Egyptian public banks provide many distinguished services to their clients, and among the most important of these services is the “free business” loan offered by the three largest public banks in the Republic, namely Cairo, Egypt and Al Ahly, and it is a personal loan that includes certain jobs such as doctors, pharmacists and engineers, and these loans are allocated to customers who have a transfer Their income in either the public or some private banks.
Details and terms of the “free business” loan for doctors, engineers, and pharmacists
Some banks prohibit the financing of some liberal professions such as journalists or lawyers who do not have a permanent contract in a government or private company, due to fear of inaction or failure to pay.
And due to the high risk of financing self-employed people, due to the lack of a commitment from the employer to guarantee the transfer of salaries from the company to the bank, the interest rate on these loans increases compared to employee loans, by a rate ranging between 3- 5%.
Personal loan terms
The conditions for personal loans vary from one bank to another according to each bank’s policy, plan and target customer quality. In the liberal professions program, the following documents are required for approval of the loan:
- An accredited certificate will be presented to the bank from the office of a well-known chartered accountant. This certificate includes the total monthly income of the doctor, engineer or pharmacist, on the basis of which the maximum value of the loan can be determined.
- Submit the commercial registration and tax card to the clinic, pharmacy or office.
- Submit the workplace contract.
- Submit a recent utility receipt.
- Submit a copy of the national ID card.
Cairo Business Bank loan details
| The value of the loan | From 25 thousand pounds to 500 thousand pounds |
| Interest rate | 22.5% diminishing |
| Administrative expenses | 2.5% of the total loan amount |
| Repayment period | From 1 to 5 years |
| Monthly income | It varies according to the profession and the decision of the branch manager |
| Age | Not less than 21 years old and not more than 65 years old |
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Free business loan details from the National Bank of Egypt
| The value of the loan | From 25 thousand pounds to 750 thousand pounds, and for doctors only it reaches one million pounds |
| Interest rate | 19.5% diminishing |
| Repayment period | From one year to 7 years |
| Administrative expenses | 2% of the total value of the loan |
| Monthly income | Not less than five thousand pounds |
| Age | Not less than 21 years old and not more than 65 years old |
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Details of the Free Business Loan from Banque Misr
| The value of the loan | From 10 thousand pounds to 500 thousand pounds |
| Interest rate | Up to 19.5% |
| Repayment period | From one year to five years |
| Administrative expenses | 3% of the total value of the loan |
| Monthly income | Not less than 2000 pounds |
| Age | Not less than 21 years old and not more than 65 years old |
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