With the government announcing two initiatives, the first to convert gasoline-powered cars to natural gas, unless 20 years have passed, and the second initiative to scrape aging cars that are 20 years old, the “seventh day” provides the most important information on how to benefit from the initiative to scrape out aging cars and steps.
– The Central Bank will finance the conversion of cars to dual fuel and scrapping the old ones.
– 15 billion pounds to finance the transformation of gas and the scrapping of cars that are 20 years old.
– Whoever wishes to benefit from the initiative shall apply through the Project Authority or one of the banks participating in the initiative.
– The applicant pays only 3% as interest on scrapping his old car.
Scrapping the car will be done through a loan of 7-10 years.
– The applicant delivers his dilapidated car and receives a new one after an agreement with the bank or project agency.
– The interest rate includes all expenses and commissions, except for risk and insurance guarantees.
Exempting individuals benefiting from the vehicle replacement initiative from the percentage of loans granted for consumer purposes to their monthly income.
The Ministry of Commerce, in coordination with the Petroleum, the Central Bank, the Projects Authority and other ministries, will announce the transfer steps, the participating parties, as well as the banks.
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