Financial services
- Target Audience:
Designed to deliver financial services to School and University students for all their needs and a way to finance their education in a way that suits a family's income to promote excellence in academics and volunteering keeping in mind different circumstances a student's family may be going through.
Loan Description | Traditional | |||||||||||||||||||||||||
Loan Size | 400-3000JD | |||||||||||||||||||||||||
Length of Repayment | According to loan size: 400-1000JD max. 20 months 1001-3000JD max. 24 months
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Application fees | None | |||||||||||||||||||||||||
Deductions | None | |||||||||||||||||||||||||
Loan Disbursement | e-wallet or cheques to National Microfinance Company. | |||||||||||||||||||||||||
Loan Disbursement Fees | Loan Amount | Deduction from cheque for every installment and calculated from the date the cheque is issued | ||||||||||||||||||||||||
400-1999JD | 1JD for every monthly repayment | |||||||||||||||||||||||||
2000-3000JD | 2JD for every monthly repayment | |||||||||||||||||||||||||
Grace Period | None unless requested by client for the first month repayment in this case grace interest is deducted from the cheque according to Grace Period fees | |||||||||||||||||||||||||
Pricing | Listed below
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Payment Methods | Cash at designated banks or NMC branches or through mobile app. or e-fawateercom or by cheques or wire transfer According to the credit recommendation | |||||||||||||||||||||||||
Warranties | According to products ( National, Business (A), Business(B)) and may be higher depending on branch managers' assessment or regional managers' assessment or credit departments assessment. |
Education Loan for The Royal Academy for Culinary Arts
To achieve The National Microfinance Company's geared social message to serve all segments of society a product was designed to finance students in academies, vocational centers, colleges and universities through a loan with simple procedures.
* General Rules:
- A student must be enrolled in The Royal Academy for Culinary Arts and his application by the academy to the bank
- Loans are under the Education loan category with reference on the loan tracking system signifying the loan for the Royal Culinary Academy
* Target Audience: Students enrolled in The Royal Academy for Culinary Arts
Loan Description | Traditional |
Loan Size | Up to 2500JD max. for a semester with possibility to renew loan after full payment. |
Repayment Period | Max. 5 months |
Pricing | Zero |
Application fees | None |
Deduction | None |
Disbursal Fees | None |
Approval | According to rules and procedures as well as guidelines for lending and credit check through available methods |
Grace Period | None |
Debt Burden Ratio | 55% calculated by dividing total repayment by net income |
Payment sources | In cash at designated banks or at national microfinance company or through mobile app. or e-fawateercom or by cheque r According to the credit recommendation |
Warranties | 1 Guarantor (professional license, bank statement, trade record, proof of income…) |
Loan disbursement | By cheque from The National Microfinance company to the Academy With a list showing the names of students benefiting from the funding |
Loan Application
Note
- The calculated monthly installment value is an approximate value for guidance purposes only and is not considered final.
- The National Microfinance Bank has the right to change the financing value and the monthly installment according to its applicable policies.
- It is subject to the product terms and conditions of the National Microfinance Bank
- For more information, please contact the telephone service center at 0798777733 or at 062001010 or visit the nearest Branch to you.