Individual loans

The group loan targets women who want to develop and enhance their businesses, whether it is a home-based business or not, and whether it is a licensed or unlicensed business and need to obtain financing to enhance this business, and the number of group members participating in this loan needs to be within the range of 2-4 members.

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

1. Loan amount (JOD): From 250-1200 per member
2. Loan term (Months): 8-24
3. Annual Interest rate: 24%Loan caLoan category (JOD)tegory (JOD)
4. Payment date: 1st of each month
5. 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 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 41.70% declining annual interest, which is equivalent to 24% 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: 192 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: 6 JODs
• The value of the monthly installment for the first payment: 90 JODs (the original payment: 62 JODs and the value of the interest: 28 JODs).
• The value of the monthly installment for the remaining payments: 82 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=3.85%
• Effective interest rate = 57.36%

In addition to this loan AMC provides the following added-value services:

1. Ashank loan a top up with an amount of 25% of the disbursed group loan for all group members.
2. Free of charge access to annual bazaars which allow AMC clients to market their products and services.
3. Free of charge attendance to financial literacy and marketing workshops and awareness sessions.
4. Participation in national and international 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.

Below are the required documents for Group loan:

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

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

1.Consumer needs.

2.Home improvement, maintenance and renovation.

3.Environmentally friendly and energy saving systems.

4.Hospital services, medical supplies.

5.Furniture and household appliances.

6.Recruiting workers (maids and nannies).

7. Marriage.

8. Entertainment services.

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

1. Loan amount (JOD): From 300-3000
2. Loan term (Months): 6-26
3. Annual Interest rate: 24%
4. Repayment Date: 1st of each month
5. 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 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 41.70% declining annual interest, which is equivalent to 24% 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: 192 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: 6 JODs
• The value of the monthly installment for the first payment: 90 JODs (the original payment: 62 JODs and the value of the interest: 28 JODs).
• The value of the monthly installment for the remaining payments: 82 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=3.85%
• Effective interest rate = 57.36%

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.

Below are the required documents for Sanadk loan:

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