01:07 PM
Saturday, November 19, 2022
I wrote – Manal Al-Masry:
The 3 most widely used government banks raised the interest rate on loans for pensioners, coinciding with the amendment of the structure of interest rates on various loan programs and the issuance of high-yield certificates.
On Thursday, October 27, Al-Ahly, Egypt and Cairo banks announced the issuance of new savings certificates with a high interest rate of up to 17.25% on the same day as the central bank’s decision to raise the interest rate by 2% in an extraordinary meeting of the Monetary Policy Committee to confront the high inflation rate (price increase) that will result from liberalization. exchange rate.
The three most widely publicized government banks provide loans to pensioners with the aim of enabling some clients to establish a project after the termination of their employment service.
Banks need some simple papers to approve the loan, including a copy of the national number, a receipt for modern utilities (water, electricity, or gas), a certificate from social insurance of the total pension value, and submitting an application to open a current account to add the loan and pay the monthly installments through it.
Masrawy provides details of the personal loan for pensioners in Al-Ahly, Egypt and Cairo banks, after the recent increase in the interest rate.
National Bank of Egypt
Interest rate: 19 p.a. decreasing.
Administrative expenses: It ranges from 2% to 3%, deducted once from the total loan amount.
Loan value: from 5 thousand pounds to one million pounds.
Repayment period: from one year to 10 years.
Pension value: one thousand pounds as a minimum.
Age: The age of the pensioner or the beneficiary is not more than 65 years when paying the last installment of the loan.
Egypt Bank
Interest rate: 19.5% p.a. on a reducing basis.
Administrative expenses: 1.25% deducted once from the total loan amount.
Loan value: from 5 thousand pounds to one million pounds.
Repayment period: from one year to a maximum of 8 years.
Pension value: 500 pounds minimum.
Age: Not more than 65 years old when paying the last installment of the loan.
Cairo Bank
Interest rate: 17.5% p.a. on a reducing basis
Administrative expenses percentage: 2.5% deducted once from the total loan amount.
Loan value: up to one million pounds.
Repayment period: from 6 months to 10 years.
Age: Not more than 65 years old when paying the last installment of the loan.
The minimum pension: one thousand pounds.