Business Loans
We provide a diverse array of business loans, serving both micro- and small-enterprise owners. Our financing is meant to ensure business sustainability, as well as to support growth.
Business Loans
We provide a diverse array of business loans, serving both micro- and small-enterprise owners. Our financing is meant to ensure business sustainability, as well as to support growth.
TYPES OF BUSINESS LOANS:
Amount |
1,000 – 3,000 JOD |
Fixed monthly interest rate |
1.5% |
Loan term |
6 - 24 months |
Grace period |
Not applicable |
Payment date |
1st of each month |
Fees |
1 JOD per 1,000 and its fraction |
Penalties |
0.5 JOD per each day of delay |
Targeted Segment |
Unlicensed or Home Businesses |
Targeted Sectors |
Commercial, Industrial, Services providers and vehicls used for business purposes |
Loan Purposes |
Working capital or fixed assets |
Age of Project |
More than Zero month |
Age |
18-65 Years old |
Gender |
Both Male and Female |
Nationality |
Jordanian and people from Gaza according to the related policy |
Added value services |
Aman Insuranc: Life, and total and partial disability free insurance |
Sanad Insurance: Compensation due to loss of client's income during hospitalization |
|
Payment channels |
Tamweelcom Branches |
eFAWATEERcom Vendors |
|
Required Documents |
Proof of housing |
Personal ID Card and Family Book |
|
Additional documents might be requested as the need arises |
* All kind of loans are subjet to Stamps Fees law and Sales Tax law.
* The company is obliged to grant funding only for legal purposes, and the fund is not granted for any kind of illegal purposes or purposes that entail environmental and social impact.
Example:-
A client received a JOD 2,500 loan from Tamweelcom, with a tenor of 18 months and fixed monthly interest rate 1.5%
Total Fixed interest rate for the loan: (2,500*1.5%*18) = 675 JOD
Stamps duty on the Contract = 9 JD
2. What is the monthly payment for the loan (principal, Monthly interest and sales tax on interest)?
First month payment amount: 186.25 JOD (Principal 118.013, Monthly interest 66.252 JOD and sales tax on interest 1.985 JOD)
The remaining monthly payments amount: 177 JOD (Including principal payment, Monthly interest and sale tax on interest).
3. How to calculate the effective interest rate (EIR) for the loan
The effective interest rate (EIR) = (1+IRR)12 - 1
The Internal rate of return (IRR) calculated using Microsoft Excel by using the equation of IRR:
Value field: enter all the cash flows (plus and minus)
Guess field: (represent the expected income): enter 0
IRR = 0.02786
Which represent the Monthly Effective rate
The effective interest rate (EIR) calculated by substitute the IRR in the following equation:
The effective interest rate (EIR) = (1+IRR)12 - 1
The effective interest rate (EIR) = (1+0.02786)12 - 1= 39.062 %
Amount |
1,000 – 50,000 JOD |
Fixed monthly interest rate |
1.5% for the loan amount between 1,000 -3,000 JOD |
1.25% for the loan amount between 3,001 -5,000 JOD |
|
1.00% for the loan amount between 5,001 -7,000 JOD |
|
0.85% for the loan amount between 7,001 -10,000 JOD |
|
0.75% for the loan amount between 10,001 -50,000 JOD |
|
Loan term |
3 - 36 months |
Grace period |
Not applicable |
Payment date |
1st of each month |
Fees |
1 JOD per 1,000 and its fraction for the loan amount between 1,000-7,000 |
1% of the loan amount for the loan amount between 7,001 – 50,000 |
|
Penalties |
0.5 JOD per each day of delay for the loan amount between 1,000-7,000 |
5 JOD per each day of delay for the loan amount between 7,001 – 50,000 |
|
Targeted Segment |
Licensed Micro and Small businesses |
Targeted Sectors |
Commercial, Industrial, Services providers and vehicls used for business purposes |
Loan Purposes |
Working capital or fixed assets |
Age of Project |
12 months and above |
Age |
18-65 Years old |
Gender |
Both Male and Female |
Nationality |
Jordanian and people from Gaza according to the related policy |
Added value services |
Aman Insuranc: Life, and total and partial disability free insurance |
Sanad Insurance: Compensation due to loss of client's income during hospitalization |
|
Payment channels |
Tamweelcom Branches |
eFAWATEERcom Vendors |
|
Required Documents |
Valid Certificate of Registration |
Valid Vacational License |
|
Personal ID Card and Family members ID card |
|
Additional documents might be requested as the need arises |
* All kind of loans are subjet to Stamps Fees law and Sales Tax law.
* The company is obliged to grant funding only for legal purposes, and the fund is not granted for any kind of illegal purposes or purposes that entail environmental and social impact.
Example:-
A client received a JOD 20,000 loan from Tamweelcom, with a tenor of 30 months and fixed monthly interest rate of 0.75%
Total Fixed interest rate for the loan: (20,000*0.75%*30) = 4,500 JOD
Stamps duty on the Contract = 60 JD
2. What is the monthly payment for the loan (principal Monthly, interest and sales tax on interest)?
First month payment amount: 826 JOD (Principal 545.699, Monthly interest 272.155 JOD and sales tax on interest 8.146 JOD)
The remaining monthly payments amount: 821 JOD (Including principal payment, Monthly interest and sale tax on interest).
3. How to calculate the effective interest rate (EIR) for the loan
The effective interest rate (EIR) = (1+IRR)12 - 1
The Internal rate of return (IRR) calculated using Microsoft Excel by using the equation of IRR:
Value field: enter all the cash flows (plus and minus)
Guess field: (represent the expected income) enter 0
IRR = 0.01494
Which represent the Monthly Effective rate
The effective interest rate (EIR) calculated by substitute the IRR in the following equation:
The effective interest rate (EIR) = (1+IRR)12 - 1
The effective interest rate (EIR) = (1+0.01494)12 – 1= 19.47 %
Amount | 7,001 – 20,000 JOD |
Fixed monthly interest rate | 0.85% for the loan amount between 7,001 -10,000 JOD |
0.75% for the loan amount between 10,001 -20,000 JOD | |
Loan term | 3 - 18 months |
Grace period | Not applicable |
Fees | 1% of the loan amount |
Penalties | 5 JOD per each day of delay |
Payment date | 1st of each month |
Targeted Segment | Licensed and classified small and micro enterprises provided to MEPS Payable Service either as existing clients or as new customers |
Targeted Sectors | Commercial, Industrial, Services providers. |
Loan Purposes | Working capital |
Age of Project | 12 months and above |
Age | 18-65 Years old |
Gender | Both Male and Female |
Nationality | Jordanian and people from Gaza according to the related policy |
Added value services | Aman Insuranc: Life, and total and partial disability free insurance |
Sanad Insurance: Compensation due to loss of client's income during hospitalization | |
Payment channels | Transfer amount of money (Project Sales) through MEPS point of sales to Tamweelcom's client Account. |
Required Documents | Valid Certificate of Registration |
Valid Vacational License | |
Personal ID Card and Family Book | |
Additional documents might be requested as the need arises |
* All kind of loans are subjet to Stamps Fees law and Sales Tax law.
* The company is obliged to grant funding only for legal purposes, and the fund is not granted for any kind of illegal purposes or purposes that entail environmental and social impact.
Amount | 7,001 – 20,000 JOD |
Fixed monthly interest rate | 0.85% for the loan amount between 7,001 -10,000 JOD |
0.75% for the loan amount between 10,001 -20,000 JOD | |
Loan term | 1 - 12 months |
Grace period | Depends on finance structure and cheques' dates |
Fees | 1% of the loan amount |
Penalties | 5 JOD per each day of delay |
Payments' date | Depends on finance structure |
Commercial, Industrial, Services providers. | |
Targeted Sectors | |
Loan Purposes | Credit sales/ Working capital. |
Age of Project | 12 months and above |
Age | 18-65 Years old |
Gender | Both Male and Female |
Nationality | Jordanian and people from Gaza according to the related policy |
Added value services | Aman Insuranc: Life, and total and partial disability free insurance |
Sanad Insurance: Compensation due to loss of client's income during hospitalization | |
Payment Channel | Collection Cheques |
Required Documents | Valid Certificate of Registration |
Valid Vacational License | |
Personal ID Card and Family Book | |
Additional documents might be requested as the need arises | |
The percantage of financing including the intersets from total amount of the cheques | Up to a maximum of 80% of the value of the cheques |
* All kind of loans are subjet to Stamps Fees law and Sales Tax law.
* The company is obliged to grant funding only for legal purposes, and the fund is not granted for any kind of illegal purposes or purposes that entail environmental and social impact.