fees:

  1. General Sales Tax: 3%
  2. Stamp income fees: start from 1-15 JOD and calculated according to the loan amount.

Payment Methods:

  1. In all our branches' outreach.
  2. eFAWAteerCOM service through approved agents, click here for more information about agents' details.

 

Illustrative example:

Financing with a value of 800 JODs for a repayment period of 12 months at a rate of 36.304% declining annual interest, which is equivalent to 21% fixed annual interest, and the declining interest rate depends on the financing period and it is a guidance rate.

  • The total value of the interest incurred on the financing: 168 JODs
  • The value of the import stamps on the contract: 2 JODs
  • Amount of commission for granting credit (one-time upon granting): 8 JODs
  • The value of the general sales tax: 5.28 JODs
  • The value of the monthly installment for the first payment: 88 JODs (the original payment: 63 JODs and the value of the interest: 25 JODs).
  • The value of the monthly installment for the remaining payments: 80 JODs, including the principal and interest.

Calculating the effective interest rate (EIR) for the financing by calculating according to the following formula (EIR) = 1-12^(IRR+1)

  • In the Value field: we enter all cash flows (negative and positive)
  • In the Guess field: (representing the expected return): we enter "zero".
  • The result is IRR=3.71%
  • Effective interest rate = 49.61%
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In addition to this loan AMC provides the following added-value services:

  • Free of charge workshop to support our clients by raising their awareness about o financial literacy and provide them with the latest and efficient tools and techniques to market their own products and services.
  • Participation in local and national entrepreneurs competitions which allow the client to be exposed to new best practices and prizes which add value to their projects and businesses.

Notes:

No active offers is offered currently.

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Below are the required documents for Al-hakourah loan:

  1. Copy of the personal ID.
  2. Copy of the valid family book.
  3. Update Proof of residence.
  4. Any income proof.
  5. Any other documents might be requested.
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