A number of banks announced, including Egypt Bankregarding providing a loan to finance Hajj, especially following increasing the cost of travel and accommodation, and we will get acquainted with the full details of those loans in some banks and the conditions available as well.
Details of Hajj financing loan from several banks:
1- Banque Misr:
- Loan value: up to a maximum of 400 thousand pounds.
- Repayment period: up to 10 years.
- Age of the client: from 21 years to 60 years or 65 years in some professions.
- Administrative fees: 1.5% of the total loan value, deducted once.
- Interest rate: starting from 17% per annum decreasing.
2- Faisal Islamic Bank:
- Loan value: up to a maximum of 500 thousand pounds.
- Repayment period: up to 5 years.
- Age of the customer: from 21 years to 60 years.
- Administrative expenses: from 1% to 2% of the total loan amount.
- Interest rate: starting from 14.5% per annum, decreasing.
3- The United Bank:
- Loan value: according to the customer’s ability to repay and his monthly income.
- Repayment period: one year.
- Age of the customer: from 21 years to 60 years.
- Administrative expenses: from 1% to 2% of the total loan amount.
- Interest rate: starting from 16% decreasing.
Conditions for obtaining Hajj financing from banks:
- A valid copy of the national ID card.
- Original utility receipt at the client’s residence.
- Quotation approved by the company.
- For employees: the monthly salary vocabulary certificate, and the employer’s undertaking to transfer the salary or the monthly installment.
- For the self-employed: a copy of the tax card, a copy of the license to practice the profession, a copy of a recent official extract from the commercial register, a bank statement for a period of 6 months.
