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 | |||||||||||||||||||||||||
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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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Details of commissions, fees, and penalties | Click here to view the details | |||||||||||||||||||||||||
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 |
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Loan Size | Up to 2500JD max. for a semester with possibility to renew loan after full payment. |
Repayment Period | Max. 5 months |
Details of commissions, fees, and penalties | Click here to view the details |
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 |
Education funding for students enrolled at Luminous Technical University College, For its branches in Irbid and Amman .
The target group | It is granted to students enrolled at Luminus College, at its branches in Irbid and Amman, whether in the morning or evening sessions (local diploma students, British diploma students, and technical diploma students) |
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Funding amount | The funding is based on the value of the document provided by the college regarding tuition fees for each academic year:
Note: The grant can provide funding for a credit line higher than the proposed limit, based on the tuition fees determined by the college |
The interest rate | There is no interest (0%) |
Repayment period | It can reach up to 36 months for each academic year, depending on the specialization |
Details of commissions, fees, and penalties | Click here to view the details |
Repayment mechanism | Monthly |
Grace Period | None |
Debt Burden Ratio | 65% is the debt burden, which is measured by dividing the total installments of existing loans for the client by the total income |
Loan disbursement | Through official checks issued by the National Bank to Luminus College for the benefiting student |
Payment methods | Payment through the National Microfinance company application |
Efawateercom service | |
Payment through commercial banks (Housing Bank for Trade and Finance, Jordan Kuwait Bank) | |
Payment at branches of the National Microfinance Bank / or through collection checks / or direct deduction authorization | |
Approval | According to the authority matrix of the Credit Committee |
Guarantees | As outlined below, with the minimum guarantees being as follows, and they may be higher based on the evaluation of the branch manager and/or the Credit Evaluation and Management Unit and/or the Assistant General Manager for the Business Sector:
Note: A single personal guarantor may be accepted as a minimum, depending on the creditworthiness of the loan parties, in addition to a check(s) or bank check(s) |
The required documents | Primary identification documents for the client and guarantors. • Bank statement for the last 6 months, if available. |
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.