Tuition fees installments at 0% interest in Jordan

Tuition fees installments at 0% interest in Jordan

Jul 7, 2021 by AmwalCom

With students getting ready to go back to school and because of the high school fees in Jordan, parents are looking for installments and easy payment terms.

You might think personal loans are the only viable installment option from banks with interest to be paid at the end of the payment term. However, there are other ways through which you can do installments without paying any interest.

Seven banks in Jordan does provide you with credit cards specifically designed to help you install school and university fees with 0% interest and for periods between 3 months and 2 years.

In addition to paying the schools fees, these credit cards allow you to make your installments on purchases from certain stores with 0% interest as well. Do remember though that you need to make your monthly payments on time to avoid any penalty fees or interest.

Each of these cards have their own benefits and caveats. In this article, we present to you a detailed study about the differences between these cards.

The Arab Bank


Benefits
  • You can make installments on your school and university fees with 0% interest for 12 months or for 1% interest for 24 months (you need to specify these terms before issuing your card)
  • You can use the card to buy from the verified list of merchants for the bank with 0% and for a period of up to 12 months. You can check the verified list of merchants here
  • You can also use the card to make installments on your purchases with other merchants for 1% interest and for a period of 24 months. The minimum purchase amount and installment period differs from one merchant to the other
  • The card ceiling is 4 times the salary for companies accredited by the bank and 3 times the salary for other companies
  • There are no installment fees.
Caveats
  • To issue the card, you must transfer your salary to the bank or deposit a cash security (refundable) in the bank equivalent to 110% of the card limit
  • After paying the school fees through the credit card, you need to contact the bank within 2 weeks after the payment is made to ask for installments.
  • This campaign is valid until December 2021.
  • The minimum salary to issue the card is 400 JDs.

Bank Al Etihad


Benefits
  • You can make the installment on the school and university fees with 0% interest for 12 months or 1% interest for 24 months (you need to specify these terms before issuing your card)
  • There is no deadline to benefit from this campaign
  • You can use the card to buy from the verified list of merchants for the bank with 0% and for a period of up to 36 months. The minimum purchase amount is 100 JDs and the installment is made through the merchant directly without getting back to the bank. You can check the verified list of merchants here
  • You can also use the card to make installments on your purchases with other merchants for 1% interest and for a period of 24 months. The minimum purchase amount is 100 JDs and you need to contact the bank after the purchase is made on the card and ask for installment. You can check the verified list of merchants here
  • The minimum purchase amount and installment period differs from one merchant to the other
  • The card ceiling is 5 times the salary for companies accredited by the bank and 3 times the salary for other companies.
Caveats
  • To issue the card, you must transfer your salary to the bank or deposit a cash security (refundable) in the bank equivalent to 110% of the card limit
  • After paying the school fees through the credit card, you need to contact the bank after the payment is made and before the 15th of every month to ask for installments.
  • This campaign is valid until December 2021.
  • The minimum salary to issue the card is 400 JDs.
  • There is an installment fee of 5 JDs when making the installments for 12 months and 10 JDs installment fees when the installment is for more than 12 months.

Bank of Jordan


Benefits
  • You can make the installment on the school and university fees with 0% interest for 12 months or 1% interest for 24 months (you need to specify these terms before issuing your card)
  • You can use the card to buy from the verified list of merchants for the bank with 0% and for a period of up to 24 months. The purchase amount should be between 200 and 5000 JDs and you should contact the bank within 5 days after the purchase is made to ask for installments. You can check the verified list of merchants here
  • You can also use the card to make installments on your purchases with other merchants for 1% interest and for a period of 24 months. The minimum purchase amount is 200 JDs and you need to contact the bank within 5 days after the purchase is made on the card and ask for installment.
  • The minimum purchase amount and installment period differs from one merchant to the other
  • The card ceiling is 5 times the salary for companies accredited by the bank and 3 times the salary for other companies.
  • Unlike other banks, there are no installment fees. 
Caveats
  • To issue the card, you must transfer your salary to the bank or deposit a cash security (refundable) in the bank equivalent to 110% of the card limit
  • After paying the school fees through the credit card, you need to contact the bank within 5 days after the payment is made to ask for installments.
  • This campaign is valid until August 2021.

INVESTBANK


Benefits
  • You can make the installment on the school and university fees with 0% interest for 24 months
  • Unlike other banks salary transfer is not a must (Your salary can be transferred to any bank)
  • There is no deadline to benefit from this campaign
Caveats
  • After paying the school fees through the credit card, you need to contact the bank within 14 days after the payment is made to ask for installments.
  • Each installment amount should be between 150-5000 JDs
  • There is an installment fees to be paid once on the first installment as follows:
    • 2% installment fee if the installment is made for 3 months with a minimum of 20 JDs
    • 3% installment fee if the installment is made for 6 months with a minimum of 30 JDs
    • 4% installment fee if the installment is made for 12 months with a minimum of 40 JDs
    • 8% installment fee if the installment is made for 24 months with a minimum of 80 JDs
  • For example, if the total amount to be installed is 1000 JDs for 12 months, then the installment fees at the end of the period should be 40 JDs. For more details, you can click here
  • The minimum salary to issue the card is 500 JDs. 

Arab Jordan Investment Bank (AJIB)


Benefits
  • You can make the installment on the school and university fees with 0% interest for 12 months
  • The card ceiling is up to 2 times the salary
  • Salary transfer is not a must if your company is accredited
Caveats
  • To issue the card, you must transfer your salary to the bank or deposit a cash security (refundable) in the bank equivalent to 110% of the card limit
  • After paying the school fees through the credit card, you need to contact the bank before the 17th of each month after the payment is made to ask for installments.
  • The minimum salary to issue the card is 400 JDs.
  • There is a 0.5% installment fees to be paid every month. For example, if the total amount to be installed is 1000 JDs for 12 months, the total installment fees at the end of the period would be 60 JDs.
  • The amount to be installed should not be less than 200 JDs.
  • For more details about the program, click here 

Cairo Amman Bank


Benefits
  • You can make installments on your school and university fees with 0% interest for 3 or 6 months
  • You can use the card to buy from the verified list of merchants for the bank with 0% and for a period of up to 24 months. The minimum purchase amount and installment period differs from one merchant to the other. You can check the verified list of merchants here
  • There is no deadline to apply for this campaign
Caveats
  • To issue the card, you must transfer your salary to the bank or deposit a cash security (refundable) in the bank equivalent to 110% of the card limit
  • After paying the school fees through the credit card, you need to contact the bank within 2 weeks after the payment is made to ask for installments.
  • The minimum salary to issue the card is 250 JDs.
  • There is an installment fees of 9% annually if the installment is for 9 months
  • There is an installment fees of 12% annually if the installment is for 12 months
  • The card ceiling is 65% of the Debt Burden Ration (DBR). For example, if your salary is 500 JDs, then the card ceiling would be 500*65% = 325 JDs/month. If the installment is for 12 months, then the card ceiling can be 3900 JDs.
  • There is an installment fee of 10 JDs to be paid once on every installment request

Safwa Islamic Bank


Benefits
  • There is no installment commission for educational installments or when purchasing from merchants accredited by the bank
  • You can pay school tuition at 0% interest for up to 24 months, according to the amount paid
  • The installment period depends on the amount paid:
    • • 20 -100 JDs: installments up to a maximum of 6 months
    • • 100-500 JDs: installments up to a maximum of 9 months
    • • 500-1000 JDs: installments up to a maximum of 12 months
    • • 1000-2500 JDS: installments up to a maximum of 18 months
    • • Amount > 2500 JDs: installments up to a maximum of 24 months
  • For more details about the program, click here
Caveats
  • The minimum salary to issue the card is 300 JDs
  • To issue the card, you must transfer your salary to the bank or deposit a cash security (refundable) in the bank equivalent to 110% of the card limit
  • The card ceiling is only the amount of your salary (in case of salary transfer)
  • There is Installment commission when purchasing from merchants not accredited by the bank:
    • 2% on installments for 3 months
    • 4% on installments for 6 months
    • 6% on installments over 9 months
    • 8% on installments for 12 months
Issuing a credit card to have your school fees installed is a great solution. However, keep in mind that at the end of the day this is a credit card. Despite the advantages of using credit cards, you can get into trouble if the card has been misused. You can learn about the benefits and the caveats of using credit cards here

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