12:19 PM
Tuesday 09 May 2023
I wrote – Manal Al-Masry:
A number of banks provide loans to customers to purchase electrical appliances under the (durable goods) program, at a value of up to 500,000 pounds, in order to help them meet their requirements, especially after the price increase.
The terms of loans for the purchase of durable goods vary from one bank to another in terms of the level of value, interest rate, loan repayment period, and from one customer to another according to the type of his job, whether it is in the government, the private sector, or he is a professional and self-employed person.
Masrawy provides details of loans to purchase electrical appliances in 3 banks.
Egypt Bank
Interest rate: It ranges between 21.25% and 24% annually, on a decreasing basis, depending on the type of client’s job (governmental or private), and the possibility of salary transfer.
Personal loan value: up to a maximum of 500,000 pounds.
Administrative expenses: 3% deducted once from the total loan amount.
Loan repayment period: up to 10 years.
Age: from 21 to 60 years.
Cairo Bank
Interest rate: It ranges between 22% and 24.5% annually on a decreasing basis depending on the type of client’s job (governmental or private), and the possibility of transferring the salary to the client alone, or whether the salaries of all employees in the company are transferred to the bank, or if the client is a self-employed person.
Personal loan value: up to 500,000 EGP as a maximum loan amount.
Administrative expenses: 2.5% of the total loan amount deducted once.
Loan repayment period: ranges from 6 months to 5 years.
Age: from 21 to 60 years.
EG Bank
Interest rate: It ranges between 21% and 24.5% annually on a decreasing basis depending on the type of client’s job (governmental or private), and the possibility of transferring the salary to the client alone, or whether the salaries of all employees in the company are transferred to the bank, or if the client is a self-employed person.
Personal loan value: up to 120,000 pounds.
Administrative expenses: They are determined with the branch manager and deducted once from the total value of the loan according to the type of loan guarantee, i.e. with or without a salary transfer guarantee.
Loan repayment period: ranges from 6 months to 5 years as a maximum.
Age: from 21 to 65 years.
Basic documents required
A copy of a valid national ID card.
– The original utility receipt at the client’s residence.
– Presentation of commodity prices approved by suppliers contracting with the bank.
Monthly salary vocabulary certificate.
Undertaking by the employer to transfer the salary or monthly installment (in case the employer undertakes to transfer).
A copy of the tax card.
License or permit to practice the profession for free professions.
– A recent official extract from the commercial register for self-employed.
– A 6-month bank statement or income certificate from a chartered accountant accredited by the Central Bank or the Association of Accountants and Auditors.
A statement of the monthly pension value from the pension disbursement authority.
A statement of the pension beneficiaries (in the case of pensioners).
An undertaking to transfer the pension (in the event that the pension disbursement authority undertakes to transfer the pension).
– The customer is granted a free life insurance policy throughout the life of the loan.
2023-05-09 09:19:00
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