2023-07-02 08:37:00
11:37 AM Sunday 02 July 2023
I wrote – Manal Al-Masry:
Al-Ahly Bank and Misr Bank offer a type of “cash” loan known as (personal loan) with the guarantee of savings vessels (certificates and deposits) without the need to provide a guarantee to prove the monthly income to pay the monthly installment, so that the customer’s savings in the bank replace the guarantee.
Loans guaranteed by savings containers are among the loan programs available in Al-Ahly Bank, Egypt and other banks, and the bank does not need any papers to disburse the loan in return for the customer’s signature on his approval that the bank will block the value of the certificate until the end of the last installment of the loan.
The certificate is for a period of 3 years for a fixed return of 19% annually, and the return is disbursed monthly, which is offered in Al-Ahly and Egypt Banks, and it is one of the most requested certificates among customers to purchase it, as it has the highest return provided on savings pots.
During the loan period with the guarantee of savings containers, the customer gets the return of the certificate on a regular basis, along with his commitment to pay the installment and the loan interest on time every month.
The bank’s calculation of the maximum loan depends on the value of the customer’s savings containers, so that its value does not exceed 90% of the total value of his savings, as well as determining the value of the monthly installment according to the value of the loan and its repayment period, which ranges from 6 months to 10 years.
The personal loan is one of the most requested loan programs in banks, due to the ease of obtaining it in cash without the need to prove the purpose of disbursing the loan or the type of commodity, as well as the low interest rate offered on it compared to other consumer loans such as cars, durable goods, etc.
In the following lines, Masrawy presents the details of obtaining a personal loan with the guarantee of the three-year certificate for an annual return of 19% in Al-Ahly and Egypt Banks,
National Bank of Egypt
Interest rate: an increase of 2% over the price of the certificate or deposit (ie 21% annually on borrowing once morest the guarantee of the certificate at an interest rate of 19%).
Financing term: up to 7 years as a maximum.
Financing ratio: up to 90% of the total value of the certificate. For example, the customer obtains a loan of 90,000 pounds once morest the certificate, which has a value of 100,000 pounds.
The bank requires the customer to sign his agreement to renew the certificate according to the interest rate in effect at the time of renewal until the completion of the loan repayment.
Administrative expenses percentage: 1% of the total loan amount to be deducted once.
Egypt Bank
Interest rate: an increase of 2% over the price of the certificate or deposit (ie 21% annually on borrowing once morest the guarantee of the certificate at an interest rate of 19%).
Funding percentage: up to 90% of the total value of the certificate.
Financing period: starting from 12 months and up to a maximum of 10 years.
Administrative expenses percentage: 1% of the total loan value deducted once.
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