03:45 PM
Saturday 10 October 2020
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I wrote – Manal Al-Masry:
Government and private banks compete in providing personal loans to customers, which is the most important program offered in the banking system, with the aim of achieving large sales of loans and attracting customers from the market.
Loans are reviving with the trend to reduce the interest rate charged on loans, coinciding with the central bank’s resumption of interest cuts at the last MPC meeting before the end of last month.
Each bank allocates different programs for personal loan, whether for employees in the private and government sectors and self-employed, and the details of the loan vary from one program to another, whether in value, the prescribed interest rate, or the period of repayment of the loan according to the customer’s condition and the possibility of transferring the salary to the bank.
Most banks require the company to code the bank to ensure the safety of its legal procedures, as well as require the customer to provide a certificate of income proof, a copy of the national ID card, and a recent accompanying receipt, and next to these requests, the owners of the liberal professions provide a copy of the tax card and the commercial register, and a copy of the project headquarters contract.
Masrawy provides details of personal loans to employees in the public and private sectors as well as self-employed persons in 5 banks:
1-CIB Bank:
Loan value: It starts from 5,000 pounds to two million pounds as a maximum.
Interest rate: It starts from 15% and stops according to the type of company, the value of the loan and the type of customer.
Loan repayment period: ranges from 1 year to 8 years.
The minimum monthly income: 3 thousand pounds.
Customer age: from 21 to 60 years.
2-Bank of Alexandria:
The value of the loan: from 5,000 pounds to a maximum of 1.5 million pounds.
Interest rate: from 14.5% to 20.5%, decreasing according to the company’s classification.
Loan repayment years: from 6 months to 8 years.
The minimum monthly salary: A minimum of one thousand pounds.
Client age: From 21 to 65 years for some jobs.
3- Arab African International Bank:
Loan value: From 15 thousand pounds to 1.5 million pounds as a maximum.
Interest rate: from 15% to 19.5% decreasing according to the company’s classification.
Years of loan repayment: 1 to 10 years.
Administrative expenses: 2% of the total salary.
The minimum monthly salary: 3 thousand pounds.
Customer age: from 21 to 60 years.
4- First Abu Dhabi Bank:
The value of the loan: ranges from 50 thousand pounds to a maximum of 750 thousand pounds.
Interest rate: ranging from 19.5% to 25.5%, decreasing.
Loan repayment years: from 6 months to 7 years.
Administrative expenses: ranging from 2% to 2.5%, depending on the value of the loan.
The minimum monthly salary: 5,000 EGP.
Customer age: from 21 to 60 years.
5- Arab Bank:
Loan value: up to 2 million pounds.
Loan repayment period: From 6 months to 10 years.
Interest rate: It starts from 14% a year and increases according to the situation of each client.
Administrative expenses: from 1.5% to 2.5%.
The minimum monthly income: 4 thousand pounds.
Customer age: from 21 to 60 years.
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