04:57 PM
Saturday 26 March 2022
I wrote – Manal Al-Masry:
Banque Misr and the National Bank of Egypt decided to raise the interest rate on car loans following the Central Bank decided to increase the interest rate by 1%.
Last Monday, the Central Bank announced in an extraordinary meeting of the Monetary Policy Committee, raising the interest rate by 1% for the first time in 5 years, to become 9.25% for deposits and 10.25% for lending.
Last Tuesday, the National Bank of Egypt decided to raise the interest rate on retail loans (personal-car) by 3% for all segments, according to data seen by Masrawy.
The bank sets quick conditions for approving the loan, including submitting a certificate approved by the employer stating the customer’s total monthly income, and coding the company or entity he works for in the bank to ensure its legal procedures.
In the following lines, Masrawy presents the details of the new angel loans in Al-Ahly Bank and Egypt following the interest rate increase.
National Bank of Egypt
Interest rate: ranging from 17% to 20% annually, decreasing according to the financing period and the type of job.
Funding value: from 20 thousand pounds to a maximum of 1.5 million, according to the type of client’s job and salary.
Administrative expenses percentage: 1.5% of the total loan value, deducted once.
Financing period: from one year to a maximum of 7 years.
Financing percentage: up to 100% of the car’s total value without obligating the customer to pay an advance of the car’s price.
Monthly income: 1500 pounds as a minimum.
Age: from 21 years to 60 years when the last installment of the loan is paid.
Egypt Bank
Interest rate: from 17.5% to 22% annually, decreasing according to the type of client’s job.
Funding value: from 15 thousand pounds as a minimum to a maximum of one million pounds.
Administrative expenses percentage: 1.25% of the total car value, deducted once upon disbursement of the loan.
Financing period: from one year to a maximum of 7 years.
Financing percentage: up to 100% of the car’s total value.
Monthly income: a minimum of one thousand pounds.
Age: from 21 years to 65 years when the last installment of the loan is paid.
