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Licensed Businesses

Financing licensed businesses with loan amount starting from 1,000 JOD to 75,000 JOD to finance working capital and/or fixed assets.

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Loan Amount : 1,000 - 75,000 JOD

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Grace Period : Not applicable

Payment Date

Payment Date : 1st of each month

Loan Term

Loan Term : 6 - 48 Months (according to loan amount)

One-time commission for credit granting

One-time commission for credit granting : 1%+10 JOD of granting credit for the loans amount between 1,000-10,000 JOD, and 1%+20 JOD of granting credit for the loans amount more than 10,000 JOD

Late payment commission

Late payment commission : 0.5JOD\day for monthly payment between 50-200 JOD, 1JOD\day for monthly payment between 200-400 JOD, 2JOD\day for monthly payment more than 400 JOD

Annual interest rate

Annual interest rate:

For the loan amount between 1,000 -3,000 JOD: declining interest rate/annual of 35.8% which is equivalent to fixed interest rate/annual of 21%

For the loan amount between 3,001 -5,000 JOD: declining interest rate/annual of 31.6% which is equivalent to fixed interest rate/annual of 18%

For the loan amount between 5,001 -10,000 JOD: declining interest rate/annual of 26.7% which is equivalent to fixed interest rate/annual of 15%

For the loan amount between 10,001 -75,000 JOD: declining interest rate/annual of 20.5% which is equivalent to fixed interest rate/annual of 11.4%

- 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 Sanad or Aman- based on the customer's request - according to the financing ceiling and in line with the terms and conditions of the services provided.

  • Age of the project should be :
    • For financing up to 5,000 Jordanian dinars (0) per month or more
    • For financing from - 5,000 - 10,000 Jordanian dinars (6) months or more
    • For financing amounts of more than 10,001 Jordanian dinars (12) months or more
  • Targeted Segment is Licensed Micro and Small businesses including Commercial, Industrial, Service, productive Sectors, and vehicles used for business purposes.
  • 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 20,475.777 JOD from Tamweelcom Company, with the financing being repaid over 18 months and with a decreasing/annual interest rate of 20.594%, which is equivalent to a fixed/annual interest rate of 11.4%.

1. What is the value of the total interest accrued on the financing?

The interest due before the first installment is due (188,036) plus 3% sales tax

Total interest value on financing = 3,501,358 JOD, plus 3% sales tax

The value of import stamps on the contract = 63 JOD

One-time credit granting commission = 224,758 JOD, plus 3% sales tax

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

The value of the monthly installment for the first payment: 1,353.176 JOD

The value of the monthly installment for the remaining payments: 1,337,000 JOD, including the principal, 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 = 0.01930

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) = 34.692%

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