National Bank of Egypt Car Loan Program: Own a New Car with Installments Over 7 Years

Own a new car with installments over 7 years

Owning a new car has now become one of the main concerns of every family, but in light of the high car prices coinciding with the difficult living conditions, many citizens resort to a bank to obtain a loan to buy a new car in installments.

Car loan details from the National Bank of Egypt

In this context, the National Bank of Egypt provides the car loan program for employees, business owners and free professions, the financing of which amounts to 3 million pounds.

Characteristics of a car loan from the National Bank of Egypt

– No guarantor.

– Financing up to 1.5 million EGP for employees, and up to 3 million EGP for business owners and self-employed.

Financing up to 100% of the car price.

– Various repayment periods from one year to 7 years.

– Competitive interest rate.

– Special programs for corporate employees.

– Without credit inquiry fees.

No account opening fees.

New Car Loan Programs of the National Bank of Egypt

Salary Transfer Program.

Or an employee program with proof of income.

– An employee program with a down payment of 40% of the car price and 60% financing.

Providing a program for business owners / free professions with a down payment of 50% of the price of the car and financing of 50%.

A program for business owners / free professions, with a down payment of 30% of the car price and financing of 70%.

– As well as a financing program of 100% of the car price, with an additional guarantee of 50% of the car price.

Car loan conditions from the National Bank of Egypt

A minimum monthly net income starting from 1,500 pounds.

The age of the borrower should not be less than 21 years and not more than 60 years at the end of the loan for employees.

The age of the borrower should not be less than 25 years and not more than 65 years at the end of the loan for business and self-employed persons.

Commissions and fees

– A percentage of the administrative expenses of the financing amount is paid once in advance (according to the approved policy).

– Commission for early repayment of the loan (total and partial) 3% up to 5 years and 3.5% over 5 years of the amount to be repaid.

– A fine of 2% delay in installments of the amount due and not paid.

Car loans are granted with the guarantee of savings vessels (according to the approved policy).

Basic papers required

A copy of the valid national ID card.

Utility bill.