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Businesses Finance

Financing startup, home-based, and unregistered businesses with loan amount starting from 500 JOD to 5,000 JOD to Finance working capital and/or fixed assets.

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Loan Amount : 500 – 5,000 JOD

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Grace Period : Not applicable

Payment Date

Payment Date : 1st of each month

Loan Term

Loan Term : 6 - 36 Months (according to loan amount)

One-time commission for credit granting

One-time commission for credit granting : 1% credit granting for the loans less than 1,000 JOD, and 1%+10 JOD of granting credit for the loans amount between 1,000-10,000 JOD

Late payment commission

Late payment commission : 0.25JOD/day for monthly payment less than 50 JOD, 0.5JOD\day for monthly payment between 50-200 JOD, 1JOD\day for monthly payment between 200-400 JOD

Annual interest rate

Annual interest rate:

  • For amounts from 500-3,000 dinars

For the first time: declining interest rate/annual of 38% which is equivalent to fixed interest rate/annual of 22.8%

In case of renew for the second time: declining interest rate/annual of 35.8% which is equivalent to fixed interest rate/annual of 21%

In case of renew for the 3rd time or more: declining interest rate/annual of 31.8% which is equivalent to fixed interest rate/annual of 18%

  • For amounts from 3,001 – 5,000 dinars declining interest rate/annual of 35.8% which is equivalent to fixed interest rate/annual of 21%

Declining interest rate is indicative, the rate depends on the tenor of the loan.

Loan Purposes

Loan Purposes : Working capital / Fixed assets

Insurance Solutions

Insurance Solutions : Customers' lives are insured through a bond or security service - based on the customer's request - and according to the terms and conditions of the services provided.

  • Age of the project should be 0 or more
  • All kind of loans are subject to Stamps Fees Law and Sales Tax Law.
  • Includes all persons as long as they are in full legal capacity and in line with the company’s policy and provisions.
  • 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.
  • Terms and conditions apply.

  • The company is an insurance agent for the Jordanian Insurance Company and its registration number with the Central Bank of Jordan is 0022/01/5/20.

A customer obtained financing worth 1,539.335 JOD from Tamweelcom Company, where the financing is repaid over 18 months with a decreasing/annual interest of 36.692%, which is equivalent to a fixed/annual interest of 21%.

1. It is the value of the total interest accumulated on the financing

The interest due before the first installment is due is (6,083) plus 3% sales tax

Total value of interest on financing = 484,897 JOD, plus 3% sales tax

The value of import stamps on the contract = 6 JOD

The value of the one-time credit granting commission = 25,394 JOD plus 3% sales tax

Other services: “Sanad” insurance service according to the customer’s request, subject to the company’s terms and conditions = 1.5 JOD

2. What is the amount of the monthly installment that must be paid (principal, interest and sales tax on interest).

The value of the monthly installment for the first payment: 119,299 JOD

The value of the monthly installment for the remaining payments: 114,500 JOD, including the principal amount, interest, and sales tax on the 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 = 0.02978

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) = 53.294%

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