02:30 PM
Sunday 03 April 2022
I wrote – Manal Al-Masry:
Al-Ahly and Egypt banks allowed 18% certificate customers to obtain loans with their guarantee from the second day of their purchase, provided that the holder may not break it until after paying the last installment of the loan to the bank.
The two banks included all loans with a guarantee of 18% certificate according to the financing programs provided by each bank in them. The customer does not need to submit any papers, and the bank is satisfied with banning the certificate equivalent to the value of the loan only after obtaining the approval of the customer.
Two weeks ago, Al-Ahly and Egypt Banks decided to offer a new savings certificate with a high interest rate, after the Central Bank announced an increase in the interest rate by 1% for the first time in 5 years, and the depreciation of the pound against the dollar.
The proceeds of selling the savings certificate with an interest rate of 18% in Al-Ahly and Egypt banks at the end of trading last Thursday, jumped to 345 billion pounds during the first 11 days of its issuance, according to officials in the two banks to Masrawy.
Masrawy provides details of loans with an 18% certificate guarantee in Al-Ahly and Egypt banks:
Egypt Bank:
Financing percentage: up to 90% of the total value of the certificate. This means that if the value of the certificate is 100 thousand pounds, the customer will receive 90 thousand pounds in cash.
Interest rate: The bank adds an interest of 2% annually on top of the certificate interest, bringing the total interest payable on the loan to 20%.
Types of loans: All existing loans in the bank such as auto loan, personal loan, durable goods, Hajj and Umrah, clubs, and real estate financing.
Ahli Bank:
Financing percentage: ranges from 80% to 90% of the total loan value, depending on the type of financing.
Interest rate: 2% per annum above the certificate return rate, bringing the total interest to 20%.
Types of loans: personal loan, auto, mortgage.