Banks in the Egyptian market provide pensioners with a personal loan with a pension guarantee, as they provide this service at competitive interest rates, and a flexible repayment period ranging from one year to 10 years.
We monitor the 3 most important banks that offer personal loans to pensioners, namely the Agricultural Bank, the National Bank of Egypt, and the Housing and Development Bank, where they offer the loan at the lowest annual decreasing interest, starting from 14%.
First: Pensioners loan from the Agricultural Bank
1- Personal loan starting from 5 thousand to 500 thousand pounds.
2- Repayment period of up to 10 years.
3- Interest: 14% decreasing annually.
4- Life insurance.
5- Payment facilities.
6- A life insurance policy.
Conditions required for obtaining a pensioner loan from the Agricultural Bank
1- EGP 900 minimum pension.
2- The age of the borrower should not be more than 65 years at the end of the financing.
3- A copy of a valid national ID card.
4- A pledge to transfer the pension.
5- A recent utility receipt.
Second: Loan for pensioners from the National Bank of Egypt
1- The value of the loan: up to 500 thousand pounds.
2- Loan repayment period: up to 10 years.
3- Free life and total disability insurance.
4- Without a guarantor.
5- No credit inquiry fees.
6- Interest: 15.5% decreasing annually.
Conditions for obtaining a loan for pensioners from the National Bank
1- A copy of the valid national ID card.
2- The age of the borrower should not be more than 65 years at the end of the financing.
3- The customer undertakes to transfer the pension to the bank for the duration of the financing period.
Third: Loan for pensioners from the Housing and Development Bank
1- The value of the loan: from 3000 pounds up to one million pounds.
2- Repayment period: from 6 months up to 10 years.
3- Interest: 15.5% decreasing.
4- The pensioner or the beneficiary of the pension is financed.
5- Enjoying an annual decreasing interest rate that decreases as the value of the loan repaid.
Conditions for obtaining a loan for pensioners from the Housing and Development Bank
1- The age of the borrower should not be more than 65 years at the end of the financing.
2- The minimum amount of the transferred pension is 1200 pounds.