Provide proper financing to clients of SMEs, professionals, Craftspeople, self-employed individuals and private schools segment in order to purchase and renew vehicles of various types whether they are Pickups, Vans, Trucks and Busses of different shapes and sizes and any other heavy machinery (bulldozers, cranes, backhoes, etc.) used in operational activity which could contribute in increasing productivity.   

Targeted Segments

• Professionals, Craftspeople, self-employed individuals within different economic sectors
• SMEs within different economic sectors
• Clients from Deposit owners’ Segment   

Product Purposes

Financing and possessing all types of new and used vehicles whether they are “Pickups, Vans, Trucks and Busses as explained within the Product Description, etc.”   

• Financing for renewing and replacing of business vehicles
• Diversify the basket of products available to clients

 Definition of Vehicles

New Vehicles where its year of production is:

• The same current year or its following or previous year of financing, its speedometer is zero (0) whether it has been sold by agency of vehicle showrooms
• The vehicles with zero speedometer and sold only by the agency with no more than 3 years of current year. 
• Used Vehicles are the used or sold vehicles within the local market with no more than 7 years of the current year.   

 
Special Determinants of the Product (Business Vehicles / Palestine):

Loan Currency: Jordanian Dinar “JOD”, Shekel and US Dollar

Max Loan Value: 400,000 JOD for each client

Min Loan Value: 20,000 JOD

Type of Vehicles Eligible for Financing:  All types of new and used vehicles of different brands and countries of origin

Financing Rates: 

 
 Max Loan Tenure, including grace period:

  * Provided that, the age of used cars intended for financing shall not exceed 7 years of the current year.

Min Repayment Period: One Year

Min Age of Borrowers:

• Personal Capacity (Natural Persons): 25 years old (with no less than 3 year of operational experience
• Legal Personality (Corporates & Institutions): The operational age shall not be less than 3 years.

Max Age of Borrowers:

• Personal Capacity (Natural Persons): 70 years old by the end of financing / loan tenure
• Legal Personality (Corporates & Institutions): Unlimited

Repayment Basis: Monthly or quarterly and as per the client’s cash flows

Grace Period: Max 6 months (calculated within the total period of repayment)

Collaterals

Mortgage the vehicle in favor of the Bank by 100% of the loan value including interests, except for loans granted under deposits guarantees

Comprehensive Insurance for the vehicle over the loan tenure and endorse the policy of comprehensive insurance in favor of the Bank as the first beneficiary of insurance amount while providing ongoing written confirmation signed by the client under which he/she undertakes to annually renew and endorse the comprehensive insurance to order of the Bank.

And as the Bank may deem fit and subject to credit status and policy at the Bank.  

Professionals, Craftspeople, Self-employed Individuals within different economic sectors 

• Valid ID of the client (Identity Card)
• Recent Bank Statement for the last six months regardless of required loan amount (in case of dealing with other banks)
• Practicing Profession Certificate, copy of valid association membership card, copy of tenancy contract or ownership deed of the place of business etc., and the supporting documents related to each sector separately.
• Any other documents and according to instructions related to this aspect. 

 SMEs within different economic sectors 

1. Official documents of the institution, corporate or school and under applicable actions in this respect.
2. Recent Bank Statement for the last six months regardless of required loan amount (in case of dealing with other banks) compared with the declared volume of business and subject to provided financial statements or the field inspection prepared by the Bank.
3. If no recent bank statement for the last six months is available to prove the client’s income, a physical inspection of the client’s stores will be conducted to prove his/her monthly income
4. Any other documents and according to relevant instructions.