1. Loan amount (JOD): From 500-3500
2. Loan term (Months): 8-24
3. Annaul Interest rate: 21%
4. Repayment Date: 1st of each month
5. Grace Period: In case of grace period utilization an additional cost/interest will be applied.
6. 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.

Other governmental fees:

1. General Sales Tax: 3%
2. Stamp income fees: start from 2-12 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 of 1200 JODs for a repayment period of 12 months at a declining rate of 36.02% which is equivilent to 21% fixed/annual interest rate, noting that the declining interest rate depends on the loan term and it is guidance rate.

• The total value of the interest incurred on the financing: 252 JODs
• The value of the import stamps on the contract: 6 JODs
• Amount of commission for granting credit (one-time upon granting): 10 JODs
• Percenatge of commission for granting credit (one-time upon granting): 12 JODs
• The value of the general sales tax: 8.22 JODs
• The value of the monthly installment for the first payment: 121 JODs (the original payment: 84 JODs and the value of the interest: 37 JODs ).
• The value of the monthly installment for the remaining payments: 121 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".
• IRR = 3.58%
• Effective interest rate = 52.51%

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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 Educational loan:

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

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