1:07 pm
Saturday November 19, 2022
I wrote – Manal Al-Masry:
The top 3 government banks have raised the interest rate on loans for retirees, in conjunction with the change in the structure of interest rates on various loan programs and the issuance of high yield certificates.
On Thursday, October 27, Al-Ahly, Egypt and Cairo banks announced the issuance of new savings bonds with a high interest rate of up to 17.25% on the same day as the central bank’s decision to raise the interest rate of the 2% in an extraordinary meeting of the Monetary Policy Committee to deal with the high rate of inflation (rise in prices) that will result from the liberalization of the exchange rate.
The three most publicized government banks provide loans to retirees with the aim of allowing some customers to start a project after leaving work.
Banks need a few simple documents to approve the loan, including a copy of the national number, a receipt for modern utilities (water, electricity or gas), a social insurance certificate of the full pension value, and submit an application to open a current account on which to add the loan and pay the monthly installments through it.
Masrawy details personal loan for retirees from Al-Ahly, Egypt and Cairo banks following recent interest rate hike.
National Bank of Egypt
Interest rate: 19 pa degressive.
Administrative fees: ranging from 2% to 3%, deducted once from the total loan amount.
Loan value: from 5,000 pounds to one million pounds.
Repayment period: from one year to 10 years.
Value of the pension: one thousand pounds as a minimum.
Age: The age of the retiree or beneficiary does not exceed 65 years at the time of payment of the last installment of the loan.
Bank of Egypt
Interest rate: 19.5% pa on a degressive basis.
Administrative fee: 1.25% deducted once from the total loan amount.
Loan value: from 5,000 pounds to one million pounds.
Repayment period: from one year to a maximum of 8 years.
Pension value: minimum £500.
Age: Not older than 65 at the time of last loan payment.
Bank of Cairo
Interest rate: 17.5% pa on a degressive basis
Administrative fee percentage: 2.5% deducted once from the total loan amount.
Loan value: up to one million pounds.
Repayment period: from 6 months to 10 years.
Age: Not older than 65 at the time of last loan payment.
The minimum pension: one thousand lire.
