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Individual loans

Individual loans are designed to provide clients with financing for the necessities of a sustainable lifestyle through financing the following social needs (Home improvements, Education, Healthcare, Marriage, Vehicles licensing and Maintenance, and Energy system).

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Loan Amount : 500 – 2,000 JOD

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Grace Period : Not applicable

Payment Date

Payment Date : 1st of each month

Loan Term

Loan Term : 6 - 24 Months (according to loan amount)

One-time commission for credit granting

One-time commission for credit granting : 1% of granting credit 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 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%

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

Loan Purposes

Loan Purposes : Social needs (Home improvements, Education, Healthcare, Marriage, LTRC Permit issuance, Vehicles licensing and Maintenance, and Alternative Energy system)

Added Value Services

Added Value Services : Customers' lives are insured through a bond or security service - upon the customer's request - in accordance with the terms and conditions of the services provided.

* LTRC Permit issuance financing excluded from above loan amount limits with the limits of 400-499

* Clients are applicaple for Tawasol loan (Additional Supporting loan for existing clients) as per the following:

     - Minimum Loan Amount: 100 JOD     

     - Maximum Loan Amount: 25% of the Basic loan amount and maximum 500 JOD

     - Fixed monthly interest Rate: 2%

      - Loan Term: 6-12 Months

* 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 client received a JOD 800 loan for the third time from Tamweelcom, with a tenor of 12 months at a declining intrest rate/annual of 31.686% and which is equivalent to fixed interest rate/annual of 18%.

1. What is the total interest rate paid for the loan?

Total interest rate for the loan = 144 JOD

Stamps duty on the Contract = 2 JOD

One-time commission for credit granting = 8 JOD

Other services: “Sanad” insurance service upon customer request, subject to the company’s terms and conditions = 2.5 dinars per month

2. What is the monthly payment for the loan (principal, interest and sales tax on interest)?

 First month payment amount: 81.820 JOD

The remaining monthly payments amount: 81.500 JOD (Including principal payment, interest and sales 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: (represents the expected income): enter 0

IRR = 0.03508

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) = 51.247%

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